Koo, you don't seem to be following my line of reasoning.  Again, I agree with you....you do not have to convince me.  I earlier wrote that I was approachign this from the viewpoint of someone being introduced to to Resverlogix for the first time...not from the perspective of someone who's been invested for years.  

As for the consequences being different with this loan as opposed to the Citi-Bank loan (at least the loan that started with Citi)....the consequences are the same for Resverlogix.  In both cases both loans used the companies IP as security.  The difference this time is that Eastern hasn't supplied a standby letter of credit, so the IP would go to Third Eye in the (imo incredibly unlikely) case of a default, instead of Eastern.

I stand by my opinion that most investors looking at Resverlogix for the first time, that they would see it as being grossly overvalued and incredibly weak from a fundamental perspective.  

You and I (and many others) think its incredibly strong and grossly undervalued....if the market agreed buyers would be storming in and sending the PPS substantially higher.  But they're not....at least not yet. 

Why?  I've laid out my reasons for why I believe buyers aren't storming in and sending the PPS higher.  Do you have a different opinion?