Wave Systems Corp. (fka WAVXQ)

[rachelelise]

Orda

There is always the "agent" effect. This approach is easy for management and preserves their control. While it also dilutes their ownership, they can get that back by additional low priced options. All other options introduce risk to them (and to us). So yes while it seems logical and less costly to take out a 5 million dollar loan (assuminfg Wave could actually get it), I doubt if they will ever go in that direction.