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There is no way he’d do an offering. That’s like him shooting himself in the face.
Equity is by far this company’s most expensive currency now.
Where do people get these crazy ideas?
Denner is NOT spending all this money to come in and do a dilutive secondary.
That's what you can expect from management if they win -- they just want more money in the till so they can play Pharma Exec.
I see FFS as a fun distraction for the board. I'm always happy to see him pop up!
I take him with a grain of salt -- just like I assume everyone takes me.
Anything could happen, but to me the best indicator was how high the “abstain” vote level was for the regular meeting, and that based only in Sarissa saying, “We’re going to abstain”.
I think the downside risk is institutions voting White because they would want to be part of an offering upcoming (after a reverse), but the market cap of this turd would be so low at that point that the fees would be table scraps for any bigger player.
KM's 2/21/23 equity grants are just a spectacular declaration of management's right to loot the place.
"How dare you intrude on our own personal wealth accumulation independent of performance and shareholder value? You think you stupid shareholders can put yourselves first? I'll just strap equity grants around me like an explosive vest. Heads I win, tails I win! And you -- shareholders? -- FUCK YOU. It's not about you."
Ratf**ks wait until voting closes and then just load themselves up with huge equity grants.
This board and this management team are a bunch of shitbag pigs. Literal total contempt for the shareholders.
God help us if Denner losses. They’ll throw themselves an orgy to celebrate bankrupting the company.
It’s impossible to handicap the voting of institutional investors these days.
They care about just about every issue these days EXCEPT shareholder value.
62%. And that's fine.
Yeah I love the whole blaming the $7 million self-defense burn on Sarissa
It's like a man who beats his wife, then has to hire a bunch of expensive attorneys to defend him, and then he blames his wife for all that money being spent.
Yeah and who cares about all this "you used the wrong fork for your salad" stuff anyhow?
The "he said, she said" stuff doesn't matter. Management had its chance and they blew it. Time is up.
Somebody just hit the gong and then pull these guys off the stage. They have been weighed, measured, and found wanting.
If current management wins they go right back to BAU — fill own pockets with comp, talk a lot of crap, deliver disappointments on footprint expansion, ignore shareholders.
Then in a few months we get a reverse split, a huge offering, and they buy some shitty pipeline so they can play drug developer.
We’re fucked, and they’re just fine.
This is our ONE chance out of that fate.
I looked through this that showed all buys and sells over last 2 years. There are sales in there (mostly option related but not all) -- but nothing in December of 2022 as LTRO claims.
https://www.sec.gov/Archives/edgar/data/897448/000114036123003132/ny20006859x4_prrn14a.htm
I think this whole "sold 19 million shares" thing was just a filing quirk.
Incidentally, did we ever find out what the deal was with Sarissa ownership?
Did they dump and then rebuy before 1/23? Did they reallocate shares among entities?
I couldn't figure it out.
I personally can't get caught up in any of these nuances
I need the current board not to have control
For me it's that simple
Retail shareholders: Amarin's management HATES you
You're supposed to be stupid bagholders who just get bent over endlessly so that this management team can play Pharma Fantasy, paying themselves millions and wasting gobs of money, doing a half-assed job while the franchise is frittered away.
Here's what you have to look forward to if AMRN management/board win this vote:
- Immediate return to $1 or less
- A reverse split
- Another round of ENORMOUS equity grants (stock and options) at depressed prices
- Endless bullshit about how their watered down "successes" somehow constitute meaningful progress
- Cash flow squandered on acquiring new "pipeline" that they can sloppily try to develop
- Eventual bankruptcy with not one moment of regret
They HATE you. This is their trough. How dare you interfere with them while they stuff their snouts into the slops!!!
Everyone gets to decide for themselves.
I myself have never seen a clearer picture— a chance at reasonable salvage vs guaranteed failure.
Sarissa wants to extract the value that is still there. Current board and management want to play pretend pharma company with a single drug microbio on the ropes, lining their pockets liberally along the way.
This vote is literally the easiest decision of my life. BLUE.
Glass Lewis is looked at by a subset of institutional investors who don't feel like doing their own due diligence.
ISS is the much bigger player, but I think Glass Lewis is considered #2.
Investors have to pay for the reports. The big ones routinely do this.
2019 is understandable... after that it gets harder to accept
We can't stop management from wasting money trying to save themselves.
We CAN remind people why these folks have to go.
Yes they are. But it can't be stopped. So let it be.
In the grand scheme of things, it's a rounding error.
WHO CARES ABOUT THE WHITE CARDS???
Doesn't anybody get junk mail? Aren't you used to seeing stuff you don't want and throwing it out?
Relax people! They're not sending you anthrax in the mail!
This is all they got. This is the last futile flailing! Just look at those emails and SMILE.
You can vote the white card and just vote FOR all the proposals
The only difference between white and blue (which MRM schooled me on) is the recommendation that is shown. The layout of the vote is the same.
It's hard for me to believe there is anyone out there thinking, "Yeah, I'm good with letting the current team continue with the current game plan."
Let's say there enough of those people to get to 50.1%, and Denner loses. The stock immediately drops to $1. I mean like immediately -- the second the vote is announced. And it never gets above $1.50 ever again. It ends up at $0.
What are these people going to say? "Wow, I don't get it, where did that come from? Did we make a mistake?"
If you're voting for AMRN's board, this is what you'd be getting. Are you too thick to see this? Are you really ok with that?
Me too
There is no rule against sending you the email 100 times
They try to leverage how dumb shareholders can be
Don't make them proud!
You just vote ONCE
You don't vote again every time you get a new stupid email
You just vote ONCE (for Denner)
This is supposed to be the salvation of AMRN, and it's turning out to be a VERY low level IQ test
For those still somehow unclear on the stakes here, let me be painfully direct:
Denner loses: You lose all of your AMRN money. It's just a matter of by when.
Denner wins: You have a fighting chance of getting a good outcome here. No guarantees, but a real chance.
It is that simple. Voting against Denner is financial suicide.
That isn't going to happen. This being a company under English law, there are absurd layers of protection for management against a purely hostile takeover (i.e. just buying up shares until you have control).
Of course it doesn’t!
It’s real people here! Not institutional funds. We may have a minor impact on the outcome here but we’re the people who have suffered with this thing for a decade or more.
What is your argument? That all of the bluster here is a waste of time?
That’s probably true. Ok fine. Just get me bought out and set me free.
Last time I checked, $5 is 150% above $2.
I think most people here are hoping for more than $5, but violent objections to a 150% increase from the current share price feel a little silly to me.
Especially when the alternative on the table is $0.
I don't hate our management or anything. I don't think they're evil.
They're just running a Corporate Guy playbook they've learned after long Big Pharma careers. And listen -- there's a HUGE difference between being a relatively effective cog in one of those big machines, and being an entrepreneur at a microcap.
Knowing how to use Merck or Pfizer's muscle to get your product moving is very different from doing that at a microcap with no leverage in the system.
With Denner, it's possible the strategy might not work in the end, but at least he and his team are basically trying to do something they have successfully done before.
The proxy advisors do (somehow) get early voting totals, and maybe that has been shared, explaining some weakness today.
Early voting isn't generally a good indicator of outcomes, as institutional investors are the whale and they vote on their own idiosyncratic schedules.
This is really simple -- it's about access. Hunter Biden was able to make millions a month with little knowledge of anything because his Dad was the Vice President.
Big Pharma simply has a different relationship with all the key players -- regulators, administrators, insurers, politicians, etc. If any of these folks deal heavy-handedly with Amarin, there are no consequences. None. Screwing with Pfizer or Novartis is a much bigger deal, especially considering that regulators are looking to work at those places down the road in cushy corporate jobs.
When you have one drug and a relatively tiny balance sheet, you're nobody. You have no clout. Companies like AMRN exist only to foster innovation/development. Then they are supposed to get bought. That's called "reality-based management".
Understand this — there is no GIA path forward here. All GIA paths lead to bankruptcy.
The only path that leads to any real shareholder value is consolidation, focused marketing, rehabilitation of the brand, and a sale to Big Pharma.
You can’t possibly think current management believes that and has a plan for that. Just listen to what they say.
It’s not literally impossible that AMRN management will leave us with a stock price above $0.
There’s at least a 1% chance that after chronically mismanaging everything and sucking all the cash they can out of the company, there could possibly be some tiny value left for shareholders.
If that’s your standard for playing it “safe”, then go ahead — vote against Denner.
The real mark of excellence is how many classic rock lyrics you can quote!
I just did my voting
It should not matter
When your team goes 0-17 you fire the coach and get a new one
The new coach also might not win any games -- that's possible -- but he/she can't do worse than the old coach
I don't think there's anything more to this than that