First QTR on Monday 9, 2015 after hours, page-11

I say go ahead and buy 10% on the market. See what happens to the SP.

The market has no clue as to the value. What they see is a balance sheet with no cash and a debtor that could easily trigger a default. Subsequently the market has valued UNS based on what they can see.

An equity investor or cornerstone investor is probably what UNS is looking for, who is typically someone buying a 20% stake in the company. If an investor is going to buy 20% a value needs to be assigned. MS represents UNS and together with the buyer and their financial representative will discover the value.

It is when that value is discovered then the market will have an understanding of UNS's value and will reprice accordingly.

The deal with the equity investor could take many forms including a technology transfer, seats on the board, option to buy the entire company and so forth.