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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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Message: Re: An update please
3
May 05, 2013 09:25PM
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May 06, 2013 11:06AM

From what I understand, the SEC action to halt trading was more than an easily corrected techincal error, as first claimed by KRY, and that basically the stock does not trade in the US nor Canada, and I guess, it stopped trading in Germany a long ago. So any stock we own are just pieces of paper with no current accepted value. Is that correct?

Correct. Crystallex did not voluntarily de-register the stock. The SEC Enforcement Action revoked the stock. Being revoked is the absolute worst thing that can happen to a US stock. With the cyber age, maybe ownership is now pixel numbers on a screen.

KRY is still burning through cash in order to stay "alive" while waiting for the next court action. Is that correct?

Correct. However, Crystallex will need to negotiate additional funding to stay "alive" because of the Tenor KRY Cooperatief U.A.'s assertion, and subsequent acknowledgement by Crystallex, of DIP Loan Default Event(s). Any and/or all future necessary funding to Crystallex is now only available through, or by approval of, Tenor KRY Cooperatief U.A. - Crystallex's Lender of Choice.

KRY expects to have cash to burn for only the next few months. (maybe until the fall) Is that correct?

Correct. Sorta. Crystallex' DIP Funding is estimated to run out at, or shortly after, Stay end, May 17. Crystallex and Tenor KRY Cooperatief U.A (TKC) will need to come to another understanding about the current DIP funding, or initiate new funding. Tenor KRY Cooperatief U.A. claimed, and Crystallex agrees, a Default in the DIP Loan Events of Default happened, and an Acknowledgement and Agreement (see end of Ninth Monitor Report) was penned for Crystallex to obtain a DIP funding draw, but less than the original anticipated draw.

The ISCID has yet to rule on the GRZ claim. Is that correct?

Correct.

Do we have an expected date on when a GRZ ruling might be coming?

Plenty of guesstimations, but no concrete date.

Could a positive GRZ ruling help us or is KRY too far in the grave?

Whoever has rights to Crystallex arbitration proceeds likely benefits from a positive GRZ ruling.

The unsecured bond holders have yet to renegotiate a better payment plan and they still want the whole pizza if a pizza actually does ever get delivered by the ICSID. Is that correct?

Yes, Crystallex and Bondies are still in negotiations, with the May 17 Stay end approaching. Unknown what exactly the Bondies want, but your speculation is likely spot on.

Mauro won reelection so the corrupt players in the game have not changed. Is that correct?

Correct.

Have there been any positive developments for KRY and us in the last three weeks?

Not really. Maybe the spin of the SEC Enforcement Action saving Crystallex money?

2
May 06, 2013 03:00PM
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May 06, 2013 04:14PM
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