Re Crystallex (KRY), there is hope yet. The company released the following statement Tuesday morning:
Crystallex has received the official minutes of the meeting held at the Permanent Committee for the Economic Development of the National Assembly at the public hearing held on June 4, 2008 to discuss the delay of the Las Cristinas project. At the meeting, representatives of the Ministry of Mines [“MIBAM”] confirmed support for Crystallex and its compliance with all procedural and administrative steps up to the denial of the permit by MinAmb. The resolution issued by the Committee states that the Las Cristinas project has been in development for a significant period of time with the support of different branches of the Government. The resolution further notes a lack of coordination between the various Government branches, which it suggests should be resolved in light of the macroeconomic policies and goals of Venezuela, as well as the social needs of the people and the pre-existing environmental damage.
Would someone please check the insider trading reports and see whether the managers of this company are showing their support by buying the stock at these ultra-low levels?
These news releases have zero impact on me unless I see that management is putting their own skin in the game.