I rarely waste your time with minor spelling or grammar corrections, or even missing words, but this omission needs a correction:

2. Phil will carefully inspect the code, including the RSA part, and is confident no funny business is planned by ViaCrypt or anyone else.

(I have to trust Phil on this matter more than any "panel" or the like....after all, he wanted to put trapdoors in, he could in the existing PGP--though of course this is highly unlikely to have been put in in the first place and to have remained undiscovered all this time.)

"...after all, if he wanted to put trapdoors in...." The "if" is the all-important subjunctive qualifier. -Tim