newsletter 1/11/2010, page-67

Lautrec,

I agree with most of what you write. It is also unquestionable that the technology looks good. But the original question was why Kos has such a large remuneration. If we were further down the track and making sales then it wouldn't be a question.

Unfortunately ESI have burnt too much of my good will with the choices they have made for raising capital and not having driven deals to completion. Add a leaky boat into the mix and questionable salaries for people that seem to have nice holidays all the time and you wonder what you are investing in and who the company places first.

The stock can be traded though, so that's what I do.

Right now there are big question marks over what La Jolla will do but I see an opportunity if Tincom move to deposit the 1.5m in Vic Coldry. As usual, maybe the timing of this can be preempted if you keep an eye on the market?