Thanks makin.

Looks like the noteholders probably complied with the rules of the bid procedure and as a compromise Kry and the monitor agreed to allow them more time to submit their bid. If I'm correct it is another plus for us as once again the note holders are being forced to play by the rules and Kry is showing the court and monitor they are trying to do what is best for the company.

It is possible that some one else wanted more time but from my understanding everyone else who was a qualified bidder had their material in order by the Jan. 20 deadline. Only the note holders went to court to try and get the process changed. Only the note holders who submitted a bid on Jan. 19th and wanted it to be considered even though it didn't meet the requirements on Jan. 20th.

The Judge rejected the note holder request on Jan. 25 and told them

"In the circumstances, if the Noteholders wish to be considered as a qualified bidder, they will be required to sign a NDA, either in a form that may further be agreed by Crystallex with the consent of the Monitor or, failing any such agreement, in the form made exhibit 1 to the affidavit of Mr. Fung sworn Jan. 19, 2012. For this purpose, the date for determination of whether the Noteholders are a qualifird bidder is extended to January 27th, 2012. Crystallex points out that all of the necessary information required by the bid procedures was not provided in the bid received from the Noteholders. If that is the case, the Noteholders are going to have to provide all information required by the bid procedures and otherwise comply with those procedures."

Given what the Judge has said it is like back in the 60's in school. The Judge (principle) has the bully student (Noteholders) over his knee with their pants down and a large leather strap explaining how everyone has to play fair. Wish I could insert the whacking sound. I do have a smile on my face from the vision however.

With every ruling against the noteholders Kry gets closer and closer to raising the DIP money in more favorable terms than being forced by them.

JJ