Morley,Many thanks for sharing with us your excellent research...

Morley,

Many thanks for sharing with us your excellent research and interpretative comments on YA Global.

I suspect that even Mr Cohen would not actually intend to draw down any of this facility unless ISF was on the point of submerging. If not, then YA Global gains no leverage. It appears to be an undesirable insurance policy. He may be hoping that later milestone payments will still save him. Rapid deployment to other multiple trust sites could, in principle, also increase the revenue flow. Will those stated events actually happen? Keep in mind that ever since listing in Feb 2000 Mr Cohen has been very variable in hinting at specifics. I attended all the meetings in the first few years to barrage him with questions. The responses always seemed to be peppered with words, 'nearly', 'close', 'almost', etc. It appears he hasn't learnt much since early days.

Juke