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Another once-promising biotech, Protein Polymer Technologies, sells for 2 cents. And you can get another biotech, Akesis Pharmaceuticals, for 1.5 cents. Nascent Wine Company, which distributes food and beverages to Mexico, sells for 2 cents. Com-Guard, whose software supposedly protects computers, sells for less than a penny.

Then there is Rim Semiconductor. It was named New Visual when it was in San Diego. Its stock did quite well after a purported brokerage house issued a report saying that the company’s technology was a winner. In a footnote, the brokerage admitted that it had been retained by New Visual to provide public relations and stockholder services. New Visual went into the semiconductor business, changed its name, and in 2003 moved to Portland. Last year, the company was locked out of its office for nonpayment of rent, according to the Portland Business Journal. To stay alive, Rim kept issuing shares; finally it issued 4 billion of them — almost as many as Exxon has outstanding. Rim’s stock was recently selling for one-hundredth of a cent a share, but now there is no quote available. I left a message at the company, which appears to be located in a Portland-area home, but got no response. I was not intending to buy Rim stock; I just wanted information — like how morale was holding up.

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iantrowbridge1 June 17, 2009 @ 5:25 p.m.

Don:

Finally, someone has exposed Duane Roth as an Emperor with no clothes. The SEC filings of this dog, Alliance Pharmaceutical tell the whole story. It was a one product company trying to develop a blood substitute. When that failed did Duane close up shop? No! He continued the pay himself and Ted hundreds of thousands of dollars when the company was a shell.

But he is still a political powerhouse in San Diego and Sacramento and a member of the Lincoln Club.

He is a total disgrace to the Republican party.

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Don Bauder June 17, 2009 @ 8:11 p.m.

Response to post #1: Yes, the Roth brothers are big wheels. About five years ago, I tried to find out how many shares each had in Alliance, what they had paid for the shares, and how many they sold at what price. I was unsuccessful getting that information. The way so many get rich in biotech (also tech and other hot areas) is getting founders' stock, or other early stage stock, at a penny apiece or so, and then dumping the stock after the public offering as the stock rises to $5 or $10. When the company collapses, the insiders are all rich for life. Best, Don Bauder

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