I will not, in the limited context of this letter, recount all the information contained in our April 9, 2008 earnings release, which fully reflects the financial results of all transactions announced prior to the end of January 2008

I hope your interpretation is correct. If so, RG's statement in the shareholder letter re: "fully reflects" is misleading, at best, and should be retracted/clarified asap.

I do not see how you reach your conclusion, as the 10Q did "fully reflect" that which was stated.

However, confusion might occur if one were to exclude the impact of the Texas NDA, in my very humble opinion.

Be well