"I was actually a bit alarmed to see the criterion in RG's option package encouraging an acquisition within 120 days. "

Hi SGE1,

the 120 days are only the time-frame for RG to change his status from "Interim" to "permanent" CEO. Has nothing to do with a criterion regarding an acquisition:

"1. These options vest upon Mr. Goerner's completion of an interim period as CEO and/or conversion to permanent CEO. If the interim period is terminated prior to 120 days, a pro-rata portion of these options will vest."

But with the rest of your post I agree - as I said yesterday: M&A is definiteley NOT the topic of the next weeks or months.

While I could agree with your sentiment regarding the missed chance of the company buying back shares, I still cannot believe, the company is not adressing this issue. As I often said since the release of the first Dutton Initial Report in Oct 2006, the list of the Negatives has been reduced or nearly eliminated - with one exception: The number of outstanding shares is still number one on this list.

And because I don't think, Pohl, Turley and the BoD "forgot" to get rid of this negative point of the list, I'm still hoping, they have a plan to reduce the OS. It doesn't fit with all the other developments we saw in the last two years, to assume they weren't able to accomplish this.

If they don't solve it in the next months (I don't hope with a Reverse Split...or only, if they let it follow with a Forward Split, after we reached NASDAQ), I'm 100% with you and will start complaining about this huge mistake.

Another possibility: The BoD is not expecting big positive shareprice movements in the next months, thus a share buyback would still be prudent.

All IMHO - glty