Excellent points all around FJ, and thanks for pulling the trigger on that email. I was just about to do the same and now i don't have to :-D

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I think we are all being sensible by asking the right questions considering the money we have bet on this company, but I also think it will turn out to be the 5% as opposed to anything else.

To me the last 2 NR just scream 'advanced negotiations' and all of the bullets in the latest NR are meant to suggest areas that would point to a higher valuation by Pellegrino this time around. In other words, I think the subtext of the NR (if subtext is even the appropriate word for something so openly stated) is that all of the bulleted items will be optimized for the next valuation and would therefore be expected to maximize the value. This would then be used as a starting point for discussion with a buyer or licensee.

These items will effectively cease to be 'assumptions' amounting to a discount on the valuation, and might instead factor in as a near certainty.