interesting...

some folks asked IR why no publications on website from ESMO...

response...

"The company is not actively promoting its R&D assets."

ask others to verify...

makes all kinds of sense....

"we will sue them"

yes for not performing on what they are paid to do.... allow shareholders a voice.... DP with 41 shares preventing me from voting.... sue the hell out of them...

easy choice.... ronin all the way....

Communicated with White several times by phone and email... here's one of his latest replies... as you can see they welcome questions...

XXXXXX, thanks for the email and I appreciate the support. I do not know when they will set the annual meeting. Delaware law states they must declare the meeting no later than the 13 month anniversary of the prior year's meeting. We will sue them if they do not comply with this. Last year's meeting was October 13. I realize people are antsy with the company not declaring the meeting and generally, saying nothing about the process or rebutting anything we've said. Hang tight.

Please let other shareholders know that they are welcome to contact me in order to discuss Peregrine on an informational basis. Thanks

Steve

and look at what you get for with the ten w/ respect to experience, advice connections etc and what they bring to the bod vs the 3 that actually keep investors away with their less than honorable bonifides ....

there was no throwing anyone under the bus... just an observer as to what happened and why changes are needed...

you got to give them credit... they created the best legal scam one could find... think about how they created their little kingdom... a lotto ticket with great cash for saying "i'm having what rob's having" to the tune of $500k a year

....and shareholders must unite to kick them off the avid cash flow tit ....

do not take the situation for granted...

From Mackenzie website...

http://www.mackenziepartners.com/proxy-services.php

Our initial tasks typically include analyzing the shareholder base and developing voting projections based on our knowledge of the institutions' and other constituents' past and anticipated future voting practices for each proposal. From there, we develop a solicitation timetable and a communications strategy based on the issues involved and launch a comprehensive campaign.

Can someone send them a link to ihub...

I was sent an email after sunrise blowup april 2106. A major shareholder conversation with ES. In a nutshell the BOD followed Rob's advice and did not want BP looking over his shoulder... The BOD followed RG...

That's what you get when you have a three person BOD with no biotech expertise to make better decisions...

RG was basically demoted at DNA when Roche took over.... chip on his shoulder and big game hunter... no lose situation for RG... don't get me wrong... a valuable asset... but more heads with ample biotech experience is what was needed for strategic decisions and we paid about $1.5 mil a year for such expertise... follow rob... whatever rob says cause we don't know jack about biotech...

and you could barely find any association w/ pphm on rob's other websites etc...

Perhaps an experienced BOD would have put more balls in play with a partner...

If it worked RG would be the hero.... but it didn't .... yet.... thank ronin for getting things going in the hopefully right diresction..

weighted avg option price on over 4 mil shares is $8.72. If I was getting my walking papers, that's the number to think about...

all imo

The new bod member lives in England…. Get upfront cash and announce expansion in europe with avid biz as part of deal…. AZN or any BP would love to have access to what avid can do on a contract basis…. Lock up production capability? No brainer…. Mgmt. got caught sleeping and feathering their own nests. Hopefully the three crooks are on their way out.

The other thought I had is this whole dance is being orchestrated so someone (like BP) picks up a $ hitload of cheap shares while this drama plays out.

these guys are stalling for time like they need info to come in that could change the whole picture.... or they are also doing deal which jives with waiting on info... mackenzie was just hired... they will be soliciting support from shareholders so that will take time. and right now what has mackenzie have to work with to get your vote? that the bod agreed to limit their pay to $400k per year? so they will need something for them to sell and two new BOD members won't work.... so what will it be?

i think this scenario could happen... mgmt calls meeting with 10 day notice (min required by DE law) knowing ronin objects in court.... the court battle will stall them and then they settle with 30 day or 40 day notice which gives mgmt more time...

agree.... clowns not to be trusted at all including King....imo

team ronin all the way.... the sleazebags have to go. eom

From the pr... looks like they are preparing for a fight... they will spend more money to entrench themselves...

from Mackenzie partners..

Proxy Contests

Among the various ways to effect a change in corporate control in the U.S., proxy contests provide solicitors with their greatest and most complex challenges. Unlike an unsolicited tender offer, which is evaluated largely on financial terms - the size and structure of the bid - proxy contests are decided by the quality of communications to shareholders, by how well we devise and disseminate arguments for changing or defending against a change in control.

Would love to see the arguments....

You really need to keep the sleazebags.... they add so much value...

Team ronin just bought 110k shares.. will dp double up and buy 41 shares?

and note the wording in article referenced...

the Court ordered a meeting within 60 days and ordered that the record date be prior to a meeting of stockholders previously scheduled to approve a business combination so as to avoid the incumbent directors having an advantage in an annual meeting.

latest stafford 13d

Farley joins the club with a buy... Stafford and Swim holdings stay the same...

As of October 16, 2017, Roger Farley directly beneficially owns 110,763 shares of Common Stock, including 1,190 shares of Common Stock that may be
acquired upon the conversion of 1,000 shares of Series E Convertible Preferred Stock, representing less than 1% of the outstanding shares of Common Stock.

the endless dilution for pennies on the dollar amounted to selling out for breadcrumbs... sorry already happened... all the while a cash strapped biotech was paying outrageous bod fees.... busted...

yes ... limiting themselves to $400k when peer companies bod pay is $160k...

i spoke with the attorney on the ds suit... imo they were looking out for an easy payday... the corruption was so rampant, pphm folded once the ruse was up... same with the adding BOD member when bavi approved... it was a worthless clause but they got the settlement and payday...

so i would not look at the DS settlement as a model for good corporate governance... and pphm has to hire a babysitter to watch the BOD if i can recall...

read laster's comments... not very flattering...

yes ... the sleaze factor impacts value...

the Court of Chancery may summarily order a meeting to be held upon the application of any stockholder or director.

http://delcode.delaware.gov/title8/c001/sc07/

i think it's safe to say most institutional investors avoid sleaze... the ronin letter pretty much called them out...

After Nov 13 (13 months from last ASM) a shareholder could petition DE CC to set a meeting.... at that time mgmt loses control of the situation imo given shareholder that calls meeting proably controls agenda...

The real issue is why the delay and does it help or harm shareholders?

There is a 10 day minimum notice period and 60 day maximum.

a BOD must certify they are independent... how could cj and es certify they are independent when cj is employed at es firm? would they not recuse themselves?

the only thing blocking any value reconciliation is the continued involvement of the three current BOD members.... once they are removed, the ip value will be reflected in the SP.... all imo

I want to say the sunrise trial cost over $100 mil. The R&D spend thru 2006 has been close to $300 mil. I would argue the money has not been well spent with some major strategic blunders committed. If sunrise was a success mgmt would have been heroes. But it didn't work out that way.

So the value of the IP is what someone will pay for it after determining the costs to further develop and the revenue potential if and when approved. And mgmt does not have the resources to develop. Mix that up with the plethora of other possibilities of all the various compounds being studied. And time is moving at warp speed in the lab and geologic time in the trials. New combos and MOA's are being discovered before trials can even enroll the first patient. Thus the 64 dollar question.

gid rid of the bod and that follows...eom

That is the other problem with the BOD. If you read Ronin's letter outlining their behavior, why would anyone have any faith in the IP with these guys associated with it? All the more reason they have to go. One would expect at least a response to the Ronin call out. We are not sleazebags because....???? All imo...

I believe there might be a pony with the IP... a small poney but too much poop surrounding the potential pony. Shovel out the poop and we may have something.

That could be why these guys are so entrenched... Roswell closed shop a while back. Given the track record Ronin exposed, one has to wonder why? I doubt the BOD wants anyone looking into dusty closets. All imo.

"Liked again"....

I don't think people truly understand the damage the current BOD and leadership have done to the company on a consistent basis for many years. This was no accident. Mgmt has gone out of their way to make the company institutional unfriendly in order to avoid institutional level oversight.

Why one might ask why would they do this?

How could they have gotten away with the malfeasance with respect to pay and option granting if they had true independent oversight from ethical individuals? Most likely would never have happened.

The missed russell's on a consistent basis with either easy solutions available (such as stock split when MC was above russell min) or incredibly stupid decisions (like selling $300k of shares on rebalance day and miss by a frog hair) chased out a good base of institutional russell based investors when forced to sell due to russell deletion. No way these moves were accidental. And if they happened like they did, heads should have rolled. That is just one chapter of many.

The current BOD needs to go. They offer nothing but negative feng shui and a warning to institutional investors to stay away. If there are additional candidates to select from, that remains to been seen and I remain open to evaluating them.

But in no event should ES, CJ or DP have anything to do with the mgmt/direction of the company.

BP probably has twenty mba types crunching numbers with real time deal comps and market research info....

vs Sk CJ and Worsley.... sorry PPHM does not have the capability

all deal structures and values are probably looked at on an NPV basis including upfront payments, milestones and contingent rights and cost to develop, approve and market the molecule and reflect the following:

demand for molecule among competition.... the value is directly correlated to the number of BP's in competition

obvious market size etc (combo pricing?)

motivations of both parties in the risk/reward curve as it relates to funding.... more up front equals less back end...

negotiating strength of both sides.... cash poor biotech has less power..

motivations of parties... for pphm we have a unique set of motivations with the proxy battle.... will mgmt represent shareholders or try to remain entrenched without oversight or skill sets needed at this juncture? and current mgmt could sell out cheap if they know they are on the outs and risk clawbacks...

and the skill sets of the negotiators... PPHM is outgunned vs BP...

so deals are all over the place....

my est is bavi is a mix of preclinical success with phase 3 safety data (which means nothing w/o data with intended combo) with possible signs of efficacy yet competing with who knows what? and will require a lot of capital relative to PPHM's current capital structure and that would be too dilutive for pphm at this juncture...

so is the delay in the asm related to the following:

scrambling for BOD candidates that have to step into a cat fight and they have to join a team of certified skunks.... this will require expensive go away parachutes (like the last one)... but hey, it's not their money so what the heck...

a BP deal..

scrambling for data like exosome verification

or throwing a road block and making it difficult for ronin...

or all of the above?

remember quite a few folks did not get the DS docs. Schwab had no record of the filings and they were looking into it.

so which is it?

and whatever happens in any direction, the class action attorneys will probably be out in force.... that's what they deserve for having such an unqualified self serving BOD with zero biotech experience...

curses are like chickens; they always come home to roost.... so hopefully the hen house becomes a horror house...

Where did Ronin say the IP was worthless? I spoke with the Ronin folks a couple of times. They want to monetize the IP by getting it into capable hands and not sell shares for pennies on the dollar to further attempt to develop bavi. In the meantime the time to expand Avid is now and that takes capital. Current mgmt has no clue what they are doing. Also note current mgmt are copying ronin's plans. And even if mgmt tried to develop bavi, would anyone trust or believe them? No institutions will come near the current BOD with their history of corporate pillaging and ZERO biotech experience. The only way forward is for the current BOD to leave and the sooner the better.

And the Tappan folks basically said the same things regarding the current BOD.

you posted earlier..

We are now at the latest in the year without a proxy of any kind. It is beginning to look more like a 10-day-before-the-ASM release where Team Ronin will have a tougher time organizing their opposition. If it isn't that, there must be something else up delaying the proxy release.

We know the current bod's MO...

Protect the gravy train at all cost... dilution does not matter to them ...

I'll go with team Ronin...

Yea it's in the same building as Dios and Stason.... 10025 Illusion Blvd

You know you have a bad BOD when the next value inflection point is when they are removed.

ronin stated in the letter that the CA agreement prevented him from doing the necessary steps to remove mgmt....

BODectomy is worth $300 plus mil addition to MC imo

Think of it like getting warts removed from your rear end...

good articles...

http://www.fiercebiotech.com/research/averting-toxic-side-effects-from-car-t-cancer-treatments

and what AF was referring to INFI...

note INFI is a MSK collab and works on changing M1 to M2 etc...

https://finance.yahoo.com/quote/INFI/?p=INFI

the I-O game is moving at warp speed... get the IP in competent hands and get Avid going ASAP...

I think mgmt owes shareholders a reason for the delay in the ASM ... but as the DS attorney pointed out... we are dealing with bad actors...

"Just make a case why now is not the time to throw the parasite out."

Why would anybody trust anything they say? Have you ever dealt with pathological liars? How many times did SK wave the partner flag?

I spoke with tappan folks a while back.... intro by way of mutual connections...

very smart folks... they do their homework... value est you mention is low... that is for avid only... value on IP is ? at the time I spoke with them...

they were waiting to see what ronin was going to do (not connected)... when ronin sent out the BOD is bad news letter, tappan increased position to >5% level...

so one can speculate that tappan wants the current BOD gone...

my guess is the market is waiting for the three clowns to either put up or get out of dodge (or be forced out of dodge).... tic toc

is soon slightly slower than imminent? and are we on geologic time?