ORV to the rescue$24 Million that KNB has invested into El Valle - where did it go and what did shareholders get for the investment? April 17 the CEO said "commercial banks", contractors have expressed interest in loaning money for the project and considering the GER proposal yet they 4 days later propose to do a PP at 0.40? March 4 - "pleased to be making" (inferred good) progress, yet they can only find GER to make an investment and to date have yet to clearly define the arrangement? Jan 19 - Realized they could not produce 2011 which he stated would be too risky to take short cuts to bring the timeline closer, now it seems the risks are favorable? - November received commercial bank offer for financing (while he bought shares on that information) - why did they never once consider the sale of the company? Doesn't seem to be of interest to anyone on the payroll to lose their job. For most strategic reviews all options should be considered that could maximize shareholder value not those that present the best possible financing options that ensure management retain their paycheques. ANYONE FIGURE OUT THE RELATIONSHIP OF INSIDER(S) OF KNB AND GER? There is one (one degree of separation from arm's length imo) and that to me is disconcerting to say the least. Why is it that these guys don't want to go outside their inner circle when it comes to business dealings. It's like they own a family restaurant where all their friends eat for free. KNB needs new management and the only way I would have confidence in KNB operating this project is under new management which imo is coming sooner than later one way or another. Will ORV up the bid before they send the offer or after they determine how much support they have at 0.55? Timeline would indicate before but if they are confident the GER deal will not close on time (or at all) then I believe waiting would be the most prudent strategy considering they may have more support then they realize at 0.55 and may be able to lock up a good portion of the 66.67% they need before upping the ante. If institutions have already come aboard at 45% then upping the offer is likely a good strategy considering most retail investors will not tender at 0.55 given most are underwater or 10% in the green at most. By bringing it to 0.70-0.80 they will likely get the 20% additional they need since the largest blocks are going to consider their 0.50 ACB and for the recent round that is a good premium given the time-value consideration - at 0.80 warrant holders will be able to squeak out a little lunch money to boot. I don't think 0.90 will be necessary with the track record of KNB management and the discount they cast on their share price. I am still in disbelief as to why they needed to issue the warrants? Incentive when you have an offer at a 10% premium...kinda like giving odds on a sure thing. I would be interested to see where the 6%+6% compensation is directed but don't expect much transparency given the history of their questionable dealings in the past.