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Re: cgibellino post# 36216

Monday, 12/12/2005 10:20:57 PM

Monday, December 12, 2005 10:20:57 PM

Post# of 341667
Sorry, forgot to touch on your merger question. We did talk about it. They are waiting for the funding to be fully complete before filing the S-4.

The following is what I have pieced together after a number of conversations with different people at the company. It is only my opinion/educated guess as to what is going on with the merger process...

The audit is done. However, the folks who did the audit won't sign off on it until they are paid in full. Some of the money from the funding is earmarked to pay for the audit. So, Sunn has to secure the funding to pay for the audit to be able to file the S-4. Additionally, the fairness opinion is not completed. Again, I think this piece requires the funding to be complete.

tj