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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: Fung is a Genius
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bmh
Jun 18, 2017 02:37PM
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Jun 20, 2017 02:34PM
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Jun 20, 2017 03:07PM

I think you accept that all litigation by Gowling has been a failure so far although it seems you don't want to admit it. None of what they have done has been about "losing the 12%". The "12%" has not been under threat and if it were there would be time for shareholders to respond without any opt in committee. This is a simple fact and everything Gowling have tried has required Crystallex / Tenor to incur legal costs, at shareholder expense. Every $1 Crystallex spends is now worth roughly $20 of the award. The legal costs Crystallex have incurred since the first DIP loan has cost shareholders perhaps $500m. As I said Nortel spent $2 billion on legal fees, lawyers like CCAA.

But you are right that the game is not over yet. Gowling could come good. I would be very happy if that happened and as I've said hopefully via an out of court early settlement. And if that happens you will get the best possible outcome - I'll get slightly more but that really shouldn't upset you. Most likely all shareholders will lose a lot of time and some money paying for Gowling to fail again. Do you find it ironic that you will be paying for Fung to prevent you from getting a bigger share of the award? No matter how successful Gowling is, Fung won't lose a cent.

This is all contingent on VZ paying - Tenor is still carrying a huge risk, they could lose it all.

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bmh
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