-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MwXsrA8Dfg1TNk17QarlTV2bskbp62o0Umfn2zVf/Dv051r29ewA3ET6x57xsSHg o+BBj66yMSl2S8PD61I5FQ== 0000898077-98-000093.txt : 19980824 0000898077-98-000093.hdr.sgml : 19980824 ACCESSION NUMBER: 0000898077-98-000093 CONFORMED SUBMISSION TYPE: DFAN14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980821 SROS: NASD SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CORTECH INC CENTRAL INDEX KEY: 0000728478 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 840894091 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A SEC ACT: SEC FILE NUMBER: 000-20726 FILM NUMBER: 98696081 BUSINESS ADDRESS: STREET 1: 6850 NORTH BROADWAY STREET 2: SUITE G CITY: DENVER STATE: CO ZIP: 80221 BUSINESS PHONE: 3036501200 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ASSET VALUE FUND LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000898077 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 223090661 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A BUSINESS ADDRESS: STREET 1: PO BOX 74 CITY: BEDMINISTER STATE: NJ ZIP: 07921 BUSINESS PHONE: 9082340300 MAIL ADDRESS: STREET 1: PO BOX 74 CITY: BEDMINISTER STATE: NJ ZIP: 07921 DFAN14A 1 ADDITIONAL DEFINITIVE PROXY MATERIALS SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant |_| Filed by a Party other than the Registrant |X| Check the appropriate box: |_| Preliminary Proxy Statement |_| Definitive Proxy Statement |X| Definitive Additional Materials |_| Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 Cortech, Inc. - -------------------------------------------------------------------------------- (Name of Registrant as Specified In Its Charter) Asset Value Fund Limited Partnership - -------------------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement) Payment of Filing Fee (Check the appropriate box): |_| $125 per Exchange Act Rule 0-11(c)(1)(ii), 14a-6(i)(1) or 14a-6(j)(2). |_| $500 per each party to the controversy pursuant to Exchange Act Rule 14a-6(i)(3). |_| Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. |X| No fee required 1) Title of each class of securities to which transaction applies: Common Stock ----------------------------------------------------------------------------- 2) Aggregate number of securities to which transaction applies: ----------------------------------------------------------------------------- 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11:* ----------------------------------------------------------------------------- 4) Proposed maximum aggregate value of transaction: ----------------------------------------------------------------------------- |_| Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. 1) Amount previously paid: ------------------------------------------------- 2) Form, Schedule or Registration No. --------------------------------------- 3) Filing party: ------------------------------------------------------------ 4) Date filed: ------------------------------------------------------------ ___________ *Set forth the amount on which the filing fee is calculated and state how it was determined. (032796DTI)
Vol. 1 No. 2 August 24, 1998 - ----------------------------------------------------------------------------------------------------------------------------------- THE ASSET VALUE NEWS All the News You Need to Vote - ----------------------------------------------------------------------------------------------------------------------------------- FINGERHUT FIDDLES WHILE CORTECH BURNS Cortech Losses Mount to More Making Money is Not Science; Than $87,000,000. It's a Matter of Dollars and Sense. Asset Value announced that it was Fingerhut and his appointed Board STOCKHOLDERS TO DECIDE surprised by the magnitude of the complain that Asset Value's nominees CORTECH'S FUTURE. $1,431,000 loss reported by Cortech are not scientists. That is true. But at late on Friday night, August 14, 1998. least they can add and subtract. After Asset Value had to sue Cortech's This is just one more reason to vote to losing more than $87,000,000 in 10 management to hold the Annual increase the Cortech board to seven years, management says, "We and our Meeting so that stockholders could members and to elect Asset Value's scientific advisors believe that this decide Cortech's future. four nominees on September 4. technology may have significant potential value for Cortech's Since the Cortech story started more Astounded by Losses stockholders." That's all stockholders than 10 years ago, the Company has Paul Koether, the manager of Asset have for all that money: no commercial lost more than $87,000,000 without Value, said he was astounded that the products and as we think management commercializing one single product. losses were so high given that Cortech concedes, none in sight. With only $12.6 million left, the last has stated it has ceased operations and chapter of this story has begun. was performing no research and To Capitalize You Need Capital Management wishes to lose more development. "It's incredible that Management says it wants to capitalize money on the technology while it says Fingerhut and his appointed board on the technology. We do too. What equity it will look for a partner (Remember speak of 'preserving the Company's investor wouldn't? But in case BioStar?). Contrary to what resources' even while continuing to management hasn't noticed, time and management has said, Asset Value lose money. Talk is cheap. Good thing money are running out. To capitalize, does not want to liquidate Cortech. It too, the way this management loses money." you need capital. While looking for just wants to stop spending cash while VOTE FOR CHANGE capital Cortech needs to conserve its it seeks a partner. VOTE FOR ASSET VALUE assets which Asset Value's nominees VOTE THE GREEN BALLOT will do. Cortech has only $12.6 million Vote For a Happy Ending - ------------------------------ remaining and is losing money at an But only the stockholders can write CONTENTS annual rate of over $5.6 million. this story's ending and that is why we Survival must be the first priority of intentionally have left the bottom of Cortech Losses Mount to More Cortech. That's not science, that's just this column blank. Stay with this Than $87,000,000...........1 common sense. management and we believe that VOTE TO INCREASE THE BOARD Cortech's future will be as blank as the Stockholders to Decide VOTE FOR ASSET VALUE space below. Vote for Asset Value's Cortech's Future...........1 VOTE THE GREEN BALLOT nominees and, in our view, this story could have a happy ending.
TIME IS RUNNING OUT! A PICTURE IS WORTH A THOUSAND WORDS ----------------------------------- COMPARISON OF CORTECH'S STOCK PERFORMANCE (NASDAQ SYMBOL-CRTQ) TO THE NASDAQ BIOTECHNOLOGY INDEX (IXBT) AND THE AMERICAN STOCK EXCHANGE BIOTECHNOLOGY INDEX (BTK) [GRAPH THE ABOVE]
Cortech IXBT BTK ------ ----- ------ 1993 $18.25 197.88 115.78 1994 14.25 161.40 82.06 1995 3.65625 304.30 133.77 1996 3.8125 314.48 144.56 1997 2.03125 304.89 163.28 7/17/1998 .50 335.15 144.16
NOT A PRETTY PICTURE! SAVE CORTECH SEND IN THE GREEN PROXY BALLOT VOTE YES TO INCREASE THE BOARD VOTE FOR ALL OF ASSET VALUE'S NOMINEES! IMPORTANT If your shares are held in "Street Name" only your bank or broker can vote your shares, and only upon receipt of your specific instructions. Please contact the person responsible for your account and instruct them to execute a GREEN PROXY BALLOT as soon as possible. If you have any questions or need further assistance in voting, please call John W. Galuchie, Jr., of Asset Value Fund Limited Partnership collect at (908) 234-1881, or our proxy solicitor: BEACON HILL PARTNERS, INC. 90 BROAD STREET NEW YORK, NEW YORK 10004 (800) 253-3814 -----END PRIVACY-ENHANCED MESSAGE-----