GTC Biotherapeutics (fka GTCB)

[Lewis R Goudy]

I disagree. The only way material prospective dilution
can be construed to be immaterial to prospective return
(and the investment risk suffered in winning it) is if the
share price grows without bound. I like you vinnie even
though we sometimes get testy with each other. I'm not
diagnosing BRCMS (big rock candy mountain syndrome) to start
a flamefest or bash the goats. It's a serious point and seriously intended.

If it doesn't "really matter" why are longs sad to see it
happen? I'm not singing the basher Song of Dilution--using
the word as a bogeyman--just saying that dilution is central
to the valuation problem and not properly dismissed out of
hand as "irrelevant to the big picture". I think I see the
big picture as well as anyone, and I think prospective
dilution no small part of it.