Tuesday, June 21, 2005 5:17:16 PM
Are you sure about that post r/s scenario? You might be right because the pre r/s deal just does not make economic sense for Trace unless, of course, they ready to go belly-up anyway.
So at a 10 for 1 r/s, they would have received presplit 250 million, and at a 20 for 1 r/s, they would have received presplit 500 million. They also have the right to buy 5 million post split (50 or 100 million presplit) for .02?
If you are correct, then that Trace deal will cripple the current shareholder value. Add that to the Dutchess toxic financing and the company will probably need a 100 million revenue deal from a large pharma to help the shareholders get back anywhere near .02-.05/share, if that.
You have not even addressed the lucrative no cut, non performance based contracts which Frudakis will be giving those two clowns from Trace. You think they will accept anything less than what Gabriel and his wife got for doing no acquisition deal at all when they were first hired?
Inquiring minds would like answers to these questions. Gabriel must be upfront and honest at the meeting.
JMHO
dr f
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