Mosaic ImmunoEngineering is a nanotechnology-based immunotherapy company developing therapeutics and vaccines to positively impact the lives of patients and their families.

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Message: gloriabought
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I've been studying the ARS issue for a few days and making some phone calls. I'm not sure investors are reading this Q properly. The balance sheet reflects the company is still holding $15.6 million in short term investments. It would appear the company has not yet done a "Mark to Market" value on their investment to find the true current value. The Q reads that there were 2 separate auctions conducted and both failed. If the company had successfully auctioned some of the holdings it would need to be moved off the balance sheet or listed in the Subsequent Events section. I've had 2 separate opinions rendered on the matter. Both agree the statements appear to read as separate purchases of ARS's and than subsequent attempt to sell each one of them leading to a failed auction on each.

The article that Milestone posted a few days ago is not representative of PTSC's situation. That article is addressing lenders and the holdings on their balance sheets not ARS packages that have already been sold to investors. The Department of Education is offering to repurchase loans that are currently sitting on the lenders books not one's that have already been sold to investors in the form of an ARS. I'm trying to figure out if PTSC is being forthcoming on their investment and if everyone is actually understanding what may have occured. I'm going to email Mr. Flowers to find out if something has changed on the investment. If they successfully sold some of the investment I would think that is important to know. If they haven't, I believe we will be hearing something about it in the near term.

"At February 29, 2008 we had short-term investments in auction rate securities of approximately $15.6 million. Auction rate securities generally have long-stated maturities of 20 to 40 years. These securities have certain economic characteristics of short-term investments due to a rate-setting mechanism and the ability to liquidate them through a Dutch auction process that occurs on pre-determined intervals of less than 90 days. Due to the frequent resetting of interest rates, the carrying value of auction rate securities approximates fair value.

"During the quarter ended February 29, 2008, investment banks were reporting an inability to successfully obtain subscribers for high credit quality auction rate securities. As of February 29, 2008 we held such auction rate securities with a par value totaling $10.4 million that failed in February 2008 to sell at auction. "

"On March 3 and March 12, 2008 the remainder of our auction rate securities with a par value of $5,000,000 failed to sell at auction."

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