SECURITIES AND EXCHANGE COMMISSION
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Cortech, Inc.
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Asset Value Fund Limited Partnership
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Vol. 1 No. 3 August 28, 1998
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THE ASSET VALUE
NEWS
All the News You Need to Vote
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FINGERHUT FORECASTS THE FUTURE:
MORE LOSSES!
<S> <C> <C>
Fingerhut Plan: Lose More Yada, Yada, Yada SCIENCE AND MAKING MONEY
Money; 3,000,000 More Reasons IS NOT AN OXYMORON
to Vote For Asset Value Fingerhut rambles on and on about the
value of Cortech's technology, in our Management has not denied that Pure
Last year, management said its view, to avoid the real issue which is World, operated by the Koethers, is a
downsizing would reduce Cortech's his record of mismanagement. science based company which is
annual losses below $1,000,000. making lots of money for its
Losses this year annualized are 5 In this contest you are not voting for or stockholders. A dollar invested in
times management's prediction. Now against the Cortech technology. We are Pure World five years ago would now
Fingerhut says that he has a new, in the largest stockholders of Cortech. be worth over $6. By comparison,
his words, "viable and prudent" plan, Why would we throw away potential that same dollar invested in Cortech
to deliver value. If the past becomes value for its science? is now worth less than $0.03. The
the future, the only thing we believe Koethers with Pure World have
you can be sure of is that Fingerhut In our view, Fingerhut's claims about demonstrated that science and making
will deliver more losses. In his case, the imminent value of the Cortech money need not be an oxymoron.
words speak as loud as actions. Even technology flies in the face of repre- FOR ONCE WE AGREE
he admits that his new plan at best sentations made to the stockholders Management says it now all comes
calls for more cash losses of when he pushed for the BioStar deal down to one question:
$2,000,000 to $3,000,000 over two only last February. If Fingerhut Who do you want to lead your
years reducing cash to only $9 believed that this technology would be company?
million. Is this what he calls prudent realized within two years, for an We think the answer is clear.
and viable? additional $2,000,000 to $3,000,000 Vote for Asset Value's Nominees!
Time and Money are Running Out then why was he willing to sell out to Asset Value's nominees, as
Fingerhut has lost over $87,000,000 BioStar so cheap? management itself agrees, have
on his plans to develop Cortech's WE ASK MR. FINGERHUT: diverse experience, a finance
technology. As he points out "Along WHICH IS TRUE? professor; a C.P.A.; a natural products
the way, three major pharmaceutical WHAT YOU SAID THEN OR executive; and yes even Mark Jaindl,
companies put up their money in WHAT YOU SAY NOW? a bank president, whose family owns
support of our ideas and plans." one of America's largest integrated
Precisely! And where are these three ---------------------------------- turkey enterprises. You can make fun
companies now, Mr. Fingerhut? of Mark Jaindl, Mr. Fingerhut, but at
- ------------------------------- least he knows a turkey when he sees
CONTENTS: VOTE FOR CHANGE one.
Fingerhut Plan: Lose More
Money ......................1 VOTE FOR ASSET VALUE --------------------------------------
Science and Making Money is
Not an Oxymoron.............1 VOTE THE GREEN BALLOT VOTE THE GREEN BALLOT
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TIME IS RUNNING OUT!
A PICTURE IS WORTH A THOUSAND WORDS
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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]
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Cortech IXBT BTK
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<S> <C> <C> <C>
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
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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
