I am guessing that he whole rational for the offer

I am guessing that he whole rational for the offering was that a few share holders have been asking to do a direct placement outside of Paulson and mgmt decided to see if other were interested by sending out the email. The big difference was the 1 week deadline, my theory is that this had to be done before any other major announcement if at all because of the status of the licensing deal or other deals. They likely knew they were going into a quiet period and would not be able to offer this opportunity because they would not be able to discuss the status of the company during the quiet period.

Either way, as soon as I got the email offering from Micheal, I replied with a very clear concern about the selling that would (and did) take place to participate and that the requirements for participating are to be an "accredited" person which meant most could not participate. The result of this raise was very predictable and damaging to us investors. It is a very clear dumb idea from mgmt and should have never happened. If this offer was not given the deadline or never done in such an open way, we could be above $.40 now. There were individual investors that have participated i a direct cash raises to the company in the past - all they needed to do was call Micheal. Why they handled this in this manor is hard to understand.