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Dew, just to add to Bio's thoughts:
Your research and analysis is appreciated by all. It doesn't seem like the same board without you.
I won't be too surprised to see this dip back under 0.20. I hope you'll consider establishing a new position, however small, if that happens. Regards.
Dew- I misread your original message, I think it was your rather unusual system that through me off. Best of luck in the coming year.
Flo, Go, et al: Just wondering, since DD is no longer with us, who is updating the "Read Me First"?
OT: Just read the Fortune magazine projected worst housing markets for 2009. Notice anything about the list!
(I'm a real estate broker in the Midwest and I'm actually starting to see a bit of a recovery, though I've got my fingers crossed.)
1. Los Angeles, California
2. Stockton, California
3. Riverside, California
4. Miami, Miami Beach, Florida
5. Sacramento, California
6. Santa Anna – Anaheim, California
7. Fresno, California
8. San Diego, California
9. Bakersfield, California
10. Washington, D.C.
Jessel: Each of us gotta do what we gotta do (did Aristotle say that?) I love ya' man, just kidding here, let's keep hoping for the best!
>I am surprised by the vote count<
To paraphrase a character from Babylon 5: The avalanche had already started, it was too late for the pebbles to vote.
> Most scenarios involve some form of violence or threatened violence (speaking personally, clamps and car batteries come to mind)...<
RKC- Too funny, I am right with you on every point, 100%.
We are passengers on this very unnpleasant train ride, and at this point I'm just hoping to recoup a bit before I hop off.
If we get the chance, you bring the clamps & car battery, I'll bring the bamboo slivers and hot coals.
>This letter to the BoD of AVGN could apply to many other biotech companies.<
As people read the letter I imagine that each one will replace the symbol "AVGN" with their own particular biotech nightmare. Currently, mine is GTCB and the message applies almost perfectly!
Dew,you highlighted some interesting points but actually my strongest reaction is elicited by two sentences at the tail end:
"shareholders will no longer tolerate such self-interested behavior on the part of failed biotechnology companies"
and
"we intend to hold each member of the Board and management fully accountable"
As to the first, if the company has failed then it's a damn site too late to talk about tolerating it! Do something before it fails. The problem is, what?
And the second, what do they propose? The venerable Class Action Lawsuit? Oh, please. Egging their houses on Halloween? Calling them bad names? Probably just as useful.
I'm not advocating stoning or jail (well, stoning might be satisfying fun) but IMO there is no real punishment for incompetent or self-serving execs & boards. They do fine, their lifestyle changes not a whit, while the average shareholder is seriously damaged. And by the way, government bailouts simply reward, validate, and even encourage this type of irresponible behavior. End of rant.
>"...on second thought Tataglia is us, the GTCB shareholders..."<
Vin- You remember the scene where in order to show the Corleones that Luca Brasi is dead they are sent a dead fish?
We're the fish.
Relevant to the "Worst CEO Discussion":
Great interview just now on CNBC with Sir Evelyn de Rothschild (if for no other reason than to see how old money really looks, speaks and acts. Donald Trump should watch!)
The discussion was mainly about what has caused this mess and how to get out of it. I'm quoting from memory here, but when asked about CEOs and BODs: "The most important thing is for the directors of these companies to understand the business and know what they are doing."
>However, the Godfather LFB should be in the front with the peons, GTC & its shareholders, in the shadows!!<
Too funny, because that is exactly how I had it at first! Then I decided to change it around, but you're probably right.
My apologies, I misunderstood.
Let's hope for some decent news and a decent move up this week.
>Can our beloved CEO follow this?<
I think that we've been through this "cutback production" thing a dozen or so times already.
Novellus makes inanimate, put-in-a-box and stack-on-a-shelf chips!. Hardly the same type of business as GTC. Also, they have 3,500 employees, they're cutting 350.
However, you might have a point about the salary!
>Private Scotty walks in and says, look submarines can torpedo our supply lines...<
Vin- No, quit it, you're kidding. Did he mean it as a metaphor for unforseen events, or literally submarines?
LMAO!
I know that the actual meeting is this Wednesday, the 10th.
When is the result of the vote announced?
OT: Just wondering if anyone here in the same situation:
I do have a gain for the year, as far as actual profit from sold stocks ($20K from MNTA.)
I'm currently losing way more than that with GTCB, but I haven't sold any yet.
Obviously, I've got two choices: pay the tax on my MNTA profit or sell about 19,000 GTCB shares at 0.12 to offset the gain!
Damn, damn, damn!
Any ideas, besides drink more?
>A small, struggling MA biotech gets unsolicited buyout offer for approx 300% above current trading at time...<
And if that highly unlikely scenario occurred here, we'd be at the magnificent figure of 0.39 PPS.
For new buyers coming in at this level- and I think that there are many- things might work out great. But IMHO there are no more good scenarios for long-term holders, only those that contain either more or less pain.
Voluntary liquidations: It would be a funny survey to see which biotechs, in the varied opinions of all the diverse posters on this site, should just bag it!
Most likely every company listed would get votes.
I know that my current nightmare, GTCB, would get more than a few.
>This is what more biotechs firms with no bona fide business products would do if they were truly acting in shareholders’ interests.<
Not limited to just biotechs, of course.
Many major businesses (and these days think banks, brokerages, insurers, auto makers!) first try to peddle themselves as going concerns. It's almost a relief when they drop that charade and proceed with an orderly value liquidation.
Unfortunately,(and IMO this is where the small Bio's really come in) most exec's & BOD's can't or won't admit that they're wearing no clothes and everyone sees it, it's over, pack it in. And the little drama moves to some type of distress liquidation in which everyone, except the execs & BOD, gets screwed.
BK: Thanks, very interesting. I suppose that it does look like there are enough funds listed as "New Holding", "No Change" and "Added More" to more than justify what you're saying, that not everyone has totally given up.
I just have a very healthy pessimism about the whole thing at this point. Like many on this board, very, very disappointed in the way management has handled the whole mess. I'm also holding, obviously, at least until we hear one way or another from the FDA.
If I had any dry powder left, I'd average down immediately. My current average PPS is 0.73, so it wouldn't take that much to get the number into the 0.30's or 0.40's; a decent pop from good news might get the stock into that range.
As far as I'm concerned, my money is gone anyway; what the heck, let's see what happens.
Below is a record of your vote instructions. Back to top
GTC BIOTHERAPEUTICS, INC. Special Meeting
Meeting Date: 12/10/2008 for holders as of 11/07/2008
Proxy Ballot:
01. PROPOSAL TO APPROVE THE ISSUANCE OF THE CONVERTIBLE NOTE AND THE WARRANT TO LFB.
You Voted: For This Proposal.
02. PROPOSAL TO APPROVE AN AMENDMENT TO THE 2002 PLAN TO INCREASE THE NUMBER OF SHARES AVAILABLE FOR ISSUANCE AND AMEND THE ANNUAL ADJUSTMENT PROVISION.
You Voted: For This Proposal.
03. PROPOSAL TO APPROVE THE AMENDMENT TO THE COMPANY'S RESTATED ARTICLES OF ORGANIZATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES.
You Voted: For This Proposal.
>I think what has sucked many of us with scientific/medical backgrounds into the GTCB vortex, is the compelling biotech potential of GTCB.<
MTB- Although there are a few exceptions, very few companies with poor science fool the street.
Many, many companies with good science but a bad business go under.
OT: Worst Move Of The Year?
Most posters, in one way or another, can't resist bragging a bit about their successes. Just for a laugh, perhaps some folks would share their "Worst Move of the Year"?
Mine: I bought MNTA at 4.75, sold it a few weeks later for 6, then put it all into GTCB! Duh.
Cleith: I can tell that you're sincere about your plan and mean well.
Since you're looking for knowledgeable members of the board, that lets me off the hook.
Just my very humble opinion: it's a total waste of time and effort, tilting at windmills, etc. But if it makes you feel like you're actually doing something useful and you're in control while really you're just waiting for the other shoe to drop (one definition of all human life ) then go for it my man!
"...FDA approval will do plenty..."
Bio: I am very glad to see someone just plain say this! I am as far from a doctor/scientist/statistics expert as you can get and still qualify as a mammal, but my common sense (and my business sense) me that it is important and that it will help the PPS quite a bit.
Many good posters here, and I respect their opinions, seem to discount the effect of FDA approval. But my concerns are: when will it occur & can GTC survive until then?
My bad: a photog friend did publicity shots for AstraZeneca China at the Beijing Olympics, they were a huge sponsor. I thought he said that the government itself was a large stockholder, but I can find no evidence to support that. Sorry. (But they are big there!)
"OB, don't look now but I think you have made your decision."
LOL!
Actually, I've got an old habit taught to me by my first business mentor: in an open meeting meant to thrash out some decision, argue as hard as you can for the point of view opposite your own. Then listen. You'll then hear a passionate rebuttal from the other side, stating your actual current POV.
The weaknesses will be apparent!
I am on the fence, honestly. And I apologize for belaboring the point, but I still doubt that our small retail investor shares make any difference.
Quiz: AZN? Changed my guess!
MadCity: I'm still trying to decide how to vote, so I'm reading and considering everything with an open mind.
No offense here, but the problems that I see with your points:
1. Good for you that you have "no doubt" about the LFB deal, it's nice that someone's certain about something; that doesn't make it a fact, and many others have at least "some doubt."
2.Sometimes upsetting the apple cart helps and other times it simply spills them all into the gutter, ruining everything for everyone.
3.We're back to that "highest bidder" idea. Who? For what price? LFB valued the stock at 0.31; the market is saying a dime or so; why are you so sure we'd get more in some sort of "auction" situation?
Again, I appreciate your input, no offense, just for discussion's sake.
OT:Go- When I find an old photo that I want to use, I just right click on it,then click "Save As", then I save it to "My Pictures" as a JPEG file.
When I want to post it, I go to the "Read the FAQ" section of IHUB, very simple directions there about how to post the pictures.
"...was able to get through to a couple of the institutional portfolio managers. One of them spent 45 minutes with me on the phone discussing the situation."
Interesting. Any chance that you would share some details with us? TIA
"...That would be a staggering 80 shepherds.."
Shepherds? He doesn't mean that and you know it.
That's just deliberately spreading FUD, also known as lying, feel free to leave.