tnrob, page-16

It's a shame how these things work out. If they'd tried to make a case for an extension on the TNROB that'd have been one of the strongest arguments to make; not doing so will actually be disadvantageous for existing holders.

Right now the looming deadline on the options is distorting the trading in heads. If the options were still 6 more months away, then none of the side-liners would hold the slightest illusion that they could hold out for them to expire, and they'd probably already be in the money right now.

Faint hope though it might be, I still hope that Torian will figure out a way to do something about the options... either a great ANN, an extension, or some alternate offer (some replacement options maybe, although that'd need a vote I'm sure). Anything to keep a discounted institutional placement out of the picture, thanks.

As I've already indicated I hold some TNROB, but I'm much more interested in what $5m could do for TNR heads. And at the current market cap, having 500m more shares come on the register in exchange for $5m in cash is a very fair exchange anyway.