Wave Systems Corp. (fka WAVXQ)

[tampa123]

My guess is foolish....

Anytme you have the opportunity to raise big money, you raise it. You can always structure terms to take it in intervals for elevating equity position, but to not seek or take big money if/when it's available is already foolish IMO. I don't know if they had the opportunity, but on the surface, it appears as though they've either made some fairly juvenile mistakes, or perhaps their situation isn't as great a finance story as many believe it is.