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I don't think it is the case here, i believe CD deals have always been associated with worthless struggling companies, shell scams and collapsing PPS, that's why i would say the
traders immediatly initiated a sell off, then we know the pattern > falling dominos 8),
now, at this present point i agree that the CD boys are surely working it to get a maximum of profit return, that's obvious, but a new big boy could come aswell and start a buyout, anything could happen now...
About a better deal, it is difficult to guess why they couldn't find a better financing, there are so many possibilities and potential explanations, i would say big investors don't wanna hear anything about the OVER THE COUNTER BULLETIN BOARD, so you guess CXTI must find a gate to enter the AMEX, NASDAQ or NYSE to finally get a big deal.
By the way, since i play the OTC(1999) its the first time i see such a ridiculous situation.