CRYSTALLEX INTL CORP COM (fka CRYFQ)

[Curse]

Ok, the creditors may be decided by some unusual scenario but the lead class will be the unsecured class imo. The judge will not be forming a class representing 5% or less of non secured debt that will have any say imo and is as likely as him deciding a shareholder committee is a good idea. Now if someone had a lien on the actual asset then it would be a whole new ball game with a whole new class of debt but thats not the case from what I can tell. If so then adequate protection payments would have been required or the asset would have been taken long ago or most of the stock anyway.

I think GRZ had a concession or certain property rights that allowed the holder of the concession certain mineral rights. I dont think they actually owned the property. Both grz and cry want cost and lost profits and interest so to me the outcome of the GRZ case is huge.

I agree its not for the faint of heart. Imo the management team is the weak link and cant even be trusted to stop bleeding cash. My immediate worry is them selling another chunk of the pie so they can live another 8 months after they piss away the last 15 mil. Im not sure if noteholders crossed a line to such a point they have lost all their leverage. Part of this required mediation will be some tough love on both parties I suspect. It really is up to the judge regardless of the noise. I dont see the stay in immediate jeopardy but that makes the market I suppose.