I met Navid in 2008 when I was in London diligencing a different company. He told me to take a look at NW. I did and invested in 2008 and 2009 in debt. I many other NW investments since, some debt, some equity, some debt for equity exchanges. I've purchased stock in the open market...and confess I've occasionally shorted (but always borrowing the stock legitimately first).
One of transactions I participated in was the Regen Med transaction...where Navid was painted negatively in the Phase 5 Report. There was nothing nefarious about the transaction; it was complicated and opaque, so it's possible to think terrible things are going on in the shadows. But, from what I remember (not wanting to go back through all my notes), Toucan had to sell some of their NW holdings and there was some valid, technical reason to place the securities in Regen first. Navid formed Regen, but that doesn't mean much. I've formed companies but the actual person who is listed with the Delaware Sec'ty of State is my attorney's assistant. The individual who forms a company has no reflection on economics.
Skimming the Phase 5 report, it seems the claim is that Navid got a kickback in NW securities for writing a favorable report. Not true. Life is usually much more boring. What I know is this:
(1) there was no big kickback. I know because I purchased a fair amount of those securities and I received delivery. If I got them, Navid didn't (at least my securities).
(2) Navid's favorable NW report reflected his true view. He had this view when I met in in London in August/September 2008, way before any supposed kickback.
I think he (Navid) underestimated many of the issues with NW...the related party stuff, the fumbling of the ball wrt Woodford...but, he genuinely loves the technology. And, I think he has a good shot of being right on the that.
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