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Reply 118468 Magnus: You mean the company may take itself private. Stating that they will implies you have inside, and substantial information that requires disclosure from the CEO. While I doubt you would care if Mc get's in a pickle. I don't know what to think of your message, and how it may be of benefit to TMDI, and this board. If you're implying that anyone reading it should not invest b/c you are aware of future adverse actions, I'd say you're overstating at best, and presenting as pure speculation at worst. Especially, if you're shorting the stock b/c that implies that you have specific intent to present the company in less-than a good way. Good luck to all. Regards, BK.
MIS RAS update: This device gets approval for IDE, and Sport/Enos is light years ahead of it. Now, why can't we get on track to IDE immediately????
I can only conclude that we can, unless Sport/Enos is tied to the agreement, and those enhancements are a redacted requirement. Otherwise there's no reason not to pursue now, as compared to this device. IMO.
https://virtualincision.com/
https://www.businesswire.com/news/home/20201027005289/en/Virtual-Incision-Receives-Investigational-Device-Exemption-IDE-to-Initiate-Study-of-First-of-its-Kind-MIRA-Platform#.X5gQgJ7QUyw.linkedin
Now, we can have a range of comparisons between Virtual Incision and ISRG. But remember, ours is patented to cover any development that falls within our design. IDE sooner than later. Good luck to all. Regards, BK.
Post 118113: Sport, you're making the case that TMDI is a strong asset for whomever would need their IP by asking that question. Clearly, the haptic IP wasn't finished b/c TMDI just received another patent. So you're saying that MDT could be licensing possible future patents, that don't exist yet. Spending real money on vaporware? Wow. This partnership must be full of hot air, and MDT is foolish to spend their money on IP that they can't develop. Hmmm. Thanks for making the argument.
Also, no business that's in manufacturing would consider going into any market where there's competition if they didn't have a compellingly better mouse trap. And SP is a completely different market segment. Of course you could argue that 2 Sport/ENOS could do the job of 1 daVince. Is there a SP robot working at this time? It's a new market segment. No competition.
Ask your questions. Good luck to all. Regards, BK.
Reply 118107: Sport, I'm confident that the project(s) will get done. Cambridge is doing the manufacturing and software development. Titan USA is the R&D. So, Cambridge has been working on SPORT/ENOS (?) and MDT licensed some of the patents. If the R&D or development was crap, then MDT could have developed something better. Or gone somewhere else. But....they didn't/couldn't. My conclusion is that the TMDI patents are everything that will hold the RAS market segment at bay for about 18 years. And you do too, otherwise you'd be elsewhere. Some of false narratives are laid open for review.
And to answer your statement about how Cambridge should have sold all of their stock.... perhaps, but their risk is very low b/c they've been working on SPORT for years so they understand better than any other R/D manufacturer the possibilities/potential and risks. I'll go with their wisdom and experience instead of some of those that would create false narratives about Sport/ENOS.
We're all comparing the potential of Sport to an existing, well-known product from ISRG - right? Just ask your questions. Good luck to all. Regards, BK.
Reply 118080 Sport: I strongly encourage your participation through which there is now a direct channel of communication, and look forward to your recitations of failure directly to those that you accuse of being at fault. I would truly be grateful, and I'm sure I speak for many (IMO) - that we look forward to reading your questions that address your encyclopedic memory of all that has failed. Please proceed. Good luck to all. Regards,BK.
Reply 117643: Sport, sure. I don't need Mc to do this BO. He's negotiating for the US division so he can run it for a while. I don't care if he's there or not. I'm in this for the value and application and thereby extension of the IP, and BO.
Good luck to all. Regards,BK.
Reply 117642 Sport, well if they are not fixing HUGO then they are tweeking ENOS. It's one or the other by default. TMDI and MDT are not building anything else in the known galaxy. Come on, if you're going to spin posts that are plausible, try to stay in the realm of possibility. They're not building a submarine.
Good luck to all. Regards,BK.
All the IP that's co-developed during the projects during these next milestones are co-owned by both companies.
Good luck to all. Regards,BK.
Reply 117629 Sport: The points 66 is making are far from nonsense. When working through a series of circumstances/verbal details, where not all of the information is available - what is not said in context of the subject matter is just as informative as what is said. One could conclude that this is a form of selective omission. Obviously, MDT and TMDI are omitting most of important details. The analysis of selective omission is used everyday by intelligence analysts worldwide. And a lot from the general public since the media became so politically polarized. You could also draw a conclusion that b/c of the secrecy, there's more to the MDT/TMDI partnership than fixing HUGO. Seems like a lot of cloak-and-dagger to disguise a HUGO that's already been revealed to the public.
You get the benefit of the doubt that HUGO is alive and well. But if I owned the TMDI IP, I'd consider building a 2-headed ENOS. (sounds like a character in a Dr. Sues book!) Are 2 ENOS ports with 4 end effectors a better design, than a HUGO or daVinci? Doc's can only use 2 eyes and 2 hands, so controlling 4 surgical arms at the same time is not going to happen without taking your eyes and hands off of one controller to move another. It would take duplication of the hand controllers, 2 camera screens, 2 branches from the main mast, but it's doable. It's all the benefits of the ENOS main IP applied in duplicate. Who needs a HUGO after that? Perhaps someday. IMO.
Good luck to all. Regards, BK.
Reply 117102 (AGAIN) Sport, What ever the cost - it's less than what MDT and JNJ already spent, and they will spend a lot more. TMDI will spend MDT's money. JNJ - not sure who's going to bale them out. I can see having a multi-port, only if you also have a SP so it's one-stop shopping. No one else has anything close to ENOS, and MDT decided to pay for a couple of projects. Boy, MDT is stupid, stupid, stupid. IMO. I know Mc is the 5th Stooge. Blah, blah, blah.
You can't see any plan for TMDI to FDA(?) How about MDT does CE, and TMDI uses it for a predicate? Sounds like a plan to me. Look at all of the upside potential.
When this is all over, we'll have a drink. I'll buy drinks for the other "enthusiasts" too.
Good luck to all. Regards, BK.
Reply 117068 Geo, then we agree but not on the "what's it worth when the offer is made." I don't think MDT waits until this gets approved. I think other outside influences may create bigger problems than they are worth waiting for the BO done after FDA. Who's to say the MDT person on the Oversight Committee isn't on a conference call when TMDI asks about any loose ends, or discusses cadaver studies. MDT will know more well before FDA. Their close to a verbal contract, and wouldn't take much to get there and then Mc will have to disclose it b/c it's material. We'll know more, unfortunately in bits and pieces until spring '21. Unless, some unforeseen issue, or outside event causes a change in the timeline.
How can this buyout be less than several $B? My guess is 6. Which is based on value of IP, and revenue potential b/c of the design(s). MDT looked over the universe of possibilities, and saw no other design worthy. It's going to be many $B's b/c it's a 20 year design.
Yes, we have a long way to go. But, we're a lot further along than even 2 years ago.
Just curious, what's your opinion of FaceTrains estimates?
Good luck to all. Regards,BK
Reply 117063 Geo, so you would sell it before FDA for less? Why? There would most likely be a very attractive version being demonstrated by MDT, with ours in the wings. Surely you would pay off the loan and orchestrate an auction with a high reserve - right?
This "sell it for less and get out early" theory does not fit anywhere I look, so long as there's a big competitor that doesn't have a SP robot. Mc doesn't work for MDT - yet. He works for us, and now whomever holds that $18M offering.
You think Wall Street is going to say "ok Medtronic, you can have SP RAS for a song for the next 20 years?" Not likely. Worse case is ISRG goes on an over-the-counter buying spree and really hurts MDT.
That would trigger an early move to BO, IMO. But it would still be at a robust price. Wall Street has deep pockets, and will buy as long as MDT dickers with TMDI about price, and the share price keeps going up the longer they thumb-wrestle.
MDT has as much downside exposure as we do. MDT has to make sure if there is any other public offerings that it's friendly. MDT does care as to who holds any outstanding shares. They care to not create a 20 year headache, if any of this gets in the hands of a BIG competitor. Which is why I agree with Roll/66 or whomever said it first that MDT issues more IP licensing payments, to get to the finish.
Regards,BK.
Reply 117043 OR Nurse, I don't see MDT walking away, leaving Titan to create other competitive issues from which MDT will have to address. This is a 20 year strategy, with a totally new market segment from which to generate revenue. The MDT BOD would only have to ask, why are we fighting with these guys? Or, why did you let them go and sell ENOS to JNJ (pick a competitor name)? That doesn't fit anywhere for me.
My only outstanding issue is making sure Mc didn't already commit us to an unfair BO value. And I'll be watching for his actions as they apply to his fiduciary responsibilities. MDT is covered, I'm sure but Mc has direct exposure to his shareholders. I'm really glad we now know the holder of the $18M offering is most likely viewing this the same way we are. Biggest bang for the buck. Nothing less.
Regards,BK.
Reply 117039 jk2018, You're points are well founded. My point was that we're good for another 6 months, without the added milestone payments, with the money we have today working with Cambridge(?).
I know the other 2 milestone payments are not guaranteed, but they will (I'm guessing) get us further down the road. Why would we only go to next May with 4 milestone payments with MDT, and compete with them? While we don't know what's in the agreement, I don't think ANYONE develops a competitors product, using in-house IP for your own robot, except to use it for mutual benefit. (clear a path to FDA). I think these 4 milestones are to get to a point where MDT is more comfortable with TMDI b/4 BO. I'm just not sure when MDT decides. I'm not sure MDT knows, except these project(s) are a trial to integrate our IP somehow and see if Mc/Genova can run the integration project(s) and finish the work. Someone's got to run the SP division for MDT. Where are all the MDT engineers going when HUGO/Amadeus is done?
Today TMDI can't build anything - no engineering resources. That (again) leads me to postulate that MDT wants TMDI to make further progress in R&D for the SP, and MDT is comfortable with Cambridge working from existing blueprints on auto-pilot. My gut tells me we had the design and most if-not-all hardware built, until the MDT agreement. I think this last bit of work is software - and it's not necessary to make the device work properly and safely.
Even if I'm wrong, make ENOS 1.0 a hammer, and quit accessorizing. I say quit screwing with ENOS and get it done. Mc has to know delays caused by too many bells-and-whistles could be his last hurrah. Which means (to me) TMDI is working on an MDT specific version, otherwise our timeline to FDA/CE would be shorter, and TMDI would probably go CE first, instead of FDA first. Going FDA first just leads me to conclude MDT said we'll do CE and you use it as the predicate. It fits in my mind.
Your points are very valid. I just couldn't let that BS Gloom-and-doom go by without an alternate point of view.
Good luck to all. Regards,BK
Reply 117017 777 - Perhaps. And I'm giving you the benefit of the doubt. However, your speculation also begs for the other side of the argument, which is "What if the share price doesn't get chopped in 1/2, and how can that happen? Here's how...
I'd say just taking a WAG, which you are - and so am I, Titan is in good shape. Further, shareholders have just shown that Titan won't be taking the easy way out with an R/S. So the solutions will have to be organic as engineering accomplishments. Yes? We have to show engineering accomplishments so the SP moves up and we meet NASDAQ minimum requirements. Let's stay with the engineering solution for now, b/c there are other ways w/o and R/S to get over a $1 for 10 days.
Well, the engineering company that's worked on ENOS for a while now has a bunch of our stock as previous payment. So I could reasonably extrapolate that they would want that asset to appreciate considerably. And, if outside forces manipulate the SP, then Cambridge(?) will work that much harder. That's additional incentive b/c they have skin in the game beyond any future cash payments.
Does anyone think once the current version is shown to the world, we will have issues getting the necessary investment attention? Wall Street is not a generous universe, but it is absolutely greedy.
How many engineers do you think can work on ENOS for $5M over the course of 6 months? I'd guess 40. That works out to $125,000 each for half a years work. No? I'm guessing that Good med device electro/mechanical/software engineers and scientists cost approx. $250K per year. Just trying to be reasonable with the estimations, on your behalf.
Do you think we have enough money to keep 40 engineers working on this agreement for 6 months based on my estimates/guesses? I'll argue for you - let's say No. You don't think 40 engineers are enough to get us down the road for the next 6 months. OK... Let's double it to 80. Reasonable guess. So now our cost is $10M.
We have over $20M, on the books. So we're good on engineering for this agreement until end of March (Maybe?). And we're working toward another $10M milestone payment in October. Notice I didn't say the Oct. payment is already a done deal? But we have $20M to work with right now. That's 80 engineers working on the agreement/ENOS for 6 months, if we don't get another penny and we have +$10M left over, w/o October's milestone payment.
I'll speculate that another $10M is possibly earmarked to work on the HUGO/Amadeus/ENOS mash-up. Or perhaps MDT is paying to license our IP b/c they already built the changes and couldn't go to far forward w/o our permission. Maybe. And also maybe some of HUGO contains old expired ISRG tech too? Lots of maybe's, I'll agree. But, we're still not in the RED 6 months down the road, with the money in-hand today. With additional milestone payments available, and who's to say MDT doesn't issue another +$XXM payment to license more IP. Some of which aren't yet granted, so they haven't paid for those - yet.
We have enough cash to get this to a very useable version, before trying to get FDA approval. Further, what if MDT pays for the cadaver and patient testing for their version? We make an MDT version for the EU and MDT goes for CE first, and we use it for our submission to the FDA as a predicate? Or MDT buys Titan, and we don't submit to FDA, MDT does b/c they now own it all. I see a lot more upside than you fait accompli.
Sure, you can argue "BUT IT'S TITAN MANAGEMENT!" I'd say you were incorrect. Mc isn't really pushing any buttons, if anyone is it's Dr. Perry Genova, and Mr. Brar. Titan is the research and design side and the 3rd party Engineering Company is actually working on the milestone requirements that which we have no idea what they may be...... There are very few people at Titan USA, and surely not enough to take over the engineering/build necessary to get to CE/FDA. It doesn't matter who, or if anyone orchestrated the payment to Cambridge(?) b/c Cambridge believes Sport/ENOS can get to the finish line. And all that matters is that Titan has enough money to get there. And they do for the next 6 months, or longer depending on what's in these 4 milestones.
I'll summarize with "once the medical and investment communities see our/their version(s) of ENOS, then Titan will have no further financing issues, one-way or the other.
Where are YOU getting all of this gloom-and-doom? You guys must be hosting off-line seances to boost each other's bad juju meter.
Sincerely, I wish you and your ilk good fortune. Good luck to all. Regards,BK
Reply 116806 OR NURSE: I agree. I don't think those dates are a coincidence either. Regards, BK.
Reply 116774 frequent1; Haven't you ever seen the same product called by 2 different names? MDT's version of ENOS could just have a different insertion housing cover. Much like GM's Pontiac, Olds, Buick, Chevy. MDT goes CE, and Titan goes FDA. Further, once MDT goes CE, couldn't Titan use it as a predicate? Just a thought. Regards,B.K.
Reply 116767 OR NURSE; I agree with your thoughts and comment as to “interesting” how Titan ONLY raised $18M, instead of $100M. And Titan knew the timeline(s). While leaving open the question as to why?
I have made my own conclusions. I still think that the redacted version of the “development agreement” leaves a lot unknown. I think Titan is working on 2 separate projects for MDT, and one is SP RAS. And the other is a combination of HUGO, ENOS and the Titan multi-port (a mash-up) of all 3 based on what IP is now available that’s expired from ISRG, MDT’s designs that are workable, and MDT’s wish list of what Titan can include. I don’t’ know how Titan get's work done on both at the same time, b/c of lack of resources. And I don't think both single and multi will be ready at the same time. If I'm wrong I won't feel bad apologizing.
I've read that multi-port is EVERYTHING and must be done first (written in a very dramatic manner for false emphasis). Bologna (fried, with mustard, on toast with cheese). I do think SP RAS is very relevant and will have a significant and immediate impact on the new SP market segment, as ISRG is starting to show signs of their device in use recently. I still think Sport/ENOS is superior – by far. I think the Titan IP is the single weapon of choice from which MDT will hold off ISRG and any other competition, so Mc better negotiate from strength because I’m watching his performance as it applies to HIS fiduciary duty, compared to his actions. This should be interesting.
I’ve read from the board – again, what if MDT is making decisions and “telling” Mc what to do etc. My thoughts about such "statements" about that which has been postulated (by only a few) could fall into the definitions of an implied or verbal contract, and BOTH are legally binding “because the law creates an obligation in the interest of fairness based on the parties’ conduct or circumstances.” Further, "denying the contract's existence would result in unjust enrichment to one of the parties." I think the agreement with MDT was written to protect MDT from falling into one of those definitions. MDT and Titan are dancing very closely around them. IMO.
My only regret was that I wasn’t able to hear all of the Meeting or Q&A today, so I don’t know what was asked about any of the details of the MDT relationship. But, I did clearly hear Mc say “partnership.”
I’m very happy for all share holders regarding the RS. That’s one less BS issue that will create any doubt or get continually dragged out by those that wish ill-will toward the share price while espousing they want the device and projects to succeed. There's certainly little hidden intent about getting out from under their short position(s). IMO Good luck to all. Regards, B.K.
SPORT: Mc may not touch what I've said, or the question that I've raised regarding the definition of IP and license as to the agreement. But, now he's in it up to his neck b/c of the known decisions. And I'm asking fair questions on behalf of myself, as a shareholder.
I'm no lawyer, (and I don't play one on TV). He's responsible for making decisions in the best interest of shareholders. And, an argument can be made that he hasn't - yet.
Good luck to all. Regards, BK
Liv: I can't be absolutely sure, but nothing else makes sense if you factor in the amount of time it would take to integrate the patented designs, and then go through the manufacturing process of Sports subassemblies, then all of the code, testing, fault-deterrences, more testing. This could go on for years, or more. I just don't think Martha looks at this and says.....Nah we'll do it ourselves. Then goes on to try and explain that decision to the BoD. Especially after Martha says we grow what we acquire. I don't know what else to conclude until there's more concrete evidence of another product closer to FDA as a SP RAS device.
Disclosure: I've been wrong about getting Sport developed, and the long chaotic safari TMDI has gone through to get funding. My crystal ball needs a lot of polish.
Good luck to all. Regards,B.K.
TimTeo: TMDI could have an auction, with a reserve and get at least $1B. Don't you think JNJ, ISRG, and a few others would bid?
Further, what about the fair market value assessments before auction from which to gauge actual value? A premium to an artificially manipulated share price is not really a premium to fair market value. Is it?
Hell, if MDT is that stupid ISRG would jump in and say thank you for the next 20 years. Martha wouldn't last 1 year if he lets this get away.
Please - anyone tell me there's another solution on, or over the horizon.
SPORT - Sure, SP is totally speculative. I'll admit, you're raising the bar with your humor. Yikes!!
IMO. Good luck to all. B.K.
Post 115518 Roll: Those you named, and others fit the definition of an implied contract.
These are my thoughts alone. And why I'm scared to death of the RS language and why I'm not selling. Make your own decisions, and formulate your own thoughts to come to your own conclusions. Please.
What Is Intellectual Property?
Intellectual property is a broad categorical description for the set of intangible assets owned and legally protected by a company from outside use or implementation without consent. An intangible asset is a non-physical asset that a company owns.
https://www.investopedia.com/terms/i/intellectualproperty.asp
The following theory/guesses/speculation can only be further verified by an IP lawyer.
The following is an argument, with assumptions based on the goal of MDT entering, competing and winning significant market share in the RAS segment. My argument is MDT will acquire the SPORT SP RAS device.
The IP is not just the wildcard in the game. Sport is the vessel that transforms the IP into a usable machine that can change the game. And the device that can be used to compete in the shortest known timeframe that which I'm aware. Please someone/anyone provide other competitor device information. Now if you want to make the point that IP, means MDT can take the physical SP arms and just use the entire subassembly, that's a different argument. There's a distinction, but I can't make the distinction because I can't read the actual "license" agreement.
Someone should ask Mc what TMDI's definition of license agreement is. Is it just the intangible assets to only include patents, or does it include physical components too?
I'll make my point now. It could by argued that the actions taken and subsequent to the "license" agreement may be a verbal contract, or an implied contract. Which is why a venture capital company bought the $18M offer. Just to avoid appearing to have been orchestrated for both parties mutual benefit. That offer was probably, by definition, open to the general public. It's just a coincidence that the first company they offered it to, took the entire amount. Just a guess. Which is why it was for only $18M. It was orchestrated. Frankly, I would have made it $80M, but that would have created a he!! of a problem keeping all those chunks below 5%. So why didn't Mc go for more? Again, implied contract.
Further, to my point regarding the implied contract - the $18M raise is a milestone? (A condition of an implied contract?) And so now - one could conclude that Mc is on the hook for deciding $18M is enough at this time? I call BS. You get all that you can, at the time you make the offer. Is it possible our licensee, asked that only $18M be raised? Why, and for what purpose?
An implied contract is a contract that exists based on the actions of those involved. Though it is not a written or spoken contract, it is just as legal. A contract is assumed to exist based on the behaviors of the parties to it.
TimTeo - $1.25? You really said that and mean it?
Hi Scalpel. Good to see you around again.
IMO. Good luck to all. Regards, B.K.
CRNA: Ask her to apply for the Receptionist job. That could lead to real intel (wink-wink). Regards, BK
Post 114818: DiceMaker, you make a good point. What I didn't hear was there was an entire Sport in place, to be seen. If I heard that, then I would be scratching my head as to why? Not hearing that, supports the theory that the 5-6 working versions are in the field being used for testing and documentation for certifications. IMO
Good luck to all. Regards,B.K.
Here's a thought for the board, and possible question for Mr. Genova: Would TMDI hire a MDT engineer? What if some of the positions at TMDI are filled by engineers from MDT? Depending on the milestones, that may shorten the timelines, and possibly flatten the learning curves. The only way that scenario works for me would be if said person, gets their MDT employment benefits reinstated after BO. B/C of retirement, vacation, etc. Double dip - reinstatement and TMDI options. It's plausible. Good luck to all. Regards, B.K.
Hang in there CRNA. I like your perspective.
Reply 114634: SPORT, I'll agree costs keep going up. So then, why would MDT require only $18M in the offer? If the SPORT IP design enhancements for HUGO were high-risk why not go for $40M? That's what any Product Manager would do. The $18M is somehow an amount that will get Sport to the end of the milestones. I'd speculate the last milestone is just a substitute phrase for BO. Otherwise MDT doesn't get world dominance and TMDI pays off the loan. Someone tell me how they get to world dominance, and control their revenue stream/destiny for the next 15 years without TMDI? How does MDT dominate RAS by the end of 2021 without TMDI? That fits. Or they go into extra innings by mutual agreement. There are no rules, only laws. But I do think that the clock is ticking for MDT. They have to make the jump past R&D, b/c the HUGO design won't compete. Oh, and they need a single port. MDT isn't going to use their engineers to build a Sport-like single port. MDT's engineering resources are at capacity or they would have fixed or modified HUGO. If they can figure it out, it takes years. Again, it's a time thing. And Mr. Martha wants to look like THE Med Device industry genius. Can't do it without Sport. Or... does MDT screw around and let JNJ get Sport? Laughable.
I'd fathom a guess that Chad went to Cambridge and other vendors that worked on Sport and provided them with a set of details, features and functions and asked for a quote. How else to you get to $18M? If it were up to me..... I'd say what ever the costs were, then double it to address delays. Which is why I'd have gone for $40M. And that's the reason MDT told TMDI ONLY GET $18M. The TMDI supply chain and engineering development were already in a state of lock-down which probably caused all hell to break loose and rewrite the agreements, so that's baked into the cost. That $18M is not a WAG, and it's not a moving target anymore. MDT had to share intel about what they want, so the vendors could look at the design and figure out what's needed to get from A-Z. Those vendors had to be engaged early B/C TMDI doesn't have an army of engineers to do the enhancements.
I'd speculate that the NC facility and those new engineers are for installations, customer support and the next phase of Sport and/or HUGO. IMO. Good luck to all. Regards, BK.
Reply 114428: Honeycomb (Dude?!?) yup I duded you. There's probably an NDA, a.k.a "gag" order in place, by mutual agreement (IMO) with MDT. What do you think Mc is permitted say to calm your jagged nerves? This is all taking place in a vacuum with MDT. It's a partnership, with a contract - (there I said it out loud in the room). He can't say squat about what they're doing unless the PARTNER agrees.
I think your anxiety comes from not knowing what's actually in the contract. I feel your pain (So quit B!tching). No one knows, but TMDI and MDT. I suspect that's your point of concern. I can't be sure b/c you complain about a lot. And please don't take this personally; all the Helen's in the world don't care how you feel. So to recap: B!tching and moaning won't get us further to IC, or knowing any of the juicy details that we all want.
No charge for the therapy sessions. Look forward to meeting you in Vegas someday.
Good luck to all. Regards,BK.
Reply 114419 Monk: I don't agree with some of your scenario. I hope you're wrong, b/c as the CEO (Any CEO & BOD) Mc has a fiduciary duty to the benefit of the shareholders and so does the BoD. That behavior you describe is in default of those duties. I'd be cautious with those "guesses," or theories. Even if Mc did nothing, and those conversations/plans took place, that would create suspicion that he and the Bod may have postured in direct conflict with the loyalty, trust and most importantly good faith elements. This is subject to further discussion/debate, but I think it ends at the same place. IMO Good luck to all. Regards, BK.
Reference:
https://www.nolo.com/legal-encyclopedia/fiduciary-responsibility-corporations.html
https://smallbusiness.chron.com/legal-relationship-between-shareholders-ceos-33637.html#:~:text=The%20duty%20of%20loyalty%20requires,to%20avoid%20conflicts%20of%20interest.
https://www.investopedia.com/terms/c/ceo.asp
Stenz: You're being sincere? Just read the last few posts from Facetrain. If you read this board, you wouldn't have to ask the question you have. I call BS. Either you're here b/c you're short, or you're not getting enough attention elsewhere. Good luck to all. Regards, BK
Reply 114013 CRNA: I tried to clean that up and failed. My thought is MDT is looking to acquire SPORT, and if Mc can't prove the facility in Charlotte can upgrade and develop from TMDI IP, then the price of the BO will be lower than if TMDI has great success with the development. Another reason for the Oversight Committee. It fits.
Separately - sheesh, everyone's an English major now? Ha! Sometimes I get a little ahead with my thoughts and I can't type as fast as I used to. No excuse, but true.
Good luck to all. Regards,BK
I'll work on that. I'm having a conversation in my head, and typing at the same time. I can't edit as fast as I'm thinking. Ha!
Please disregard that previous post. Somehow I couldn't fix it.
I can't just call this a duck - yet. And I have use that analogy to win an award protest argument at the Pentagon - a long time ago. I keep going back to the question as to why? Why the milestones? Why the secrecy? The secrecy part is easy. Because you don't want to confirm any speculation, because it can lead to unintended competitive consequences. You can't predict other competitors actions or future events. Finito. It's the milestones that suck all of the air out of the room. Here's my speculation as to why milestones? And why there's a conditional agreement for development, for the next 8 months(?). I'm pretty sure Roll presented a calendar of events that matched up into spring of next year.(?) The loan sets the tone of the conditional partnership as friendly. Otherwise TMDI pays off the loan early. The development agreement is the key. MDT tied up all of TMDI resources. And turned them into a $41M date, an extended courtship and a job interview. By that I mean, even if JNJ, or an other competitor wanted a friendly partnership with TMDI, there's nothing left of TMDI except SPORT in its current functional condition. JNJ can't get SPORT b/c MDT has the IP tied up, by mutual agreement with TMDI not paying off the loan. Those are the handcuffs. TMDI has no additional human resources or capacity to manage any other product development. Those milestones 3 & 4 I'm guessing have to do with integrating the IP into the multi-port. Which is another reason why TMDI established the office in Charolette - b/c Genova lives there. (That piece fits too). However, I think the multi-port is NOT the priority. It's secondary to SPORT, which is why MDT made TMDI get the $18M. If it turns out the integration is more difficult b/c of lack of engineering resources or other etc.... the agreement can be modified. Also, having an MDT person on the Oversight Committee for this possibility fits. (Pieces must fit.) And I think $41M is not enough money to integrate the IP to completion. This is speculative, b/c we don't know what is in #3 and #4. #4 may not contain complete integration. But, I also think MDT will see the benefit of what can be done and buy TMDI. Does anyone think that MDT will go this far and release TMDI to the competition? I think TMDI is bought for a lesser amount. And that had better not been negotiated yet. Here's my final point as to why I think MDT bought that offer. Both the Bod and CEO have a fiduciary duty to the business's shareholders. That duty wouldn't be compromised if MDT is a shareholder too. So again, I speculate that a friendly investor, or associated company of MDT bought that offering. I don't know how JNJ, or others can do it now, except a long, slow, up-hill slog to find or develop IP to compete/participate. Or.... JNJ could try to buy MDT later. Wow. Isn't guessing fun? I don't know what other dots there are to try to connect. IMO. Roll, if this is what you meant before, sorry it took me so long to connect these (speculative) dots. Could you try to write a little more clearly so I don't have to think so hard? Good luck to all. Regards, BK.
I can't just call this a duck - yet. And I have use that analogy to win an award protest argument at the Pentagon - a long time ago. I keep going back to the question as to why? Why the milestones? Why the secrecy? The secrecy part is easy. Because you don't want to confirm any speculation, because it can lead to unintended competitive consequences. You can't predict other competitors actions or future events. Finito. It's the milestones that suck all of the air out of the room. Here's my speculation as to why milestones? And why there's a conditional agreement for development, for the next 8 months(?). I'm pretty sure Roll presented a calendar of events that matched up into spring of next year.(?) The loan sets the tone of the conditional partnership as friendly. Otherwise TMDI pays off the loan early. The development agreement is the key. MDT tied up all of TMDI resources. And turned them into an extended courtship and a job interview. By that I mean, even if JNJ, or an other competitor wanted a friendly partnership with TMDI, there's nothing left of TMDI except SPORT in its current functional condition. JNJ can't get SPORT b/c MDT has the IP tied up, by mutual agreement with TMDI not paying off the loan. Those are the handcuffs. TMDI has no additional human resources or capacity to manage any other product development. Those milestones 3 & 4 I'm guessing have to do with integrating the IP into the multi-port. Which is another reason why TMDI established the office in Charolette - b/c Genova lives there. (That piece fits too). However, I think the multi-port is NOT the priority. It's secondary to SPORT, which is why MDT made TMDI get the $18M. If it turns out the integration is more difficult b/c of lack of engineering resources or other etc.... the agreement can be modified. Also, having an MDT person on the Oversight Committee for this possibility fits. (Pieces must fit.) So again, I speculate that a friendly investor, or associated company of MDT bought that offering. I don't know how JNJ, or others can do it now, except a long, slow, up-hill slog to find or develop IP to compete/participate. Or, JNJ could try to buy MDT later. Wow. This only fits if JNJ gets a Corona vaccine (which fits with their primary line of business-pharmaceuticals), to generate tons of cash, and then JNJ wants to boost their Med Device division. Big if's. I think JNJ's out of the RAS business for a while, if not forever. JNJ's MK is 360B, with $17B in cash. So that would mean any major accumulation on the open market would be hostile, compared to the present conditions between MDT and TMDI. Also, we'd see this major accumulation well in advance, and other major investors would jump on-board to get in on the action. This is all conjecture. Isn't guessing fun? I don't know what other dots there are to connect. IMO. Roll, if this is what you meant before, sorry it took me so long to connect these (speculative) dots. Could you try to write a little more clearly so I don't have to think so hard? Good luck to all. Regards, BK.
Reply 113963 Sport19: I did read it. It's not the actual agreement and the way it reads is ambiguous at best. The only traction I get from reading it is the intent. No details. I agree with the conclusion that there are 2 projects going at the same time. One for MDT development, with the inclusion of licensed TMDI IP. The other continuous development of SPORT. I don't see any clear "planned" intent of a reverse split - again. I see A LOT of a$$ covering. And I don't see anything obvious of MDT developing their own single-port. I think TMDI has been tasked to work their IP into a multi-port. I can't say whether it's HUGO or TMDI's. I can't figure out why MDT would make TMDI generate $18M, or why only $18M as a milestone. I can only guess that MDT wants SPORT to be finished, because they want it. Otherwise why include a separate milestone for $18M? Martha says "hey go get $18M, and we'll give you another $10M just for doing too? Further, IMO - Titan puts out an offering and it's covered in a few days of announcing this "what-ever-you-want-to-call-it" partnership? I'd call it a conditional partnership. With one partner paying $10M up front, and the other raising $18M because the 1st partner said so. (?) Reality is stranger than fiction, and I'd be really surprised if MDT didn't buy that offering, in order to control its own destiny. If it was anyone else, not friendly to MDT, MDT's BoD and investors will go bonkers. IMO. B/C now a competitor owns a big chunk of the Med device mfr that MDT is counting on to integrate into a their multi-port, and owns a big piece of a new dynamic competitive RAS single-port. And it would appear MDT can't get their own robot working or well enough to compete with ISRG. Hmmm.... pieces have to fit neatly into place. I don't see the fit the way you're describing it. I do agree with your cautious posture, because Mc has done stuff that has been terrible for investors, and he has lied. Period. Back to MDT - they have enough cash, a clear path, experience and vision to swallow TMDI. I think these milestones are a test to see if TMDI can become the mfg division. That fits with MDT needs too. Perry Genova also fits b/c of all those options to keep him as Exec of R&D. SPORT is an obvious fit. The rest just makes the story more interesting. "How to create a solution to secure revenue and growth for the next 10-20 years." Or, a competitor stepped in and screwed that plan up by buying the $18M offering. You could be right. (Nah.) Again, don't see MDT letting that happen. There is just no other mfr on the horizon MDT could be working with on a competitive multi-port to compete against ISRG, AND develop the other RAS market segments at the same time. THAT IS A COUP. That's the disaster scenario for ISRG. Good luck to all. Regards, BK.
Reply 113911: Sport19. Channeling my best Columbo - Why would Medtronic make #2 Milestone of raising a minimum of $18M capital, if Medtronic is licensing IP from TMDI? Do you think ANYONE would agree to raising their own capital to spend it on development for another company, as a competitor? No. If... Medtronic wants TMDI to develop any and all future IP from which MDT owns exclusive rights, then why make that a requirement apart from the MDT development? So..MDT wants TMDI to have a big stash of capital? No. I can guess that MDT wants to see SPORT finished - soon. Again, what's the benefit for MDT to see SPORT finished. I can guess that MDT wants to use it somehow to their benefit. Buy it and compete immediately or license parts of SPORT and spend more time and pay way more to develop their own single-port? I don't see the benefit to MDT to licensing pieces of SPORT for their own single-port. Again, whats the benefit to MDT? Will they be able to create a better SPORT? Just a guess, but not likely. MDT will be the master of its own destiny, and buy it. A lot of the MD&A is confusing because it includes development of tech but doesn't state specifically for what. The best fit of the pieces that I can see would be to integrate into the multi-port product - whatever that may be. IMO. Good luck to all. Regards, BK.
Reply 113898 Sport19 MD&A. My understanding of what you provided is just a summation of the actual MD&A. It's too ambiguous to determine one way or another what you may be inferring. And clearly you're reaching (I'm being generous) saying that Mc's posturing to get to a reverse split. To determine what's what I'd need to see the actual agreements. The rest is speculation. You can guess based on the intent of the message, sure. Looks like Mc's trying to say, hey we're in an agreement to use our IP and "develop" something that MDT wants that works like our current components. I'd guess further that MDT wants those electromechanical sub-assemblies to be driven by software. So, the reference to partners that TMDI has engaged previously may or may not work out. From that, I'd say TMDI is working on parts either for HUGO or upgrading TMDI's multi-port, and now MDT has interest. Again, I can't guess any better than you from the message. I'd think, Mc would have asked those TMDI partners prior to signing any MD&A. This now makes sense to me b/c of all the options offered to Perry Genova. Mc's language to engage previous 3rd party vendors would involve Cambridge, and those that have manufactured the current versions of SPORT. IMO. EOM. Good luck to all. Regards, BK.
Reply 113882 Sport19: Ok, officially where was this published please? Thank you.
The actual text from the NASDAQ site. "This notification does not impact the Company’s listing on the Nasdaq Capital Market at this time. In accordance with Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of notification, being February 1, 2021, to regain compliance with the minimum bid price requirement, during which time the Shares will continue to trade on the Nasdaq Capital Market. If at any time before February 1, 2021, the bid price of the Shares closes at or above US$1.00 per Share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement and will consider the deficiency matter closed. https://www.nasdaq.com/press-release/titan-medical-confirms-receipt-of-deficiency-notice-from-nasdaq-2020-08-10
Where are you getting a reverse split from this quote?
I read all of the Press Releases and didn't see this. I was going to continue with snarky commentary, but it's a waste of good syllables. Good luck to all. Regards, BK
Reply 113484 HC77 - I could speculate that MDT CEO would rather wrap up this opportunity, and also address any issues about HUGO, and create barriers to entry with IP from TMDI and address Single Port all in 1 deal. All of these elements fit, make sense and most importantly ARE doable. This is a unique opportunity that is available to protect future revenue and profit. Makes him look credible with the newly stated business model of acquisitions, and grow the acquisition. He has to look strategic, and this would do both in the first year of his promotion. Further, the TMDI opportunity addresses the "what the hell are we going to do against ISRG?" question for the next 10 - 20 years. MDT has a competitive business plan model for each of it's divisions. ISRG IS the 800 lb. gorilla that must be addressed for strategic planning through the next 10 - 20 years. Or.. create a new market segment with no foreseeable competition? (Hmm.) My only hope is that other Med Device manufacturers get in the mix of trying to get a piece of TMDI, somehow. I'm still not convinced of the possibility of licensing IP to other mfr's speculation. Barriers to Entry are the crown jewels of business. IP, and the cost to get in the game being two of them. The amount of time it takes to go from A-Z (design, development, test, proof of concept, build, and sell) is enormous. The cost of time is the 2nd most expensive barrier. There's also risk (3rd expensive barrier) based on the amount time it may take to go from A-Z. The length of time from development to sales revenue, the market may have moved, or leaped beyond the design. I don't see MDT "allowing" any competitor to get in this game, and permit a situation where they could control their destiny by buying TMDI. Buying the IP is the cheapest way to compete. I would think this is the end of this game (someday), IMO.
Reply 113438 MX77 - I can speculate. Depending on the answer as to who bought: I don't think it matters. Someone owns more than 18%. If it's not MDT - then the new player creates a new dynamic in the competitive landscape. That information most likely creates additional attention to TMDI, which may cause buying from new sources. Or, more buying from existing sources. Call it FOMO, or momentum IDK IDC. Some of the ways to make TMDI more expensive to own is increased valuation of IP, new awarded IP, execution of milestones for further proof of concept of Sport, or the competitors in the Med Device space decide to try and get a piece of TMDI. Right now if ANY of the competitors care to make this ugly, they buy. When TMDI is sold those who own get more cash, or own MTD stock. Either way its a more valuable asset. JMO. Driving down the price, IDC. I know this race will eventually end. Don't know the course of action, but it will end. The IP and proof of concept dictate the rules because the Med Device market already exists and the value has been established by safer outcomes from a better mousetrap than what ISRG offers. JMHO. The rest is fear mongering, wrapped in a shroud of cautious language because of the history of TMDI. IMO. I'm aware no investment is 100% safe. I ask anyone thinking of investing please be aware. If there's a better potential robot on the horizon please tell us, so we can be better informed about the competitive landscape and this investment. Anyone????? The mic is open. Thank you. Regards, BK
Reply 113334 Magnus - Hmmm..... I call BS. Why would MDT put someone on the advisory board and then let TMDI do a reverse split? If what you propose is true, then MDT would have let TMDI wither back in June. This deal is done. MDT CEO has to show good judgement, he hasn't been CEO for long, to his shareholders and BOD. Slow methodical progress, milestones, goodwill. Further, why would he treat a possible new division like dirt? MDT has a pristine reputation for mergers. Why would they subject that and their world-class standing in the med device market. It's all about the goodwill for future acquisitions too. There's no reason for a reverse split, it just happens to be part of this companies history. You're short - so what.