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No wonder the FBI and the SEC have been investigating the board members of Xechem for committing fraud. When all the evidences are presented to the judge and the creditors, the day of reckoning will come for those board members to be scrutinized for fraudulent manipulation of funds.
It appears the bottom line is adhering to the fundamental principle of good business practice. In order to flourish, XeChem must figure out a way to mass produce Nicosan and market it to those who can afford to pay for it. Once the revenue generated is sufficient enough to run a nice surplus, the Nigeria government will be convinced and motivated by partnership with XeChem for mutual growth and profit sharing. With vested interest in XeChem, the Government may flex its muscles to market Nicosan and subsidize the drug for the poor more cost-effectively. Other African governemnts might want to follow the footstep to do the same...
I believe that the best approach is to be patient with our Monty/Lane team. I can sense your eagerness to know down to the very detail of what our strategy is. However, I think the best weapon to fight our opponents is NOT to let them know all our ammunition until our battle is won. In my opinion, a periodic (general) update from Monty about the status of our effort is good enough for us shareholders in this transparent iHub posting.
Welcome back home! Hope you get over your jetlag soon.
Thanks very much for all the works you have done!
Home stretch? That's almost equivalent to the smell of success.
God speed!
Welcome back home! Hope you get over your jetlag soon.
Thanks very much for all the works you have done!
Home stretch? That's almost equivalent to the smell of success.
God speed!
Monty, thanks so much for enlightening us.
Big pharmaceutical companies would be glad to see us go under. To them, we're a potential threat to millions of dollars that they have invested in their products, let alone the billions of dollars of profits that they can continue to generate from their sales. Take Type 2 diabetes, for instance, all the drugs so far do not treat the etiology of the disease. They are used to regulate the blood sugar only. As with all drugs of chemical base, there are plenty of undesirable side-effects.
Destroying Xechem is easy. All a CEO has to do is to NOT comply with SEC, shut down the factory and shut out the shareholders. Swift could have a well plotted plan of starting up another company in his name without us...
Fortunately, with all eyes focusing on his track record, it is going to be difficult for him to achieve his goal. We need to let the Creditors' Committee know that there should be a bright future for this company without Shift's self-serving plan. Creditors may want to have their money back but definitely NOT by participating in any fraudulent scheme. We need to crunch some figures to show that there is a viable alternative to produce Nicosan and also other drugs in the pipeline cost-effectively. We need to convince the creditors that they can get a lot more return on their investment by letting the company turn around to general good revenues and by marketing the products efficiently. I hope by now the efficacy of Nicosan is well recognized to be a highly effective drug of choice to treat SCA without dispute.
Sounds great!
I CONCUR. LET'S NOT FORGET:
UNITED WE STAND,
DIVIDED WE FALL.
WE NEED A UNITED FRONT TO WORK WITH OUR ATTORNEY TO LEGALLY REPRESENT OUR INTERESTS IN THE COURT OF LAW. OUR OPPONENTS WILL UNDOUBTEDLY TRY TO UNDERMINE OUR EFFORTS. THEY WILL BE HAPPY TO SEE US DIVIDED. A LOT IS AT STAKE FOR THE SCA SUFFERERS, THE RESEARCHERS FOR NICOSAN AND THE INVESTORS. WE ARE AT A CRUCIAL STAGE THAT WE HAVE TO STAND FIRMLY FOR WHAT WE BELIEVE IN.
LET JUSTICE PREVAIL!
Speaking of coming clean, here's a tip
To the Swift 'team':
You can fool someone sometimes...
But you can't fool everyone all the times.
Millions are suffering while you think you're doing fine...
Millions of eyes are examining you, wondering if you have a spine.
You could rake up all the shares with nickles and dimes...
But sadly end up doing times.
Throw in your towel of filth & grime...
rest assure you may live with some peace of mind.
Take care, Monty!
I wonder if Monty could use a bodyguard for his protection.
Monty, Good luck with your paper work!
Monty, Good luck with your paper work!
I hear you Larry. You made your point. I have to say there is some merit in your opinion. My apology for being too hard on your wild comments. Guess everyone knows you quite well by now, LOL!
There you go again Larry. Can you please support your accusation with EVIDENCE? Otherwise, at least let someone else do the investigation before your post something like this irresponsibly.
The volume could get a lot more interesting yet. If the creditors agree to restructure with the shareholders on board, XKEM will pop loud and wild, along with our champagne!
Sounds like a broken record: no reports filed, no loyalty fees paid, extension needed from another government organization, etc. It makes you wonder what our Oversight Officer has been overseeing for all these months.
It appears that Swift has reached the crossroad and is seriously thinking about which path to take from here. Perhaps killing Xechem for self-serving interest may not be too good of a plot as all eyes are focused on him, including our attorney's. It makes you wonder if he is going to side with the shareholders as a last ditch effort to redeem himself, in my opinion.
Enjoy the balmy weather but be careful with what you eat in your lunch with Swift, Monty, LOL!
(Dr.) Monty,
Xechem is quite sick and we are very fortunate to have someone like you trying hard to save it. It's a bit premature but I'd like to make a motion that ONCE WE EMERGE SUCCESSFULLY FROM RESTRUCTURING we will set up a pitch-in box for shares contributed to you for your great work done for us XKEMERS. I think you deserve a lot more than a pat on your back by then. We'll be looking forward to having this celebration party with you!
In the old days, doctors got paid with chickens and goats when cash was hard to come by. I am wondering if Mr. Hasler, our lawyer, will take pledges of common shares as remuneration, along with cash, of course, if the situation ever gets to that desperate. In that way, he would have vested interest in XeChem for sure.
Keep up with the excellent job!
Gratefully yours,
Larry
I think it is very important that we post material here with a clear conscience and understanding of the implication of character assassination so easily done by carelessly labeling a person. Dr. Pandey’s reputation should be not smeared by thoughtless and derogatory remarks like this. It is hard enough for someone like him to go through the hardship of dealing with the litigation and now the work of trying to revive Xechem. The last thing he deserves is to be hurt by derogatory accusation from anyone posting here. Let's not forget that there are feelings that can be hurt badly by such kind of comments that are not called for ---- not even as a joke.
Please be considerate of other people's feelings! Dr. Pandey might not be the best manager in the world but he does not deserve this. There is enough hurting already.
(Amended)
The key issue is whether or not the shareholders will get to participate with the restructured company by keeping the existing shares or using the existing shares to exchange for the new shares with or without dilution --- the best scenario.
On the other hand, all the shareholders could end up holding the bag with shares of ZERO value while the restructured company emerges with new shares owned by familiar persons ---the worst scenario.
Does anyone have a clue to this issue?
Does anyone know the role of our attorney with respect to the committee and the judge who have the influence on making the decision of this issue?
The key issue is whether or not the shareholders will get to participate with the restructured company by keeping the existing shares or using the existing shares to exchange for the new shares with or without dilution --- the best scenerio.
On the other hand, all the shareholders could end up holding the bag with shares of ZERO value while the restructured company emerges with new shares owned by familiar persons ---the worst scenerio.
Does anyone have a clue to this issue?
Does anyone know the role of our attorney with respect to the trustee and the judge who have the influence on making the decision of this issue?
Please clarify the spelling of his last name. Is it Hasler or Haslert? Thanks.
An Open Letter To The Board Of Directors Of XECHEM:
It is high time that a shareholder like me to speak openly about the stake of each and every investor who has been supporting financially and emotionally for the successful mass production of Nicosan for a good course. There are millions of sufferers of Sickle Cell Anemia who can benefit tremendously from the mass production of Nicosan, the Orphan Drug approved by FDA, to effectively treat Sickle Cell Anemia. Yet from the moment Dr. Robert Swift and his Board Directors took over the management of XECHEM, there have been unscrupulous acts committed by the Board of Directors that are contrary to the ethical and legal requirements of a public trading company. The list of actions is numerous and serious enough that the Board should be investigated by the SEC and the FBI. If every public trading company’s Board of Directors behaved like XECHEM’s, there would be no more trading of stocks by the companies listed on Wall Street due to lack of accountability. America’s market economy thrives on corporate transparency and there are organizations and people to make sure that there are checks and balances to safeguard the vested interest of the shareholders who effectively are the real owners of any listed company. As it stands, there have been borderline illegal actions to warrant such disciplinary actions:
1). For many months since Dr. Pandey was driven out of the company, the XECHEM Board of Directors has been shutting out all the shareholders by purposely refusing to file the quarterly financial reports to disclose the financial status to the shareholders. Through the company’s spokesman, Stephen Burg, manipulated and misleading information have been given out to deceive and confuse the shareholders. Also, the Board has purposely refused to disclose any positive news of XEKEM in terms of sales, growth, the commercialization and production of Nicosan in the Nigeria operation. Effectively, the Board has managed to drive down the share value of XECHEM to so low a value that filing for bankruptcy protection is the Board’s well planned strategy.
2). As a long term shareholder who has been ardently supporting XECHEM for the past years, I and many other shareholders have seen our common shares become almost worthless. The Board of Directors has helped to destroy the hope and fortune of many a shareholder who wants to support Nicosan’s successful development to benefit millions of SCA suffers. Meanwhile, there is strong suspicion that the Board’s clandestine plot of restructuring has been planned for the exclusive benefits of the Board Directors by leaving the shareholders empty handed.
3). If there is any element of decency left to prove that the Board still has any intention to flourish with the shareholders upon emerging from bankruptcy protection, there must be some guarantee to the shareholders that their existing shares will be as good as the new shares, if and when the new shares are going to be issued to replace the old ones. As well, the essence of Nicosan or its related chemical compounds such as 5-HMF should remain in the restructured XECHEM for the benefit of every shareholder.
4). A word of solemn warning to the Board of Directors: In this day and age of mass communication, rest assure that this letter will be read by all politicians of different stripes to see that justice is being carried out if fraud is committed by the Board. For the Board of Directors to cheat on the shareholders of a pubic trading company for personal gains is a very serious crime. As for the sale of 5-HMF, the Court should consider the following factors: (1) whether the purchaser of 5-HMF and the Debtor negotiated at arm’s-length; (2) whether there is any evidence of fraud, collusion or inside dealing; (3) whether an officer or director of the debtor obtains any lucrative employment package for his or her part in the negotiations.
Perpetrators have to be punished and the shareholders have to be protected by the law to uphold the integrity of the American stock market. This message shall be heard by the SEC, the FBI, the senators and the Congressmen and if necessary, all the way up to the President of the United States.
5). A moral message to the Board of Directors: there is an old saying taking on a different meaning,” You can’t take it with you!” All the fortune of millions of dollars that you plan on amassing from the restructuring will not do you any good if you end up losing it all and going to jail for committing fraud. While you still have a chance, I would ask you to consider siding with your shareholders and emerge from restructuring together with the shareholders. Not only that you might be able to avoid criminal persecution, but also emerge as some kind of hero in spite of the big mess that you have created. Every day you have delayed the mass production of Nicosan, you have caused unnecessary misery to millions of Sickle Cell Anemia suffers. When the day comes that you have to die, you will not be kindly judged by mankind. Life is but a journey and you have just come to the cross road.
Sincerely,
A long term investor
Happy New Year To You All!!!
Many thanks again, Monty and others, for your hard work to get to where we are!
Let us know so that we can pass the hat and chip in
if you do need some legal funding in a timely way.
You have our full support!
I second that. Looking forward to hearing Imf's reply.
Monty,
Many thanks for your excellent work!
I would like to make a motion that we should delegate you, Monty, to work on the hiring of a suitable attorney ASAP. We'll be passing the hat and putting the money in escrow account. We need legal representation to properly make our case in court. $200 per shareholder sounds a reasonable amount, especially when 100 shareholders or more can pitch in together. The stake is high for every shareholder who wants to have the best chance to see some return on our investment. As well, timing is the essence. We snooze and we'll lose!
A word of advice for those who are sitting on the fence: all the shares you own may not do you any good if we don't grasp this opportunity and give our best short at it. It takes money to win back our hard-earned investment money! Talking alone is not enough to get the job done. REGRET is not a word that we should use in the end.
An "open letter" from a shareholder to express an investor's point of view to sum up how the BODs have fraudulently deceived the shareholders & the public and abused the XKEM resources would help, IMO.
No words can express how grateful I am for the excellent work that you have done. All the best to you!
With utmost appreciation,
Larry
WOW! This is awesome!
Keep up with the excellent work!!
Imf, I greatly appreciate what you have done! I am certain that there has been a lot more hard work behind the scene that you and others have dedicated yourself to. I can understand that it is stressful enough to take on this kind of challenge when there is limited help and time left. It is difficult to stay focus in times like these when everyone seems to be telling you to do something different. Investors who have been hurt so badly would say anything to vent their frustration. All those who have been working relentlessly on behalf of the shareholders deserve our utmost respect! When the time comes, let's not forget to thank whole-heartedly those folks that have contributed to our success. I personally would have no hesitation giving away some of my shares to remunerate those people as my token of gratitude.
Everyone needs a pat at the back once in a while, especially during these difficult times when the work is tiresome and the job is seemlimngly so thankless. A few words of kindess and encouragement will help us all get over this major hurdle and reach our goal.
Let's be optimistic and keep our cool! Dr. P may not be the smartest business person but IMO he is a good man with a generous heart for those suffering from SCA. The gag order during the period of litigation prevented him from being vocal and that is understandable. He has invested many years of hard work in his research and his stake in losing his personal savings invested in XKEM is substantial. I am sure that he has all the many reasons to see to it that XKEM's truth will be disclosed one way or another when the time comes. I don't think that it is going to be a long wait.
Let's be thankful! Major events will unfold soon. All the best to all the hard working XKEMers!
That's the least I can do...
I think 18% of the company's value is still better than zero % of the new company with new stocks that we don't have any. If there is going to be new stocks issued, I think our best scenario is to exchange our old stocks for new stocks as it comes out of BK with a favorable ratio (or assessment of worth) as stipulated by the judge or the Trustee. What we have to do is to convince the judge that we as investors have been the steadfast supporters for years and we have every right to grow with the restructured company for the better future. I myself have bought the XKEM share from as high as twenty some cents per share a few years ago. Leaving us holding the bag would do no justice. We need the SEC to side with us all the pertinent issues as already mentioned by those hard-working folks like Imf1264 and others behind the scene. Our voice has to be ONE and is best represented by a committe headed by our BK attorney. This ONE chance shot, I believe, is going to make or break the destiny of the S/H. If Swift still has the sincere intention of nurturing the company to flourish with us (to avoid all the legal implication from the SEC,the FBI and other organizations), he will have no problem going along with this plan. There are companies that do come out of BK with successful future. I think that given the high efficacy of this well tolerated drug, Nicosan, there is a decent chance for it to be fully commercialized in a grand scale for a decent profit for everyone. We should never rule out that Swift and the BOD have already got VERY enough of the depressed shares cheaply and want to see them going back up to the real market value of a penny stock with positive balance sheet. Frankly, if I were Swift, I would be too happy to be content with possessing many many millions of shares of the company and flourishing with the shareholders than to risk facing litigation, FBI/SEC investigation and the negative impact of going for the extreme greed ---- demolishing the S/H and have it all to himself. We need to send a VERY STRONG signal in a timely manner to Swift that we are prepared to fight it by ALL legal means if extreme greed is their only option. He can play a hero or a criminal. In these day and age of coprorate tranparency, he should be smart enough to know that the choice is his.
Excellent sources of actions to fend for ourselves! Just the thought of having them on our side may well be a deterrant for anyone thinking about defrauding the shareholders and get away with it.
You're very welcome! I am sure a lot of you guys are already way ahead of my thoughts.
One question for this scenario please: Is there any way that we can present our case to the judge so that the trustee may justify allowing us to send back our old stocks in exchange for new shares in the reorganized company (instead of holding our bags with worthless old stocks)?
Thanks! I figured it might be too little time and too complex at this stage to act now.
However, based on my understanding of the role of SEC by reading the excerpt from the Coporate Bankruptcy by the SEC regarding Filing Chapter 11, it appears that our best approach is to have
1) a good Security attorney to represent our interest and to express our suspicion that the Company's officers and directors are using the bankruptcy laws to shield themselves from lawsuits for securities fraud.
2) stockholders represented by an official committee.
Even if we could convince the Judge that the old shares should NOT be discarded and be replaced by new shares issued after coming out of bankruptcy, it would be limited success for the shareholders. If Dr. Swift has a sincere intention to flourish with the S/H, there should be little objection to this arrangement, right?
Here are the excerpts:
What is the Role of the U.S. Securities & Exchange Commission in Chapter 11 Bankruptcies?
Generally, the SEC's role is limited. The SEC will:
Review the disclosure document to determine if the company is telling investors and creditors the important information they need to know; and
Ensure that stockholders are represented by an official committee, if appropriate.
Although the SEC does not negotiate the economic terms of reorganization plans, we may take a position on important legal issues that will affect the rights of public investors in other bankruptcy cases as well. For example, the SEC may step in if we believe that the company's officers and directors are using the bankruptcy laws to shield themselves from lawsuits for securities fraud.
A Securities or Bankruptcy Attorney. - You may want to talk to an attorney, especially if you believe that the debtor defrauded you and you want to know your legal options. If you suspect fraud, you should also report it to the SEC or your state securities regulator.
If the company does come out of bankruptcy, there may be two different types of common stock, with different ticker symbols, trading for the same company.
...the old shares that were issued before the company filed for bankruptcy may be worthless if the company has emerged from bankruptcy and has issued new common stock.
Isn't there a bylaw that allows the emergency replacement of the CEO or COO or whatever by a quorum of shareholders votes? A quick vote by proxies may be sufficient to do that legally, in view of the lack of filing, meetings and communication between the company and the shareholders for so many months already. Can someone please check with the SEC on this issue? There must be some law to govern the legitimacy of any CEO abandoning his shareholders.
I agree 100%. It is paramount that information as such be available to the judge in a timely manner.
Good work Imf! Many Thanks!