Anyone listen to the cc. They didn't seem as scared as in previous cc's. And their quarter was't too bad with sequential revenue gain but losing almost 20% revenue form last year's quarter. Troubling is increase in credit facility to 70 million and implying they will need it in addition to their current debt. Also troubling is no apparent consideration of a downturn in the economy. When asked regarding their offer from BEL and how the stock is now half of that offer they indicated that the Bel offer was not firm and that is the reason they rejected it. How bogus it that. Bel has some 100 mil in cash and the ability to finance their offer with stock/cash, if they got an expression of value it would be a lot less than the $6.00 they were offered, and Bel repeatedly stated they would eliminate their two tiered structure if it was an impediment to the deal. Yet Pulse's management never seriously explored the deal. Their statements are disingenuious. They pound their chest that their shareholders overwhelmingly rejected the BELS board proposals. Try asking their shareholders now. Did they open the door to further negotiations by stating that these minor issues were the only things that prevented them from embracing the offer. I guess the question is whether BEL still wants them or will just pick up their business as they lose momentum. If BEL still thinks they are a good fit and there is still good synergy, they should bite the bullet and do it now when they are virtually begging for a renewed offer instead of waiting until things get better and as in the past companies begin to hope and then reject their overtures on the ground that things will improve. BEL should change its failed strategies of the past.