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Gold/Mining/Energy : Inflazyme Pharmaceuticals (T.IZP) -- Ignore unavailable to you. Want to Upgrade?

To: xray who wrote (1049)	8/28/1998 8:17:00 AM
From: Harold Lehman	Read Replies (1) \| Respond to of 1501

I wrote this last night but my 10M bps cable modem stopped working so I couldn't post it. Believe it or not, I am enthusiastic about the product. The problem has been seemingly endless, and it seems numerous, delays, and also it seems that the institutional investors (Goldman Sachs/Rothchilds Asset Management/friends of theirs) get information about what's really going on (Jeremy Curnock Cook of Rothchilds is on the Board of Directors) while the rest of us get silence. I sure hope that this is corrected in the future. The reasons for cynicism are the wall of silence to us smaller investors and the fact that this management put out a Special Resolution of one paragraph's length in the Notice of the Annual General and Special Meeting to increase the authorized share capital without presenting any case for it. It's obviously to dilute the stock for further financing, and we're talking about some potentially massive dilution here. I spoke with Michael Liggett, the CFO, a few days ago about this, and he confirmed that this was the case (although he didn't use the words "massive dilution"). By the way, that was the first time I was able to get through, or get someone to call back, in 2-3 months. I say let them get a joint venture agreement with a significant upfront payment instead of massively diluting our equity, and probably at a fire sale price by the looks of things lately. I disagree with you on your statement reg. options. In my book options are a reward if they're issued after credible performance. If the insiders significantly enhance the value of my investment then I am all for giviing them options or stock or whatever, but not when there's carnage with no end in sight, as far as I can tell. I do not think at all that there's a scam involved. That played no part whatsoever in my thinking. But would you like to see the number of shares go from 38 million to maybe 100 million if you were invested in it? BTW, for those who want to vote their proxies and haven't yet, you can do so by internet at: proxyvote.com HL