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Wednesday, December 01, 2004 2:02:38 PM
It seems from the documents that DNAP plans to continue the LaJolla deal for their operating funds.
I find it interesting that they have set aside 400 Million shares for LaJolla but only 300 Million for Dutchess.
Ther has been much speculation as to the termination of the LaJolla deal in the face of the 'seemingly' better rate from Dutchess, but not knowing the details of the treansaction it is difficult to speculate.
LaJolla gets a 20% discount and is required to dump them. If Dutchess is willing to provide funds for only a 4% discount and all the rest being equal, it would seem like an obvious decision to switch to Dutchess. The fact that it did not occur and in light of the entries in the filings by DNAP that suggest that the LaJolla deal will continue, indicate that there are other factors in play that prevent such a choice.
regards,
frog
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