The more I think about it the more annoyed I get!! No doubt AS...

The more I think about it the more annoyed I get!! No doubt AS and co thought they could bluff QVT into accepting delayed payment given that QVT would likely lose the lot if they forced TZ into administration (and because their CNs and options are so far out of the money). Huge risk to take with our company .. and obviously QVT wasn't having it in the end. What a poor path for our directors to take though anyway ... to risk folding when the terms of the notes would otherwise simply see QVT able to convert to shares at $4 after 2 years (The notes run for 5 years with conversion possible after 2 years .. that's december this year).

Hopefully the new board can work out a solution with QVT, pay the interest and get back to business.

I keep thinking how were we duped for so long .. and then I read a typical comment from management that accompanied the QVT deal announcement in December 2007:

"TZ has made outstanding progress in their commercialization efforts as evidenced to date with winning large leading customers in all business sectors and anticipate significant growth to continue. “With the support from QVT, we look forward to the vast opportunities
ahead as we continue implementing our Intevia® intelligent fasteners, actuators, software and communication technologies to establish a new industry platform for now and into the future,” said TZ Group CEO David Feber."

Yes that's right ... outstanding progress ... winning large leading customers in all business sectors ... VAST opportunities ahead.

H