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alertmeipp,
I had a really good run day trading during the dot com bubble '99-'00. I then invested heavily in commercial real estate and opened a few restaurants for a modest income. I've been doing ok, but I've lost a substantial amount of my net worth over the past 2-3 years and cortex happens to be a fair part of that loss. If cor goes to zero, it would be just under a half mill. That is why I am willing to double my stake for a mere 40ish thousand if the price dwindles and a buyout situation looks more likely. Until then, I will continue to grumble. I'm equally as mad at myself for dumping almost all of my equities at dow 8000 and missing the recent 25% run up in the markets. I held some pretty good names, like GS, OSK, FFIV, WYNN, at really low levels and got out way to early. Instead of sitting on quality company paper, I've held and chased this stock all the way down. Easily one of my biggest investment mistakes. Well, at least my retail businesses are doing well and I'm expecting a baby boy due Valentine's day. So not all bad. Good luck in the months to come, we are most certainly going to need a lot of it.
alertmeipp,
To answer your question, I dumped 50k at .31 a while ago and do still hold my 353k core position along with another 75k I picked up a week ago hoping, but not believing the deal call would come through. I rant because it is the flavor of the day. We're stuck with Rocky Road until something drastically changes, a partner or a submission to a buyout. I will aggressively double my position if a sale looks imminent at a further depressed level, maybe 10cent by the special meeting. This may allow me to leave Cor whole after years of agony and bitter disappointment.
All good ole MV needs to do to recoup a sliver of dignity from his shareholders, is to just once deliver on a thought, a promise, a rumor, a timeline, or an invalidated phone call or e-mail message. Just one time and I will rescind my derogatory thoughts and comments and accept the unpredictability excuses that go along with the title of a CEO of biotech allowing me to put some rational thought into his wayward hints and messages that seem to end up here everyday. As of now, he's got the worst batting average in town... 0 for forever. Regardless of what comes out of his mouth, translated by whomever, it is meaningless. If MV calls a surprise CC next week validating his efforts while retracting his 30-45 day call, and offers up the deal of day, whatever it may be, that opinion may change. But as it is, he's got about as much credibility in my book as Dick Cheney. Come on man just give us something, anything we can hang our hat on to make sense of all the crap that seems to keep resurfacing. If MV actually said some of the stuff that has popped up here in confidence or off record, it's a careless and a distorted means of how to handle pr with your shareholders... not to mention meaningless and pointless if not validated by an action.
If the share price hits 10cent by the special meeting, the dilution game is certainly pointless as well. If a deal hasn't been finalized by then, a few more months, regardless of burn, will certainly get nothing further accomplished. Let the staff pack up their belongings, turn off the utilities, and unleash the lawyers. No point in calling for the pipe, all expenses have ceased and the lawyers can take their fees from the proceeds.
It appears the street is beginning to look at cor's dire situation and lack of follow through by management unfavorably as well. The share price is beginning to parallel the belief in this company. More to follow. MV better take what he can get because the market cap by the special meeting is going to be far less by mid Nov.
It's time to really make sense of this. There is no way a deal is getting done by the share increase meeting. No way! I said this a day after the Varney stated his soon to be regrettable 30-45 day deal window. Varney is lying to bait his shareholders. This is Nixon shit.
"We need the shares to strengthen our position at the bargaining table"
How many times have we heard this! This type of mentality will continue until you, the shareholder, are left with 1/10th or 1/20th of your current share position. At which time, management will again issue themselves newly allotted options as the share price continues to dwindle.
Don't you think if there was an existing company near deal, regardless of the lawyers dotting the i's and crossing the t's, that cor and the new partner would work out a good faith financial bridge of sorts. There would be no need to secure more shares for near term funding. A partner ready to make that kind of commitment wouldn't want to see their newly acquired property starve itself to death. This tells me that a deal is as near completion today as it was 6 months ago. It ain't happening folks. You don't have to continue to look over your shoulder if what you need is directly in front of you. Three more months ain't getting it done. Six more months ain't getting it done. There is no perceived IP value by BP and there is no deal for survival of this company. And as a kicker, Varney can conveniently refuse to disclose or discuss any pertinent information or progress regarding the company's lack of progression due to the ongoing discussions of progression.
I am not sure what will become of the company if the share expansion is voted down and cor goes tits up. If the IP is then immediately auctioned off and the cash value is distributed amongst current shareholders or ?? But it sure beats the current cycle. Your shares will be worth much less six months from now as more and more cut throat funding is sought and at least one reverse split is put into action. Sell the company Varney to the highest bidder and set your people free.
Andy,
Understanding the risk associated with biotech is one thing. Calculating into that risk, the lack of integrity, misguided efforts, and semi untruths of your management team is clearly another.
Gfp,
Don't ever play poker. OK we get it, you are back in the stock as evident of your new found optimism, congrats. So now you should be as eagerly awaiting the deal pr as much as the rest of us. At 20cent you have far less to lose than many of us this go round, but being that the 30-45 day window is now upon us, should it not be delivered, it will be another sign of Varney's inept ceo ability and will more than likely have a negative near term effect on share price. He drew a line of invisible ink in quick sand. Know that if he is again willing to buffalo shareholders in this regard, he will be equally willing to extend further financing, even at these levels, with the newly alloted shares. For some reason, I thought this board would have a larger voting influence but as it is, our leverage is fairly weak and the increase will probably go though regardless of the deal delivery. That would be a shame, for you, as I have, are solely putting your money and belief of this company and the technology in the hands of a liar. The deal is the tell. If it is not delivered, Mr. Varney is a blatant liar. These are the facts. I don't care for the excuses.
There in lies a perfect example on how to operate in crisis mode. I was pointing these options out several months ago but certain people here felt it ridiculous to shelf pay checks or donate time to a company that has had the life bled out of it due to poorly timed managerial decisions. Chasing this last indication with unpredictable outcomes to trial timelines and design was the most crucial mistake to date. Keep on slogging Varney, I feel quite badly for your public e-mail display and slightly rude correspondence. Now maybe you will feel equally as bad for making some highly criticized decisions which have cost me nearly half a million dollars.
Thats how I read it too ombow, but they are just words and bringing up the market cap to satisfy AMEX near term is a pipe dream. No pun intended. If we see a deal prior to the special meeting, I will be shocked.
Jerry,
Do you still represent 3 million shares? And if so would you and/or your interested party vote "no" given a lack of a deal by the special meeting?
Good luck to you too, it's all we've got. I usually keep to the sidelines, but this is ridiculous. If anyone believes a word out of the mouths of these crooks anymore, they ought to have their sanity checked. Do not give cor management any credit until something, anything is produced. They now want shares readily available to dilute the company another 100% without revealing the immediate cause. No, no, no. Give us something first. They haven't given us a token of an accurate depiction of this company for 2 years. The monkeys and the shareholders are the victims of a wayward group of believers that feel they hold a technology capable of satisfying the needs of many suffering from a multitude of disease. Yet not one pharma wishes to take a chance on their IP. This game is a joke and is over. Sorry for your loss, mine nears a cool $300,000. Mark you have 30 days or the gig is up.
Aiming,
I prefer that, as it will paint a more accurate depiction of share votes willing to be levered, anonymous or otherwise. Thanks.
Gfp,
I appeared to be composing my post whilst you were portraying the same thought as I. Sorry for the repeat request aiming.
Aiming,
It's important to get the results well prior to the special meeting to be provided to Varney. Ombow or Jerry can e-mail him the results. I do think he checks in here periodically but a confirmation of delivery would be nice. I as a shareholder would love to hear his reaction to this. It would be wise to include the disclaimer in the poll, would you vote no/yes if a partnership deal was/was not inked prior to the special meeting. My share vote depends solely on the lack of a development between now and then. I think it would be wise to ask for exact share count as well rather than a wide range of options. Given my belief that nothing will happen, I offer a 353k vote of shares to the nay. F4T.
This board holds the swing vote. There are a lot of shares here. Don't let them swindle your vote with "maybe" promises. They have a month or so to produce, which I am certain they will not, offering many excuses as to the reasoning. This may be our last chance to escape this pos without further dilution. I've got 353k on the nay. Aiming, you may want to put out a preliminary proxy. Let's see the actual strength of this board. Send the results to Varney and tell him to wake the f up and get something done or their cash cow is up for slaughter.
I can't believe anyone continues to believe any of the BS this company spews anymore. It's all consistently vague bullshit. Whether it's... "The artifact was postmortem" or "The letter is in the mail" or "We have many irons in the fire" or "trial data should be in by ?" or "RD data should yield a partner" or "SA should be a more efficient and definitive indication to pursue" or "We have several interested suitable partners in discussion" or "A deal will happen in 30-45 days" or "the new shares will MAYBE used for an equity stake position of a new partner", the higher ups a cor have shoved it to the shareholders on a consistent basis. This board must be full of Journey worshipers, "Don't Stop Believing".
Vote "NO" and hope the recent accumulator votes the same. Force the sale of this company or you as a shareholder will be in for another 3-5 more years of steady pipes, dilution, reverse splits, false promises, and misery while the execs continue to cash their 6 figure paychecks and award themselves more options as the share price continues to dwindle.
The voice of reason has left this board other than a few. I've made better bets on the special olympics. That was tasteless, but this crap is endless. Nothing will happen prior to the special SHM of the greedy. You will again be force fed more BS to extend the hope of the all mighty ampakine. The curtain will soon be pulled back to reveal an old man and his buddies funding their insatiable appetites for over priced hookers and homemade stimulants... could be as valid as anything else we've heard. Delisting and the penny stock arena... here we come. We'll need more than freto to pump this stock once that happens. Good luck on your future endeavors gents, this one is toast.
Corwatcher,
I put a stop loss in at 52, as I didn't want to lose anymore than 10k on a quick trade. Sucks. It will probably base now. Volatility is a funny thing. The markets could go down with stability and still not provide the VXX a huge run up. We would need a fairly major sell off to drive VXX to the 80 level, IMHO. I'm waiting on Cor and have some cash to reenter on a pullback. That is the strategy I should have stuck with but got greedy trying to wager the pullback. I am heading into nat gas probably late fall and then maybe gold on a pullback. Otherwise my money is on Cor and the Packers. F4T.
Gfp,
Do you recall when the Amex delisting criteria had to be satisfied? I recall sometime very soon. I'm not 100% sure if there are ways to postpone that process or ask for an extension, but that may be an indicator of verifiable future plans. I'm sure Cor is pleading its case to Amex, while carrying on BP negotiations, so they may be revealing their hand as a means of maintaining their current status. And if they do indeed have a near deal or a reason for the Amex to postpone delisting then it clearly would be a short term bullish sign. However, If the delisting occurs prior to any SA or M/A announcement, I think the share price will tumble. Just thinking your entry point may be a bit premature with that decision looming.
"Discovery Labs and FDA to Meet On September 29, 2009 to Discuss Potential Path for SURFAXIN Approval(GlobeNewswire)"
Cor might have been a bit more aggressive in this regard rather than spending all their money and focus on new less lucrative and defined indications. If the artifact issue was indeed as trivial as Stoll made it sound, they should have revisited clinical trials for adhd. Stock price would have held up better knowing a high revenue fda approval was still a possibility. Oh yeah, the letter. I'm sure it said piss off, so they did. Seems like the right move, for who would want to have the fda holding a grudge for a company soon to be tits up. Genius!
The cap in is on the jar and its screwed tight
O.T. Bigworld,
Do you have a stop loss on your VXX shares? I put one in at $52, can't really afford to drop more than 10k on a quick trade. It looks like the market has legs of steel. I don't get it but the money supply never seems to dry up.
The last 2 dilutions capped the upside and no chance of a OPXA outcome thanks to the artifact. It goes to show you if RD and SA would have been on time and reported POC, $3 could have been a realistic possibility. I can't believe the bounce factor these bio's are getting after moderate pr's. All Cor has to do is something positve, anything positive. But that seems highly unlikely. I would take a buck and move on after positive SA data and an immediate buyout. Who wouldn't at this point.
This market seems relentless. A continual climb without reason. I give up. I see the results of a piss poor economy every day, yet the market tells us the recession is near end. Bullshit!
Gfp,
Well Stoll is no Belushi. Therein lies the rub, too much of a scientist and not enough of a realist rebel.
Gfp,
I think we all realize that Cor should have some ammo available to them, but where that does continue to get them. More shares, more pipes. Maybe the lack of available shares will force the issue, get the deal done now regardless of the insult. Just do it, and end the misery. And now that the shares are gone and management has their options banks established, it would appear they feel the same way.
O.T. Bigworld,
Great day! I picked up some(1500 shares) VXX just under 59. The market's demise is near. Looks like today as the Carpenter's so well put it "We've only just begun". Your timeline was a bit off, but I think your theory is still a solid/valid play.
Ombow,
The reverse split simply creates a perverse perception of value. The onion has already been peeled and an investor with an IQ above 50 would see Cor's dire situation. Not only has there lead compound been tainted but the company as a whole. They are stuck and another 50 million shares simply buys them more burn with an equally poor end game.
I've been in several companies during the dot com era that performed reverse splits. It's simply a life line maneuver. It steals shares back from the investors for company disposal. Again, the only strategic reason I can see at this juncture would be to satisfy one of the delisting criteria and the other to make available shares for continued financing at a much higher price point particularly if SA data is good. Not sure who would finance at that point given the history of Cor however. I think they've burned all their bridges and are going to have to give the IP away with probably an underhanded deal for Stoll et al. All bad for us.
Run a query as to the number of companies that have performed a reverse split offering the historical share price data after the split was performed. I doubt you would have any favorable data for the investor even at a very small percentage. Throw in the number of companies that have gone to zero near after the split and the outcome is transparent.
Haysaw,
I agree with that. The reason for the negotiating process taking as long as it has, probably has more to do with this illustrious team making certain they cover their individual financial asses by receiving as much as possible under the table or in forms of back ended royalties once the company is dissolved. I highly doubt the negotiating has been focused on company shareholder value but more towards buyout incentives for management. Some will continue to drink the kool-aid, but I've always been a skeptic. A great pipeline, widespread indications, proven poc, a .20 share price, no buyers of the IP even at suppressed levels. It doesn't add up. Period.
Gfp,
I don't doubt their character or the desire. The bigger the dream the bigger the disappointment. The only problem I ever have is the taking of company dollars while shareholders suffer a constant and high percentage loss. Not 100% percent their fault but they have the map and they are driving the car.
Jerry,
No need to spook the mouse. Keeping your communication line open is relevant to this board. I don't know what they will ever truly reveal however. Trust me, when it comes to business I carry myself much more differently than when I'm randomly blogging. May the grace of the bio gods bless our little mess of a company. The diaper is almost full. Much more sh*t cannot possibly come our way.
>I also think the science would be best served by handing it off to a better capitalized company. Without proper funding, the promise of Ampakines is just being wasted. Cortex has been spinning its wheels for long enough IMO.<
This should be a board wide sentiment. Love em or leave em, this management has had their chance and then some. Let it go guys, take your options feeding tube out and try and survive the real world without spending any more of our money.
Jerry, glad to see you realize the greedy nature of current management. I hope you offer a piece of your mind to them directly, seeing as you speak with them regularly. Let them know there is a board of disgusted investors holding millions of shares that need them to do the right thing. End the agony and false promise and sell, sell, sell the company before it's worthless.
'If I can't see it, it must not exist'--which is a level of Piagetian object constancy which is supposed to be passé after the first year or two of life.'
Well, I read my thoughts quite differently. I live by a simple rule, "Put up or shut up" . I have invested my money in a company that has not put up anything to match the hype. Being a publicly traded company this management team has an obligation to their shareholders. If they don't see a near term return for shareholders, they need to end the hype. Let it go. Quit extending their cash cow. Sell what's left. And yeah, I don't see it...I haven't seen anything over the past 2 years. Does it mean their IP doesn't exist, of course not. It just means that their situation may be no different a bar patron telling me he saw a Yetti cross the road in front of his car on the way home the night prior. I'll have to believe what he is telling me to be true. Everyone has there own beliefs in what may or may not exist and until I see Bigfoot running through my backyard or Ampakines on a Walgreen's shelf, I will chose to believe that neither do, that being an existence to a point that has a substantial impact on my life.
Neuro,
In times of dire straights, I would expect passionate individuals to forego monetary incentive. Most of Cor's continuing costs are a result of salaries. This management group has diverted this company down a path of their choosing. Seeing as these decisions have put their company in a dire situation, it would be a noble but unexpected gesture to take a larger pay cut than the most recent and prolong cash without further pipe offerings. I am not comparing my businesses to biotech, but I as an owner/operator/ceo of capital and retail ventures have at times shelved my paychecks to extend cash or create greater cash flow for expansion. My comments about this management were tongue in cheek. I wouldn't expect it, but drastic times call for drastic measures. If they truly believe there is a light at the end of this tunnel they would do what ever they could to keep the company a float by whatever means necessary without continual share holder value disintegration. F4T
All true. All a reverse split accomplishes is an initial rubber band effect from zero with a continued decline in share price to follow, ever decreasing share holder value while prolonging the inevitable. They need to sell what they have and move on. Give us something while there is something left. Management needs to relinquish their "money for nothing" strategy, give up their salaries, and get jobs that require performance and productivity. Jerry, you keep saying no one has left their post at Cor, well thanks to the recent pipes, all checks continue to clear the bank. Trust me, when the checks become rubber they will be long gone. Management is not in it for the cause, they are in it for the cash. The day they decide to forego their paychecks or buy shares of Cor on the open market, will be the day I change my mind.
With regards to the amex listing, cor needs to satisfy more criteria than just a lofted share price. They need to provide proof of an ability break from the steady stream of losses as well as provide proof of a positive direction of the company in order to provide some form of shareholder value. Neither of these things look doable short term, so they appear again to be wasting their time towards an inevitable cause.
OT Jerry,
So when does it end? When does reality set in? What's going to trigger the big reveal. I have seen a lot of empty homes in my area being sold. Could be bargain shoppers finally parting with their money or banks clearing their books at ridiculous costs. Being in the private retail sector I can assure you that people are definitely not spending as they used to. I agree with you that commercial real estate is in a disastrous reevaluation. Ghost strip malls and empty commercial lots continue to pop up all over the country. Either new business will pay far less to occupy, which will turn commercial paper upside down, or they will continue to sit empty and become foreclosed. In which case the government may step in again and start buying up commercial paper not unlike the recent private mortgage crisis. So again, when does it end? Does it end when the countries the US is overly indebted to come calling? When real numbers begin to reveal themselves from our private sector leaders? There continue to be many people and business sectors underwater yet the government and stock market would have you believe the recession and economic doom has ended and we are on the road to recovery. I don't buy it, but that view has cost me a lot of money over the past six months by sitting on the sidelines waiting for reality to kick in. Seems like the biggest of head fakes.
OT Bigworld,
You have balls like grapefruit my friend. This market seems untouchable. I want to believe the downside has greater appeal but something keeps driving the market forward. Your call on the SP 1250 may come before any downturn or sell off. I'm curious how the VIX will react if the markets have anticipated swings. i.e. Down doesn't necessarily mean volatile. At this point a 10% retreat may feel less volatile than a continual trend upward. I'd like to see a bit more erratic and unsuspecting market behavior before jumping into VXX. Either way, good luck! I may dabble in it a bit a these levels seeing as it is at it's all time low. It's feeling a bit like chasing Cor all the way down at this point though. I think I'd have better luck at picking this weekends megabucks numbers than figuring out the market as of late.
Bigworld,
If your holding 7000 shares of VXX, I wouldn't worry to much of Cor unless of course you've managed to accumulate a couple of million shares over the years. Seems like small change on the loss side if VXX gives you the 50% return you're hoping for.
My girlfriend's uncle, the Chicago broker, feels this next month or two may be the final move up to force out the final group of short sellers. It definitely seems to be the motivation of the market. He and some of his colleagues are calling for slightly more basing and movement upwards near term with a long and steady downturn after Q3. It's a house of cards in his opinion and once the momentum traders find confidence in this recent bear rally, they will be taken out at the knees. He wouldn't buy or short here. He feels a month or so of sideways action with a few day trading opportunities at a minimum. Enough fluff in the numbers to hold the markets through September but after that he told me to get into gold and silver and short companies who have had recent unsustainable profits due to lay offs and government stimulus. He thinks CAT is a prime target with a huge decline in future orders/potential sales and not many more cost cutting measures available to the company in order to offset their huge liabilities and operational overhead. Companies that grew for growth's sake are done.
I'm probably going into gold by fall and maybe going to chase nat gas then as well. I'm might try VXX by late august if nothing seems to happen soon but until then I'm going to hold my cash. Some volatility has to enter this market one of these days. Good Luck. F4T
John,
It all seems futile. He clearly isn't revealing much of anything nor does he seem to be making any progress with negotiations as apparent with the recent pipe. The SA results may offer some eagerness for BP to get a deal done but Cor will then again be running low on cash. This is a vicious circle and the only ones suffering appear to be the shareholders. Nothing will change. More wait and see followed by more dilution and sp deterioration. I think the delisting, which is sure to come, will have a significant negative impact on share price. If they can stay execution and find a way to prolong that process, as they seem to do with everything else, then they may have a chance to close a deal near year end and elevate the share price enough to satisfy the rule. There seem to be more and more deals getting done in bioland as of late yet another year wasted for good ole cor, thankfully the paychecks keep on coming though.
<<Face it and I have not talked to anyone, this is pathetic. Roger always cautioned against debt financing. >>
Varney's response to a previous e-mail a few days ago was that Cor had enough money to get through Q3. Do you think he was factoring this financing? And if not, that should tell that the SA trials are way behind as one should have expected and again there is no deal near completion. I wouldn't have expected this trial to take us to year end nor would I have expected someone to finance Cor at any level without a means to an end. This company just continually extends the stick. Pathetic is too kind at this juncture. Is it too much to ask that management would get a timeline projection correct or trial design done accurately? Poor. More waiting, this is ridiculous.