Even if approved, I dont understand, so I dont know whether to read anything into it or now.
All I do know, is if something is big in the pike, to be anoounced on Friday, everyone selling now is going to regret it.
Look, Pope calling a default is not that big of a deal, as the company has the cash, and, in any event, Pope ain't going to get it just because it declares a default. So why would they? To have a claim to greater interest? That does them know good now.
I think the letter agreement is to compel the PRC to release the funds, and to demonstrate if they don't WAY more will need to be released, which turns the whole purpose of not allowing the conversion of dollars -- more circulated dollars are worth less, and China owns an load of them.
That's my call, and I think it's reasonably based.
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