If GKP does not pay the $26 million in bond interest, the bondholders will take control of the company's assets.
As the chaos in GKP plays out in the boardroom, the Iraqi Kurds are still no closer to seeing the revenue from oil investment.
This type of diagnosis has enabled the GKP to define its own role and concrete activities along three important lines.
One annual meeting and a series of regional meetings constitute arenas for knowledge exchange and sharing between the partners, complemented by activities on a GKP Intranet.
In terms of governance, the GKP has never really had any clear-cut regulations and systems of sanction.
The GKP is committed to flexible, efficient decision-making .
However, it goes without saying that some of the GKP partners, while being represented in the GKP, are powerful players in global politics and international business.
In collaboration with GKP partners, the company is working on a number of programs, such the Cisco Networking Academy Program.
In general, the GKP seems to have served as one among many launchpads for the company, not only in terms of expanding the company's activities and providing it with more opportunities and greater access to individuals and businesses on a global scale but also as platform for making visible Cisco's efforts at integrating corporate philanthropy or responsibility with its overall business strategy through its networking academies.
In this way, the question of management or governance in an organization such as the GKP becomes linked to and operates through the involvement, empowerment, and capacity building for self-governance among its partners and their networks.
In the wake of the launch of the GKP, a wide range of similar initiatives have mushroomed since the late 1990s, such as Digital Partners, the Global Digital Divide Initiative running under the auspices of the World Economic Forum, and not least the UN ICT task force, which was set up by Secretary-General Kofi Annan in 2001 with the mandate to "provide overall leadership" regarding how to make the new media an integral component in UN development efforts.