Tetraalkylphosphonium-Tetrafluoroborate-Tetrafluoroboric Acid was used as a catalyst in the curing of a liquid crystalline epoxy. Under some conditions the Tetraalkylphosphonium-Tetrafluoroborate-Tetrafluoroboric Acid actually retarded the reaction. An extensive experimental and kinetic analysis is presented and a mechanism for the reaction retardation is proposed.