Thanks Pig - one of the best posts I have read on HC for a long while. I agree with several of your points.
I am especially uneasy about the MST Report also. This is essentially an advert put out there by the company at s/holder expense, and in light of your previous posts, I am disappointed that the company seems to be already walking away from the pre June 30 date for financing.
However I'm containing any criticism until I see the update you mention. Numerous times Directors have described the TX deal as complex and with a long history of observing such deals I know that finally when the covers come off they are nothing like s/holders were imaging and there are left-field elements that no-one was predicting. Perhaps, also, TX feel like they have ADN in a squirrel grip and, with a smile on their faces, are backing Directors into a tight corner.
As for equity funding at a large premium to current share price - I have seen this happen before in such situations. Incoming parties are happy to pay the premium in exchange for a large chunk of the company in one bite. Afterwards the share price tends to rise to that price, or exceed it, simply because past promises now look like becoming tomorrows reality.
Thanks again for your recent posts. I look forward to next week and perhaps some sunlight...
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