As NZ said, the judge can exend the stay on his own whenever he wants.

With regard to the delay, I don't think it relates to the necessity of researching anything. Rather, I think the judge may see that the proposals that have beeen made do not benefit all of the interested parites in a fair manner. For example, he may see that the Tenor offer is reasonble but for the 10% to management and he may be trying to get Tenor to modify its proposal to reduce the offer to mangement while at the same time getting some formal committment from management to stay with the company if their share of the award is reduced. Or maybe he also wants Tenor to reduce its percent of the award. Or maybe he wants the delay to bring one of the other bidding parties back into further negotiations.

Based upon previous decisions by the judge, I do think he is concerned about the shareholders and will not approve a plan that shortchanges them. Personally, I think Fung and Tenor have conspired in some fashion for each to support the other as there is really no reason for Tenor to be concerned abut Fung et al leaving the company if they don't get 10%. Now that KRY's initial submission of the evidence to the ICSID has been made, which would include an affidavit signed by Fung as to many of the facts, little else is needed of him except possibly a supplemental affidavit in KRY's Rejoinder to Vz's inital submission (due 8-31-12). And if you look at things carefully, there is little that Fung can add to the facts since there is likely nothing that he knows that someone else can't testify to. Remember, the head of Crystallex de Venezuela (was it Dr. Enrigue Tejera-Paris?) probably knows more than Fung as to many of the facts that emanate from Vz.

Thus, since I can't see the need for Fung to stay on board and since I don't see how Crombie or any othe the others can help, I see that Tenor and Fung have possibly been rubbing each other's backs. If you look at the affidavits filed by Crombie (I think it was) as to what key membersof management know and why they are needed, you will see that little is stated in the way of fact as to why each member of management is really necessary and that what is stated is more smoke and mirrors than hard facts.

The judge may also see through this charade and there is nothing that compels him to accept an unreasonable proposal. Since gettng a percentage of the award, especially in the 25-35% range, in return for a paltry 35 mil, is so lucrative, I think the judge may be able to put pressure on any of the interested parties to make a deal that will work and benefit all parties, including the shareholders. Neither Tenor nor the noteholders will walk away from this gravy train. Jusy mho.