Wave Systems Corp. (fka WAVXQ)

[BerthaB]

The Cygnus Capital blog... who it might be:

THIS IS PURE SPECULATION ON MY PART.

Based on register.com, the domain cygnuscap.com is owned by a "Christopher Swann".

In the transcript for Wave's Q04 CC, there was a "Christopher Swann, GMT Capital" who asked questions about pre-financing volatility and use of the "going concern" phrase, which were both features of the blog entry.

http://www.unclever.com/wavx/WAVX4Q04.htm

In a subsequent transcript: http://www.unclever.com/wavx/WAVX4Q05.htm the same person specifically refers to the "$200K per employee" number used in the blog entry.