NanoViricides Inc. (NNVC)

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At Times he is given to hyperbole

I don't hold Gene harmless. I think he went off the rails of credibility sometime back. But my point is that his statements do not constitute fraud. Gene had his salesman's hat on and part of his job was raising money so the company could continue. A company without revenues has only two avenues to raising money; debt and equity. NNVC has gone the equity route. the CEO must continue to raise money.

What happens is you tell a story so many times that over time the story morphs and it's easy to lose sight of where the truth is. The incentives to shade the truth, which at some point becomes untruth, is enormous.

Economists are fond of saying there are no bad people just bad incentives.
When I finally came to the conclusion that Gene's statements were no longer reliable I planned an exit strategy for my position. I still own some but not nearly what I owned when still was on board with Gene. I also wrote to Gene and told him it was time to step down as CEO. Clearly he did not listen.

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