UNS 8-K Friday night bad news dump, page-30

I'm not so sure the company's financial affairs are that complicated. They have two loans, one to the Govt of Pennsilvannia and one to Orbimed. Pretty clear cut covenants. The convertible note is also pretty clear cut. AS's loan is his business and is not really an issue for the company as far as I can tell.

The complexities potentially delaying the strategic review in my mind are:

* the unexpected (not sure why its unexpected when they were given a choice to convert) conversion of convertible shares

* juggling apples vs oranges bids, for e.g. one bid wants a partnership while another bid wants to buy or license a single product line. assuming you want to accept both bids, how do you juggle the latter bid if the two bidders value that particular product line differently?

* ordinarily I would have thought a transformational transaction would take more than 4 months (when the process was announced) to complete.

I thought the wording used in the delisting announcement last week was somewhat telling. They continue to use the words strategic alternatives and maximising shareholder value, which to me means the process is still live however it also says to me nothing has been signed - would it kill them to say bids have been accepted and paperwork being processed?