Pau,

Selling the CITGO shares is a "shot to the floor" (i.e. you cannot miss). There are at least three heavy-weights of the oil industry ready to make an offer on the shares. And Venezuela would most likely bid for the shares if for any reason they cannot meet the Jan. 10th deadline. 

There is no risk involved to either KRY or the buyer. As you know, the Delaware court would issue an order declaring the shares sold through the court-order sales process as being sold free from any incumbrances.

Regarding Criminal Interest rate, the Court is fully aware that if the actuarial calculation establishes that Section 347 of the Criminal Code is breached, it cannot turn is back on it. As Justice Hainey wrote in the dismissal of the Oppression suit...

(39] Further, the claim for receipt of interest by the DIP Lender at a criminal interest rate is premature because no interest has yet been received. A claim based on the alleged receipt of interest at a criminal rate is a "wait-and-see" cause of action. It cannot accrue until interest has actually been paid and its timing and quantun are known so as to permit the calculation of the effective rate of interest.

This is the reason why KRY and Tenor have been bending over backwards looking for ways to delay the collection of the award, since once the collection is in the bank account, there is no way to avoid breaching the Criminal Interesst Rate section. At that point, it becomes an entirely "new game".

Please note that in the Credit Agreement the Tenor lawyers tried to do a run around the Criminal Interest Rate issue by requiring its NAP share to be deposited in an escrow account from which it would withdraw annual amounts not to exceed the 60% treshhold. However, this would make a mockery of the intent of Parliament in enacting the Section 347 of the Criminal Code.  There is precedent that has made this clear.