Hi Doc,

Age does change our outlook, and our behavior.

I'm not here to bash anyone, nor am I here to profit off of the misfortunes of anyone. I learned some very sobering lessons about the difference between what one might consider moral behavior as opposed to what is legal through my experience with Nanopierce/Vyta. (I lost a huge sum of money in Nanopierce.) I personally think our whole investment community (i.e. Wall Street) is out for the enrichment of a few at the expense of many. I don't believe the US (or Canadian) government has done enough level the playing field. I hate government intervention; but, I believe that is the only way to make things even close to fair.

I really believed that there was a huge naked short position in Jagh when I first invested. I also believe that Carol Remond and others' involvement prevented the settling of any trades in early 2004 (?) when Jag was attempting to exit the DTTC. Since that time, however, the CUSIP change and paper trading that was made effective did nothing to force covering. I don't know if that means that the ex-clearing trades that have been discussed are buried so deep that they'll never be uncovered, or that there really aren't that many trades to be uncovered.

I got out of this investment almost two years ago, although I still have the B shares. I vowed at that time that I would follow the stock, and if there was solid news on the naked short front, I would consider reinvesting. That is still my position. I believe that there are a lot of longs who are still under water, and it really doesn't make much sense for them to consider selling at such a huge loss... for them the real hope is a substantial appreciation in price caused by covering. (I really don't see much benefit to the existing Jagh longs due to the proposed merger because of the amount of dilution. It will take a huge movement to make things happen on this front.)

Time will tell.

Have a great weekend.

Jeff