test firing, page-15

Intel / Dave,

Take that question about Colt and ask yourself if they might have a reason to hold off, not for the capital raising but rather for the vote on a resolution pertaining to notes which has not yet been put forward and is scheduled for a subsequent meeting. Might that be much more significant to them than a few dollars raised in a rights issue ?

I also ask if anybody knows anything about The Lind Partners LLC of NY. This entity created and manages this special opportunity fund known to us as the "ASOF" which is soon to have the right to a controlling interest in MST. Thought it might be worth knowing a little more about them. Didn't think that wouldn't take long. A quick 5 min browse of the fund managers website and I'll read all the usual garb. Seems not.

For a start the website for The Lind Partners LLC is "under construction". I can see that they do have a registered address in NY but there is no phone number listed for them. Certainly looks like they are a new firm.

As for who works there and what else The Lind Partners LLC is involved with, thats a little bit hard to figure out also. I can see them registering this special opportunity fund but nothing else. Looks like this new fund is the only one they have created so far. So MST looks like the maden investment for this group.

I can also track down only a few people who seem to be associated with the firm. Two of the three people both worked for Springtree up until September 2011 by the look of things, ie they moved to Lind Partners several weeks before MST announced this deal with the Lind controlled fund. These two people declare themselves as an analyst and the VP of Business Development. Thats quick work boys, pulling off a big and complex deal like this in your first few weeks with a new firm. Or was the deal already done and this fund is just a vehicle for it ?

The third character is even more interesting. His name is Charlie Lind. Now Charlie lists "Lind Partners LLC" as the third and least significant of 3 current positions held. He states that he is the Managing Director at Lind Partners LLC which he created in 2000. He describes it as "Lind family investments company for real estate, and several private early stage companies". He ran a Ford dealership for 30 years. Hmmm, doesn't sound like a fund manager at all. Maybe "Lind Partners LLC" described in Charlie's profile is actually a different company to "The Lind Partners LLC" who are responsible for this deal. For now I'll assume this guy is unrelated and concentrate on the other two.

The profiles of the other two individuals at "The Lind Group LLC" tell us absolutely nothing about the firm. They have updated their profile to say they now hold positions at this new firm and are no longer with Springtree but unlike all their previous employers they haven't added a description of their new firms activities. Another dead end.

I also find the logo for The Lind Partners LLC interesting. Its a tree ! Maybe not unrelated to "Springtree AG" afterall ? Drawing a low bow there I know but lets keep digging.

With dead ends everywhere I found only a couple of leads to follow, ie the registered owner "under construction" website address and the street address that the "The Lind Partners LLC" is registered at. This is where it gets interesting. The street address that the company is registered at is 370 Lexington Ave, New York. Who else is at that address ? Springtree of coarse. Sure its a big building, could just be a coincidence but both companies share suite 1900. No longer a coincidence.

So our new investor is actually Springtree, or whoever they might be acting on behalf of. They appear to have created a new company and moved a couple of their staff to that company to do this deal. A special fund was created for this. There has never been any mention of Springtree through this whole thing. Why has there been so much effort to apparently conceal who this investor actual is ? Given the appaling situation with our mystery Philipino investor not so long ago I would have thought a little more transparency was in order here. Why the rouse ?

Is Springtree acting on behalf of somebody else ? The MST announcement says "Investors led by ASOF intend to
invest" so is Springtree the investor or was Springtree contracted to create the fund under a holding company to conceal the real investor(s) ? Just seems odd.

I don't have the answers for you fellas but I thought you might find it interesting.