Synodon Inc SYXXF

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Special Committee

[nostril]

I used to think that PVE was a good man, now I'm not so sure. The key test will be what happens to the company.

One scenario is that the company gets put into liqudation and then PVE agrees with the liquidator to accept the wiping out of his debt in exchange for the entire company. He gets the whole thing, shareholders get nothing. If this happens, and if he then makes money from SYD (either through a turn around or a sale), I will find it very hard to accept. And I would hope that people with deeper pockets than me would question the legality of this outcome. This would be a very black mark against his name.

Alternatively, if the company's assets get sold and everyone just gets paid out according to the creditor heirarchy, and if there is nothing left for shareholders, that's just life. He tried and failed to make the company work, but that does not make him a bad guy. He will have lost out on his shares just like the rest of us.

Obviously a better outcome all round would be if they could find a buyer and sell the entire company. $5 to $10m for the whole thing is surely pocket change for a big pipline company that wants the best detection technology on the market? But maybe this is just excessive optimism, afterall, they have been terrible at selling their product, so why would they be any better selling the company.

N.