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Gold/Mining/Energy : Nuvo Research Inc

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To: Cal Gary who wrote (13762)	10/29/2004 1:31:45 AM
From: axial	Read Replies (2) of 14101

Cal, the preliminary prospectus is a cold shower. The commendable approach of new management is straight-up and pragmatic, but the legacy of problems isn't going to give the market warm fuzzies. Based on past experience, the presence of certain actors in the financing doesn't inspire enthusiasm. It's difficult to evaluate without numbers, but perhaps it's fair to say that nobody had sufficient confidence in Pennsaid/Penecure or WF10 to bring in a partner upfront before financing - which might have resulted in better terms. Maybe the intention is to announce a deal after the financing. Whatever. Clearly new management has made some difficult decisions, most of which derive from the actions of their predecessors. The choices reflect hard realities. Many shareholders hoped Dimethaid could shake off predatory financing invited by previous management. It's not known if this distribution was an outcome of pressure - but the presence of a massive offshore short position could be persuasive. Conventional financing looks unattainable right now. I don't think anyone blames new management for the choices they've had to make. Jim

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