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Message from discussion Oct 2008 SFE Valuation Update
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Erik  
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 More options Oct 2 2008, 7:51 pm
From: Erik <Erik.Sebe...@gmail.com>
Date: Thu, 2 Oct 2008 16:51:24 -0700 (PDT)
Local: Thurs, Oct 2 2008 7:51 pm
Subject: Re: Oct 2008 SFE Valuation Update
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The analysis didn't take the warrants into consideration, using only a
58% interest in CLRT to determine valuation, so yes, it is actually
higher. SFE may have other, earlier, warrants in CLRT as well and
could end up with more if CLRT can't refinance the remaining SFE loan
by end of this year. At one point from calculations including things
like warrants, I thought SFE had a 62% controlling interest, but SFE
only shows 58% on their slides these days.

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