Wave Systems Corp. (fka WAVXQ)

[24601]

SPIN: Before you purport to demonstrate how simple it would be to reduce to writing on April 30 a complex deal that closed on April 30, you should put yourself in the shoes of the guy who was writing on April 30.

You say I could do it so why couldn't they. Why? Because I was writing in August and they were writing in April.

For example, there were alternate modes of establishing the "effectiveness date" from which the second 90-day segment would run. July 29 did not become the effectiveness date until July 29. You could not have written on April 30 that the closings above $1.90 would begin to count on November XX because the contingencies might have resolved in a way that established a significantly earlier timeline.

I'm not saying that the confounding language is good. I'm just being realistic about the costs of making it better. People place a higher premium on timely functionality than they do on esthetic clarity.

Best wishes,
John