Delcath Systems Inc (DCTH)

[Tekterra]

I am not saying Delcath won't. We have assessed that risk time and time again. If they have no funding source, their choice is sell or BK.

Why do you think HB invested heavily in Delcath if they don't think the treatment is worth something more than the 35 million they provided to Delcath last year? Although HB risk was eliminated since they were sold convertible that allowed them to recover their investment through the market. But, they got stuck with the maxed out shares and no RS.

Buying a penny stock company running out of funding and maxed out on authorized shares is taking a big risk. As some puts it, we're gambling here.

What I am waiting to see is how HB get out of this mess because there are still some 12 million dollars worth of notes they are holding and unable to convert, plus the 25 million common shares they haven't sold.

If Delcath files BK, HB has rights to their asset, and will no doubt put on BK auction. We knew Roche and others have approached Delcath in the past. If the asset was to put up for bid, more than one party will likely go for it and share holders may call for a test of market to see what a fair price might be.

We're also betting on the treatment has value. If the treatment had little value, it might get sold cheap. But, if more than one party is bidding over it and see a far greater value, the sales will be a different story.