LT, CJ, I agree, the result was not unexpected and they got a...

LT, CJ, I agree, the result was not unexpected and they got a reasonable take up given past history of the company and the very uncertain economic times. I think the board have done the right thing by giving current holders the opportunity to significantly average down if they want to before they go out to try and get more money elsewhere.

It's not over yet, they will still be trying to sell the rest over the next few months and they have a fair chance of succeeding once the notes issue is settled.

The key to the financial outcome of the company is the notes. We have a way out now, even if it is an expensive one. With the notes put away for another 3 yrs or converted to shares and that same group also holding another large parcel of shares, once there is any kind of reasonable contract or very good prospect of one (as we hope will occur before too long), it should be fairly easy to sell the rest of the rights issue not taken up.

The subsequent step is, imo, a consolidation. MST is almost untradeable at the moment. Even though you can maybe buy them at .003, if you wanted to sell them quickly you'd have to take a 33% loss. We need at least a multiple of 10, maybe 20 to bring them up to where a buyer who might want out later can generally sell without having to take a certain very large haircut. A consolidation would encourage new buyers to come in - and that's what's needed to get the sp up a bit. I'd hope that as soon as the notes issue is settled the board will call for a consolidation.