Finjan Holdings Inc (FNJN)

[Det_Robert_Thorne]

Hopes versus facts

You and some others are here on hope, mainly the hope that someone will bid the stock up so you can make a profit.

I'm here to tell the truth. If I had thought that the exchange of the VRNG shares for debt was a good thing for COIN, I would have said so.

The thing is, since COIN began the "Year of the Convertible Notes" with Iroquois in Jan, 2012, and and joined the VRNG deal in March, 2012 -- and especially before Iroquois could begin converting the notes to shares in July, 2012 -- the question has always been:

Would the value of the VRNG stock and warrants grow rapidly enough to offset the debt that increased by $237K monthly, and allow COIN to pay off the total debt without much more dilution, or would the VRNG payoff take long enough that COIN stock would be diluted to death by constant selling by Iroquois.

I was fairly positive about this before July, but once Iroquois began converting ... well, you know the rest.

Looks like right now we're seeing a situation where COIN was able to only take out one-third of the Iroquois debt (current plus future) and now gets no benefit from the appreciation of VRNG's stock price.