Sounds about right.

In my opinion, I think there has been lots of opportunity for the noteholders to come on board with a reasonable offer to extend the $100 million and receive some of the award. Instead it appears that they have been the main stumbling block in Kry trying to get new financing to pay them off which would take them out of the running for any part of the award.

They have chosen, as sworn by Carlo Mattoni of QVT in court, to want to eliminate our shares and give current shareholders $0 in their CCAA plan. Luckily the judge has seen through the smoke and mirrors presented by them in court and has given Kry the opportunity to make sure everyone gets paid not just the noteholders.

The fact that management has little stake in the company and the majority of shares are held by retail investors like you and me might actually be helping our cause in some convoluted way. This isn't one rich guy against another. It is a David and Goliath story.

JJ