The note holders are trying to portray themselves in so many different lights it is hard to know which one to believe so I think the safest course is not to believe them at all.

They want to loan Kry bridge money at 1% which the monitor says is below market. They want to do a $10 million Dip financing with no back end equity. What great guys these guys are. Good thing the monitor and Judge see through their charade.

Kry is looking at DIP financing for 3 years to see them through arbitration. The noteholders want a 9 month DIP financing that wouldn't be enough to get through arbitration forcing Kry to find financing again.

Both the monitor and judge see this for what it is and have sided with Kry so far.

Remember these same generous note holders are the ones who filed their own plan for CCAA protection that eliminated our shares. The note holders want one thing and that is to reap the award for them selves. There is an old saying that you can put lipstick on a pig but it is still a pig. I wonder how many tubes the note holders have?

If I'm not mistaken the note holders are unsecured creditors just like everyone else on the list. Their debt isn't worth any more than anyone else. Maybe the Judge will make them wait like everyone else and their won't be a huge back end equity on the DIP if any at all.

JJ