Secure Point Technologies Inc (fka IMSCQ)

[mas]

L3 isn't going to buy this company for a 200% premium, get real. Most buyouts are normally within 50% of the existing share price. However the method of buying you suggested (i.e. L3 shares) is a perfectly valid viable one if L3 wanted to incorporate ETD into their technology and frankly having just announced a $1.5bn share buyback they could afford to pay cash too.

Perhaps Buldoc should go to L3 in March and ask them for $80m cash to pay off DMRJ/BAM which they could say convert into shares at $1.00 leaving the company debt-free and with a total share count under 160m which would be better than the current 180m fully diluted with $40m debt on top. Would make far more sense than the current giving of 90m+ options to DMRJ for only about $25m debt.

Buldoc really has to use his imagination and initiative and replace DMRJ/BAM totally in March with a far more sensible loan structure. He's proven the company IP has value now so it really should not be that hard to find that sort of money for better than 15% interest and options that currently average out around 25c. In March all the debt becomes due so he would be well in his rights to find that money and tell DRMJ/BAM here's your money and thanks for the memories. DMRJ would still walk away with ~100% profit and they would not have to wait for the drip sells of 8c shares to collect.