Shiffhead, I think you have nailed it. 1. It makes sense as you...

Shiffhead, I think you have nailed it.

1. It makes sense as you said "The risk of becoming the major shareholder right now just seems too high. The notes are 'secured', so why convert to 'unsecured' shares now?"

2. It also makes sense as you said "Selling secured notes is much easier than common shares in an R&D business with no sales". [As an aside - ASOF's secured notes are not interest bearing, but your point holds].

3. Following on from those two points, it also makes sense as you said "Giddyup has illustrated one extreme. The other extreme is a $50mil order from [whoever] next month. In the end I think MST will play out in between these scenario's".

Given your sage advice, the critical takeaway point for myself and perhaps some other current shareholders seems to be if that if 1 and 2 hold (probably likely) then we avoid the worst case massive dilution, and we calmly move to some sort of contract/sales. We have previously discussed at length the apparent prospect of sales 'soon'. IMHO even if sales are not effected until March-June 2012, presumably we will edge out of the woods into more open country with patches of blue sky here and there?