there were millions in the treasury with more being added through warrant and option exercising, a relatively small burn rate and monitization to begin before end of 2014.

If this is so then where is there the need to upset the apple cart by cancelling 4 out of every5 shares we own? Sure one can argue that the one share represents the same % ownership etc, etc, but I've been at this long enough to know that the net effect is usually not very good.

After such a promising start to the week a mountain looks to me more like a mole hill.