Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
any proxy battle will be fought in DE chancery court. the attorney told me Vice Chancellor Laster was very critical of the BOD at the DS hearing. I don't think the court will be supportive of any BS games...
keep in mind the bod has to affirm its independence per nasdaq requirements. the new bod should ask CJ and ES to recuse themselves which should have been done years ago. that should throw a monkey wrench into their plans. and what is DP thinking? an eighty year old puppet? does he really want to be in this fight?
and this pr tells me there is no bp deal to save them... any interested bp is on the sidelines waiting for ronin...
the DS hearing transcripts should provide some fodder for ronin to use...
I think the PR just confirmed SK and crew are out the door if Ronin wins. There will be no compromise. Also the DS settlement requires the defendants to pay $1.5 mil within ten days. My guess is they were planning on a sugar daddy to write the check. Doubt that is going to happen. And the added bonus is they get to add "Breach of Fiduciary Duty" to their resumes.
or is this a negotiating ploy to get some type of parachute from ronin? hopefully ronin says claw backs are still part of our plan..
and the pr demonstrates ronin is five steps ahead of the current clown show..
good luck finding folks within two weeks... and would anyone want to join BOD with current clowns knowing the ronin team picks? desperate men do desperate things..
"We look forward to adding new directors with valuable CDMO and biologics industry experience and skills to the Board, broadening our overall expertise and complementing the capabilities and experience of our current directors," said Carlton Johnson, Chairman of Peregrine's Board of Directors. "The Board and management will benefit from the additional perspectives provided by new directors who share our commitment to maximizing stockholder value."
will they pr the DS settlement? will they award themselves options and bonuses for such a milestone?
whatever deal he does will not include the demand that the three lampreys stay attached... imo the current BOD commands a negative $500 mil or more in equity.. if the current BOD announced they were stepping down, what do you think would happen to SP? up or down?
and ronin wants as much value as we do if not more .... he gains from sp appreciation much more than pohl's whopping 286 shares...
and if are a respected biotech player, would you want to join the current board that has the breach of fiduciary duty stamp of disapproval?
Amen... and if there is value with the IP (which I believe there is some) Ronin will get it on a "risk adjusted basis" ie... BP pays for the cost to develop it. If the MSK excitement is real (and I verified that the excitement is real from someone in the trenches) there will be interest from BP cause last time I checked, BP as a group are still greedy snakes.
And I don't see BP coming to rescue the current BOD. Why not wait for Ronin to take the helm?
And why would Ronin "push" the IP value right now? Put his guys in place and put the incentives in place and then we take off.
From Ronin's letter:
"While change is desperately needed at Peregrine, the incumbents appear committed to a pattern of entrenchment. In fact, we are concerned that the Company may have deliberately taken action to frustrate our nomination of director candidates, including by closing its transfer books for an extended period of time."
http://www.prnewswire.com/news-releases/ronin-trading-and-sw-investment-management-issue-letter-to-stockholders-of-peregrine-pharmaceuticals-300487810.html
Yes, some capital allocation issues to resolve... the slow play IST approach may let one keep more of the rewards if a trial is successful but the I-O space is moving at light speed. So is it better to have a large player with many shots on goal and with the credibility and access to patients better than a slow poke approach where no one will believe any results due to the reputation of the company? Right now SK and crew need to update their resumes to include "breach of fiduciary duty".
As for Ronin not playing up the IP at this juncture? Perhaps he thinks his guys are in and once they're in, start the value creation play at that time. Why do anything to help the current BOD?
As for a rescue from BP, my guess is BP knows what is going on and Ronin has ten times the contacts the current bod has. If you are BP, just wait for the changing of the guard and deal with someone that does more than just talk.
BTW... VC Laster is a Princeton man... waiting to see the transcripts and his comments on the current bod.
I wonder if the proxy cards will have difficulty reaching shareholders. Several shareholders did not get the DS settlement docs. And PPHM was responsible for getting those out.
agree... ronin says PPHM has no biz running trials...
no credibility, no resources...
and with the cloud no longer just a cloud but cast in stone "breach of fiduciary duty" now stamped on the BOD foreheads, anything associated with the scumbags is not to be trusted. it's best to put the IP in better hands.
so even if pphm spent $20 mil on trials, the data would not be trusted..
sad but true.. all imo
It was solicited via the instructions in the stipulation order. The process was followed via discussions w/ chancery court. And it cost $2 per page for scanning fee. And I was way ahead of the game when I was provided docs in mid june. The process imo was intended to be thwarted by mgmt with the notices getting to shareholders late (or not at all for many) which left maybe two days to respond to objections?
usually one and at most two employee directors... ie ceo type... all others are outside directors or non-employee directors...
i did an analysis and submitted to chancery court. hopefully it was helpful to VC Laster
excerpts of submittal
I would argue that an FDA approval for bavi could be years away (or never as many drugs fail) and as such, additional BOD members could be years away with the proposed settlement. Exhibit 1 is an email dated June 16, 2017 from Stephanie Diaz, Investor Relations for Peregrine, commenting on the current status of bavi as it relates to potential FDA approval.
I believe the company is lacking in the number of directors and the collective amount of experience in the biotechnology industry as compared to similar companies. In addition the “closeness” of the current director relationships and previous overlapping director experience provides poor optics for potential institutional investors and presents potential oversight issues. And the skillsets, contacts and experience that a well-diversified and experienced BOD could provide are needed now and not after the proverbial cow has left the barn (or died of obsolescence) .
Table One provides an analysis of 40 US based biotech companies. Based on an analysis of the companies listed whose market caps range from $173 mil to $323 mil, the average number of board members was 7.4 with a standard deviation of 1.5. The number of PPHM BOD members is over two standard deviations from the average or stated differently, over ninety eight percent (98%) of the companies in Table One have more BOD members.
As for relevant biotech or medical experience, Table Two provides a summary for the same forty biotech companies. The columns show the number the number of directors with relevant biotechnology experience/affiliation, medical education/advanced education (PhD or MD), an active biotech venture capital or consulting position, and University or Hospital Affiliation. Please keep in mind a particular director could have experience in multiple categories.
For the vast majority of companies, the BOD make-up was a balance of biotech industry experience whether it be other biotech/pharmaceutical companies, medical experience or biotech venture capital experience. In my analysis I did not count investment banking experience unless it was specifically relevant to the healthcare or biotechnology area. I believe Peregrine Pharmaceuticals BOD is sorely lacking in biotechnology experience as compared to the 40 company peer group. And I think it is safe to say that comparisons with a basket of forty different biotech companies would yield the same result.
Given the complexity and fluidity of the biotech industry, basic common sense tells me that the more tentacles and antennas out there, the better chance of success in an industry littered with failures. More directors with experience means more partnership deals negotiated, more institutional capital interactions, more drug development experience and more real time market intelligence. Having a broader based experienced BOD would probably result better decision making capability and a higher confidence level in senior management. Also, the broader experience is needed now, not a year or two down the road.
any attempts to block ronin will end up in chancery court where the VC Laster just reamed the current BOD... good luck with attempting to block ronin..
i was told the vice chancellor at the DS settlemnt hearing was very critical of the non-employee directors. awaiting court transcripts..
if the crew puts up a fight i would expect more shareholder suits...
and now that the BOD has breach of fiduciary duty admission to add to their resumes, maybe we can go after CJ's law license... we need to run these guys out of town... all imo
the pied piper will probably be pilfered eom
i was not there. after talking w/ ronin team i will let card play out. i wanted a BOD member sooner than fda but if ronin team wins, problem solved.
and i did not want to put myself within "gazing" range and be in the same room as the vampire parasites...
hopefully they eat the parasites and lampreys.eom
monetizing the ip could take some time per discussion with one of the principals, and they will be very methodical about it...
any parties that were kicking the tires and checking under the hood will now have the added incentive that there will be a active deal maker at the table..
i think you have the wrong stafford..
https://www.bloomberg.com/research/stocks/private/person.asp?personId=1461638&privcapId=3811943
Stafford jr was a legendary trader on cboe... made money in biotech...
word i got was family is close to bil net worth
ronin cap is prop trading w their own money... big operation...
agree... bp would much rather do a deal with a proven dealmaker that is not married to the IP... and would prefer a higher upfront to finance his main interest... and if the sk crowd cries that ronin is giving the tech away... the last three years have been just that via dilution...
One question.... how many times did SK mention partner, partnering etc...
in other words "paint a rainbow" while at the same time, along with the BOD, were taking far excessive cash out of a cash starved company?
He waved that flag often and I don't think they were even close or had any intention of partnering... basically being dishonest to shareholders..
SK has a short window to make make what he can of his "almost" feathered nest...
i've been watching "Wild Alaska" on PBS. We may have a scene where the wolf works his tail off to bring down an Elk. After not even a bite, the grizzly just walks up and takes it.
Coulda partnered some time ago but some folks got greedy. The grizzly picked up the scent and is closing in...
everything in the settlement docs approved..
from order:
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.
FYI DS suit settled. Judge critical of non-employee directors. Attorney's get $500k.... plantiffs $5k...
and yes i have talked to SK...
i think he would be a very good program mgr and hopefully he will add value in the IP transition... he's been in talks so long he should know the players...
Sk would be a good mid level program mgr.... CEO... no way... PL.... CFO?... more like payroll or A/R
..
Agree... JSIII took $40k in fees while on Xencor BOD. My guess is CP is CJ or proxy for CJ.
My guess is SP was tubed in Feb 16 which resulted in company booted from russell to get it out of institutional hands. Mgmt did absolutely nothing to support SP during that time period and did absolutely nothing to get back into russell in june. The nasdaq ext was a ruse to avoid R/S before russell in order to keep it out of the russell. Option grant time was usually around May of each year. Same with the rev miss... That decision was made before year end april 30. IMO the dance was choreographed to get cheap options and give someone cheap shares. But Ronin spoiled the party.
Imo AZN is not gonna be the white knight because of Mystic results and if one is to sell a drug that works as a combo, you want to partner with someone that actually sells the other more important component (Mrk BMS or Roche). And if you a a BP, you now are fully aware of Ronin. So you wait until the BOD changes and deal with professionals.
In the meantime the mgmt team agrees to pay the $1.5 mil from the DS settlement without the sugar daddy showing up to pay for it. Mgmt get booted and the share price takes off with Avid and the IP sale. And clawback time is coming.
For once Charlie Brown has his day.
And the current BOD probably no industry connections so who they gonna call? Dios? Stanson?
Tappan shares the same views as SW regarding Avid. The IP value is gravy but needs to be put in capable hands.
I don't think he ever understood his fiduciary duties as a CEO. He was put in place by perhaps one of the most incompetent corrupt BOD's in Nasdaq.
Once he adds the breach of fiduciary duty info to his resume, he is probably done leading any public company unless the parasite BOD can find another "host".
The truly sad part of all this is that the PS platform could have been a contender and Thorpe's work has been set back years and years because of greed by a few individuals. And SK was a willing participant in the carnage. All imo.
All well and good and hopefully the IP is put into strong hands and once the company cleanses itself of the current BOD, we can get institutional interest and traction in the SP.
IMO the nasdaq extension was a ruse to avoid the R/S before the russell rebalance. That would have put 20 mil shares (presplit) into institutional hands. Disingenuous is too nice a word.
I did not attend the DS hearing. I spoke w/ the Ronin camp and hopefully the BOD issue is resolved by the ASM.
Good art... looks like Mrk is the one to be hanging out with
http://www.investors.com/news/technology/how-astrazeneca-failed-not-once-but-twice-in-cancer-drugs/
yes... could very well be true... by the time the ship possibly gets rolling, the ES SK crew may be well out on the street...
charlie brown's revenge...
interesting developments..
mystic trial w/ AZN is a bust (for now) w/ first lookin ... probably $20 bil market cap swing between positive and negative results
if pphm was relying on AZN to rescue them w/ positive results, may not happen..
and mystic was w/ CTLA-4 drug so another combo possible failure... maybe this helps bavi/IP as search for good combos continues
DS hearing today... if approved pphm mgmt team ponies up $1.5 mil... and maybe the expected white knight won't stroke the check..
Maybe PPHM can update their upcoming events page:
Upcoming Events
DS settlement... mgmt team ponies up $1.5 mil out of pocket
ASM.... new BOD will take helm
Housecleaning: BOD, SK PL MZ out the door with a breach of fiduciary duty tag to add to resume and possible clawbacks on the horizon
IP assessed by team ronin
IP monetized ... partnered or sold in competitive bid process
Avid game plan spelled out and executed
Shareholder relief at last
Charlton?
did you mean Carlton or Charlatan?
Charlatan:
a person falsely claiming to have a special knowledge or skill; a fraud.
synonyms: quack, sham, fraud, fake, impostor, hoaxer, cheat, deceiver, double-dealer, swindler, fraudster, mountebank; informalphony, shark, con man, con artist, scam artist, flimflammer, bunco artist, snake oil salesman; datedconfidence man/woman
"the shallow promise of a charlatan selling snake oil"
all imo
and depending on DS suit results, serious consideration or attention should be directed at going after the ability of some folks to practice law... no holds BARred
yes ... and keep in mind a BP that commits to develop a potential drug is putting money and resources towards the endeavor ... and with hundreds of combos out there, competition for attention is tough..
and the money part is problem the probably the easiest part to solve... allocating lab time and personnel time and attention with the limited amount of experts in the I-O space is a daunting task...
so any unreasonable demands such as feeding worthless parasites put the IP at a competitive disadvantage in the selection process ...
all imo...
the trials have been a failure to date... why is that so hard to grasp?
bad luck, bad timing, bad mgmt, bad oversight... where is the good?
BP's are all shuffling their decks and pruning... AZN is selling off non core assets... they've had enough time in the barrel to kick the tires.. if bavi/ip has value, we will find out... if msk endorses the IP, we shall find out.. and without the baggage and demands of the current team...
think of the ip as some very hot chick you want to marry but she comes with a total loser family that you have to support if you do the deal... take the loser family out of the equation and maybe the deal gets done.
if the ip was so good, pohl would have at least 500 shares versus the 286 shares...
lots of folks culling internal herds... they will focus on the drugs with most promise..
http://www.fiercebiotech.com/biotech/lilly-puts-two-thirds-mid-phase-cancer-pipeline-up-for-sale-major-shake-up-r-d-priorities
if bavi and IP have interest, now is the time to find out... ronin will do that...
the current mgmt team is very comfortable in the penny stock arena and now they have 500 mil share to work with (correct me if I am wrong)...
ptsc trading at 1.4 cents and 500 share vol today...
he left the xencor bod but i believe he still owns a bunch of shares of xencor...
as opposed to someone owning 286 shares and taking $500k per year out of the company over the last 5 years????