under the right circumstances the market (aka greed and fear) make a pretty good weighing machine when the ball is actually put in play. i believe the circumstances are becoming ripe for the various scales to come forth...

I am not worried about them figuring out the best NPV based on the criteria they set forth which I believe will be min or no cash outlay and preference for front loading value relative to risk so as to jump start avid. One way or another they will ferret out value.

keep in mind the decision parameters for the current BOD has been how long can we keep this compensation game going without oversight? What does DP make if his 286 shares goes up 5,000% but he loses this gig? Net loser. Thus the R/S and the relative increase in shares. PTSC trades for one point one cents and CJ still per latest report I read was taking a nice chunk of cash out. From a PPHM parasite host perspective, they have a long way to milk this cow unless they are shown the door.

The good news is Ronin sees value in AVID and the IP value is gravy. Maybe once the shareholders get to ride the gravy train. My bet there is some gravy but more earthly vs astronomical.

Per discussion with Tappan, they have the same view regarding IP. And they would love gravy as well.

Yes I would say they are IP agnostic with the intent of putting the IP under the review of qualified professionals from a wide spectrum such as MSK, UTSW, Duke contacts as well as VC's or IB professionals and BP... if SK was in so many talks, he should have access to some folks at BP as to what is the next step, if any. So they should be able to get to the skinny on the value of the IP under the proposed terms... no cash outlay from pphm and preferably upfront loaded upside...

They should be able to gauge whether there is a competitive environment in BP land and how best to exploit it or play the cards. Go to one first and negotiate? Interesting times. When institutions can see a clear path forward that includes the removal of the current bod, the stars will come out. Until then, cloudy skies.

"How wonderful would a list of form 4's from the current board be to push the "push" up another level.."

Like a news flash... DP doubles his stake in PPHM... buys another 286 shares..

Is it like "BS targeting"?

GJH... from a business perspective, I think it's good to shake things up... hopefully ronin can do that. Your thoughts on this?

Stephen White. Contact person on shareholder letter. Talked over the phone. Don't know about his "gaze".

i talked to ronin .... satisfied with response.... current bod needs to go asap... if company can add to improve bod, that could work depending on candidate qualifications..... but the current bod needs to go....

i have always suspected the es crowd somehow making money on side bets throughout their tenure at pphm including the sept 12 nightmare... rosewell capital and es' many offshore partnerships and acquaintances (from what intel i can gather http://www.secinfo.com/$/SEC/Name.asp?S=eric+s.+swartz&List=S )... the shorts seemed to be always in the know... and having a three person incestuous bod provides a great vehicle for such endeavors....

the csm settlement and sweep it under the rug response when they should have been screaming from the rooftops was suspect as well.... the sooner these guys are out of the picture, the better... all imo

he appears to be more like a consultant that has seen many situations. having been in the consulting side at one part of my career, the more situations and projects one works on, the better...

and that one candidate alone has twenty times the experience of all three current BOD members combined.... unless you can show otherwise that statement is a fact...

I asked Mr. White a question regarding the DE laws. I don't think they are worried and my guess is mgmt is stepping in some grey areas with respect to entrenching themselves. At this juncture they do not have any supporters in Chancery Court. The ES crew has been successful in blocking small individual investors. They are faced with a much stronger opponent with more resources than even they can muster (on our dime unfortunately).

And the more mgmt fights ronin without offering a better alternative, the more shareholders will rise up and fight. Bottom line is the BOD needs to go. Hopefully they can read the writing on the wall.

Once the BOD is in place, the BOD must certify that they meet the "independent" nasdaq criteria. I communicated with the DS attorneys with respect to the language . The new BOD (and if the ES,CJ and DP crowd are part of it) can ask either CJ or ES to step down or recuse themselves due to relationship issue. There could be a fight but the pressure will be there. And I would be surprised if DP wants to remain in this fight.

IMO the primary focus should be on getting the current BOD extracted from the company. If the company expands the BOD with qualified candidates that want to be on the BOD for the right reasons, we all win including ronin.

What the current BOD brings to the party:

No experience, no contacts, no credibility and a reputation for dishonesty and self dealing. The DS settlement provides documentation to that statement. The transcripts will be interesting given the DS attorney told me VC Laster was very critical of the BOD. ISS offers another validation as to the quality of the BOD. And remember we are paying 60% more than the biggest names in biotech for that "quality".

If other folks are added that bring IP experience in developing and partnering biologics, that would be helpful. Once an experienced BOD is in charge, the right folks can be put in place. PL needs to go as well as MZ. SK could possibly be a liason between BP and the company. I've seen this model used in real estate where a point person on the money/equity side monitored the developments of a developer partner.

The right capital spending plan can be put in place which IMO will require a partner running the IP side. Once the team is in place and the plan put forth in transparent and accountable terms, capital will jump in which will help in avoiding or minimizing further dilution.

The bottom line is the current ES, CJ and DP crew needs to go. Once the cancer is removed from the company, the patient will start to heal.

"Put PPHM proprietary tech on the back burner?" It's been on the back burner for years. Ronin will put the IP in capable hands much sooner than the IST slowplay milk the shareholder plan.

just buy more shares than ronin... problem solved

right now the choice is three professionals vs three professional clowns...

tough choice.... wonder why the DS settlement was not PR'd? It is the only accomplishment the BOD has achieved... will they give themselves options for the milestone? .... now they have to hire a babysitter to monitor the BOD.... quick question... if you were being asked to join a board, would you want to know about the recent breach of fiduciary duty settlement and also this Ronin dude outside the palace gates and that nasty shareholder letter pointing out some pretty questionable behavior. So you want me to risk 30 years of my reputation for you guys? Don't think so. How much? I'll think about it?

as opposed to DP slopping penny stock sound systems?

the funny thing is is that this can only happen with a bod like pphm... a 7 person experienced bod would say no... we can't do this... the collective conscience of the bod seems to lack a moral compass..

yes ... personal meetings, eye contact, nice small chat, personal touches ... these are important particularly in the digital world... but keep in mind there are con's, seducers, good ole boy's out there in this world... some even work the religious angle and prey on the flock... the point being, keep your eyes open and your hand on your wallet (a little late maybe) and watch what a man does, not what he says... no buy and astronomical? doesn't add up...

In other words, do they have a good "gaze"? That's important to some folks.

Amen. This graphic screams out:

http://ir.peregrineinc.com/committees.cfm

No oversight, no accountability, incestuous...

here are 42 synonyms from a rhyme website for the word "incestuous"... how many apply? what would be a better description? i might be a little harsh but stacks up well with many of the 42 synonyms. Necrophiliac might apply given someone is still pulling out cash out of PTSC. All IMO.

http://www.rhymezone.com/r/rhyme.cgi?Word=incestuous&typeofrhyme=syn&org1=syl&org2=l&org3=y

1. corinthian

2. adulterous

3. sordid

4. perverse

5. unholy

6. dysfunctional

7. unsavory

8. unseemly

9. sleazy

10. homoerotic

11. unnatural

12. extramarital

13. necrophiliac

14. scandalous

15. inbred

16. exploitative

17. codependent

18. venal

19. rivalrous

20. oedipal

21. amoral

22. cliquish

23. icky

24. grotesque

25. homosocial

26. parasitical

27. orgiastic

28. nepotistic

29. peculiar

30. depraved

31. ingrown

32. conspiratorial

33. familial

34. Loveless

35. sexless

36. odious

37. loathsome

38. infantile

39. dislikable

40. overdetermined

41. creepy

42. clannish

Don't know and it doesn't matter. Ronin's stash vs a BOD micro stash that has been there forever and has taken the pay they have without investing anything back? Tough choice. Give these Ronin guys a chance. They night be good "gazers" as well.

If the IP is so "astronomical", why does DP own 286 shares while taking $500k per year for the last five years?

The best path forward in improving the value of the company IMO:

1. First and foremost and of utmost importance. Remove the lamprey, leach and parasite aka Larry, Moe and Curly. Institutions will jump back in when that task is done. The negative equity crowd needs to go.

2. Get unbiased view on IP and best way to monetize it. Keep in mind this is a two way street in that resources will be required to move the ball forward. BP could be spending $50 to $100 mil or more w/ development costs. Both monetary and highly skilled personnel will be needed in which those skillsets (I-O) are in high demand and demand much competition for attention. How many shots on goal and game plan from BP (if interested)? Unfortunately it will not be just a dollar number. And the "risk" allocation and structure. This will take time but now is the time with I-O 2.0 in full swing (I-0 3.0 is around the corner) and this I-O train is here for good. The "sure" bets have been disappointing (mystic, BMY flops, etc.) so astronomical just ain't what it used to be.

I would rather have a Wharton MBA with biotech experience and his talented team sorting this out vs an eighty year old slopping sound systems and his Breach of Fiduciary teammates. I know the current BOD has sacrificed by so graciously reducing their annual comp to just $400k and they promise to get help on the BOD after Bavi is approved. And they will be busy searching for a babysitter (per the DS settlement) to watch over themselves.

Even if PPHM moved forward on their own, would anybody trust what they put forth? Don't think so. The taint from the BOD is overwhelming.

3. Restructure to fit game plan and install competent CEO/President. SK may have a role as IP transition coordinator provided he has not alienated his new masters and anyone across the neg table from BP. My guess is the back channels are buzzing and test flags are waving. PL and MZ hopefully have their resumes updated with the Breach Of Fiduciary Duty moniker "BFD" (add some flavor guys like "Certified BFD").

4. Increase the avid marketing team and geographically diversify Asap.

I think the MC jumps to $600mil to $800mil when completion of just these steps (or even assurance the plan is in play w/ competent mgmt) . All IMO.

easy.. dong a deal would require oversight an accountability which would require the gravy train to end. ronin will change things.

Sketchy? Don't think so. One of the partners is Stanford MBA and healthcare IB experience. Sees company mismanaged by BOD. Special situation... replace the BOD and see value improve. They established initial position and jumped in big time after ronin letter. Others will follow. And they do their homework. IP needs to be in better hands to unlock value. If pphm mgmt was so big on bavi, why did they take so much cash vs options. That is the sketchy part.

“When you lie to people knowingly and intentionally to get their money, it’s a crime,” federal prosecutor Jacquelyn Kasulis told jurors in closing arguments last Friday.

http://www.huffingtonpost.com/entry/martin-shkreli-securities-fraud-trial_us_597f80cae4b00bb8ff3899cb?ncid=inblnkushpmg00000009

Wonder if pharma bro needs some company in the big house.

Yes thank you. confirmed what he said to me mid july. i believe he said methodical approach... a game plan implemented by professionals with experience in biotechnology ... that sounds so foreign to me... what a concept..

yes and the actual people stroking a check determining value... as long as it's a competitive situation we will get best value.... if there is no competitive situation, we will be lucky to get value... and if there is no competition at this juncture in the I-O race, we had an over opinion of value.. all imo

But the BOD needs to go for several reasons. Even if they agreed to take a dollar a year in compensation (total w/ no options), they would still be a drag on the company. The reputation as corporate ruiners (not raiders) is rock solid. The reputation for self dealers is pretty well established. The amazing lack of any experience in biotech or biomanufacturing is perplexing as to how they can even think that way. And equally important is their stellar reputation is probably keeping good candidates away. If someone asked you to join a board with Ken Lay, Jeff Skilling, Bernie Madoff and John Wayne Gacy (ok prob extreme but he did dress up as a clown thus the connection), would you join?

Still waiting on the Laster DS hearing transcripts.

All IMO

"Considering the lack of pps support, among other matters, what is Ronin delivering besides their announced interests in putting PPHM proprietary tech on the storage shelf?"

Current mgmt has already put it on the shelf via slow play IST and viral? Where is viral now? On the shelf because of lack of resources. Ronin wants it off the shelf and into capable hands and actually make money off it. Current mgmt has made their money off shareholder pockets and put none of it back into the company despite astronomical possibilities.

yes... i believe in the long run we have efficient markets... with a value added mindset... my guess is that the folks at the table are assessing the various skill sets and potential contributions with respect to future endeavors and the folks with the power in the decision process are asking one important question to the potential participants... what do you bring to the party? 286 shares and zero biotech exp plus a $400k per year expense? (the current bod agreed to reduce their annual pillage charge to $400k)

"And how does that effect us in PPHM? Does either current BOD or Ronin-nominated board intend to retain Wolchok? Who would Wolchok rather work with?"

Difficult question.... a world class institution may have to choose between industry professionals with stellar resumes in their respective fields or some folks with zero biotech experience and a five page rap sheet on running companies into the ground....

"Come again? Why would PPHM suddenly write about a NEW and COMPLETELY READY platform in the 10-K and not mention it with a single word in more accessible information."

Simple answer.... they need to dangle another carrot to BS the investors one more time. Same with buzzwords like "profitable" without any substantive backup to evaluate such carrotic claims(new word TM ... erotic as in seduce investors only with a carrot). Things are getting kinky in Tustin. Creepy clowns at the ASM?

Clowns have been spotted lurking in woods from South Carolina to upstate New York.

http://www.rollingstone.com/culture/news/killer-clowns-inside-the-terrifying-hoax-sweeping-america-w442649

i don't think they are enamored by SK... he is prob out the door or an asset to go w IP if the acquirer deems him an asset...

xencor did deal w/ novartis so JS3 has some good contacts w/ novartis.. msk happy with bavi and car-t and novartis big player in car-t ... so between novartis and msk's wolchok, there should be something to work with partner wise or the IP isn't what we hoped it would be and we can't go alone it again on shareholder's backs....

my guess is there was a deal to be made and didn't get made (if bavi has IP value) or a deal is to be made but novartis would rather deal with ronin than the 3 stooges and demands like keeping U.S. rights... and was AZN on the sidelines waiting on mystic before making a decision and now has to retrench?

ronin owns a prop trading firm and sufficient shares to control the price like a yo yo. he will not be doing mgmt any favors w/ share price and prob has enough intel to know he can win... so why push IP now and support SK? i would wait until my guys were in place with option base set and give them the juicy rewards the mgmt team has been saving up for themselves...

if pphm expands the bod, the bod would still have to affirm that it meets "independent" criteria and ronin's boys will demand either CJ or ES recuse themselves or step down. and does eighty year old DP want a legal battle and showcase to the world how corrupt the bod has been? ....

i predict that soon after one sees checkmate, the surrender conditions are negotiated... a $1.5 mil bar tab needs to be paid out of pocket because the sugar daddy probably ain't showing up ......

interesting times ahead and looks like some desperation in tustin..

Order and Final Judgement

EFiled: Jul 27 2017 12:07PM EDT
Transaction ID 60905050
Case No. 8994-VCL

DS settlement... if i am reading settlement docs right, mgmt has to come up with $1.5 mil within ten days of final judgement which I believe Laster signed the final order July 27, 2017.

(a) Monetary Consideration. The Individual Defendants shall pay or cause to be paid $1,500,000 to the Company within ten (10) business days of entry of the Order and Final Judgment, provided the Company has provided timely wire transfer information and instructions.

Now the "cause to be paid"... would they need to disclose the "cause" if someone stepped up to pay it? And a potential conflict of interest in any BP negotiation? Talk about an incentive for selling the IP on the cheap?

The settlement seems like a material event. Will they PR it?

yes those are very smart people... my guess is they are smart enough to know the IP needs to get as far away as the sleazebags as soon as possible... even some UTSW folks finally know what's going on.. all imo

In mid june there was no rush to increase BOD size... after FDA approval? ... big joke there... and restrain their pay to a measly $400k per year? ... yes folks... the plan all along was to extend the gravy train and institutions don't like gravy trains... thus the russell boot in feb 16 and the miss in june 17...

Email in mid june to me

and Laster got to see this type of disingenuous behavior via my submittal so i hope I had an impact on his opinion...


*******,

Peregrine’s Phase III Sunrise trial was discontinued. We have no data package to submit to the FDA. In order to file an NDA with the FDA we’d have to conduct multiple successful trials.

Stephanie
-----------------------------------------------------------------------


Stephanie C. Diaz
President & CEO
415-675-7401 [Office]
650-464-6040 [Cell]
sdiaz@vidasp.com
www.vidasp.com

From:*******
Date: ***************
To: "Stephanie C. Diaz" <sdiaz@vidasp.com>
Subject: RE: PPHM

Stephanie,

Here are some questions regarding the Stipulation order (from page 8):


(i) Increase of the Board size. Contingent upon, and within three (3) months of, the Food and Drug Administration’s approval of Company’s product “bavituximab” for marketing in the United States, the Board shall increase the number of the Board members from four to five, and appoint an appropriate and suitable independent candidate to serve as that fifth member.

What is the estimated timeline for FDA approval?

Has PPHM submitted an application?

Will a new clinical trial be required before any approval?

If so, has the trial started and what is the estimated timeline?

Thanks

*******

i expect the price to be controlled while accumulation continues with ronin allies... i don't see the institutional money jumping into the es camp...

and i think the games mgmt are playing are just hurdles where mgmt tries to increase the "ride of into the sunset" price.... mgmt has a $1.5 mil ticket to pay and sugar daddy may not show up... my guess is they were hoping for AZN's mystic to work...

and the more roadblocks mgmt throws at ronin, the more shareholders will be po'd and mgmt prob needs shareholdler support...

keep in mind the proxy fights were with prob good corp bod's to begin with as compared to probably the worst bod to ever exist... imo... if anyone can find a worse bod, please illuminate us... and yes... convicted felons are fair game...

https://corpgov.law.harvard.edu/2017/03/22/the-rise-of-settled-proxy-fights/

the steps to fend off an activist... check out steps 1 thru 4

http://www.ftiactivism.com/wp-content/uploads/2016/11/FTI_Shareholder_Activism_Preparedness2.pdf

https://corpgov.law.harvard.edu/2017/02/16/proxy-fights-dont-underestimate-the-risk/

I would wait for the DS hearing transcripts and incorporate Laster's negative comments and also highlight what the company admitted... while not admitting... and pay $1.5 Mil. Love to see the fight over who pays what when in reality it should be the 3 clowns. Will the sugar daddy show up? And if we can boot them before options grant, ronin's boys will get the options and credit for the rev shift into this qtr. Charlie Brown's revenge

Today's pr was an admission that they have no clue in running the company... qualified independent... that what the board was supposed to be... and now they need to find a babysitter for them at company expense to watch over them?

Will be interesting to see how many players jump on ronin's ship... pretty well connected in capital markets and biotech... how many folks can ES, DP and CJ drum up?

and any person the takers try to bring on will probably be met with a legal challenge.... i don't think any qualified person would want to sign up for this poopshow... get the popcorn out..