The Jailhouse

[Zeev Hed]

Not very persuasive, IMTO. A company that has managed to squander away $350 MM is not exactly one in which I will have faith they can achieve anything, but squander what additional funding they manage to get. But hey, if you have "faith", what can agnostic such as I counter "faith" with? I look at numbers, and the numbers are quite simple, not only they need about $7 to $9 MM per quarter until they turn positive cash flow, they need working capital to turn positive cash flow. Even if you assume that that will happen within two years, that means another $100 MM in cash infusions (8 times $7.5 plus about $40 MM in working cap...). IMTO most of this money, if it comes, will come at even lower valuations than the last injection.

Zeev