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Soon Libigel will end-up in Big Pharma's hand and this is preplanned. Anyone agree??
Good job JTFM. Did you get any replied from Przybyl? Pls make sure he acknowledged your e-mail as this will be evidents/proves if he sold us out later.
If shareholders sold their shares before Libigel is off loaded cheaply and becomes the blockbuster later, will they be able to join the class action lawsuit? (For those who bought Bpax before the merger).
Any idea how much we can recoup from the lawsuit? Can you give us some scenarios if possible? Thanks
JTFM,
If we're going to file class action lawsuit, any idea what is the cost? Also, how much we can recoup our $$$? You heard any past similar case? Thanks
My guess, soon we will see Private Placement to unknown so called undisclosed INVESTOR. This is how market maker cover their short...
Simes not being thrown into jail instead looking for employment
ANIP stock offering is incoming....
Mark my post...
Stephen Simes' Experience
President | CEO | Board Director
Pharma | Biotech Companies
July 2013 – Present (1 month) Greater Chicago Area
After successfully screwed up Bpax shareholders, I am seeking a new CEO role as well as board appointments with companies in the pharmaceutical, biotechnology, and life sciences industries.
Thanks to those who voted YES for this merger....
Don't worry guys, the reverse split will not happen.
The reverse split vote is just a backup plan. The price will be more than $5 in 6 months which meeting the bid price requirement. We must have faith on Przybyl. If they don't have plan to raise the share price (not reverse split), they will not request a hearing...
"As part of its preparations for the merger, BioSante anticipated the delisting letter and intends to appeal the determination and request a hearing before the NASDAQ Hearings Panel. This hearing request, if made within the required timeframe, would mean that BioSante’s securities remain listed at least until the panel renders its decision.
In the meantime, to address the bid price deficiency, the Company intends to hold, as soon as practicable, a special meeting of its stockholders to approve a reverse split of its common stock, among other matters. The purpose would be to increase the per share market price for the common stock to a level greater than the minimum $4 bid price in order to regain compliance with the NASDAQ Listing Rules."
Just voted:
1) Withhold All
2) Against
3) Against
4) Against
5) Against
Can anyone approach them and get their legal advice how to deal with it?
JTFM,
Can you start to approach lawyers and get their legal advice how to deal with it?
Just for thought....
Sony CEO, Executives Give Up Financial Bonuses (May 1, 2013)
For years, Sony has suffered from lagging electronics sales and supporting new proprietary technology that simply hasn’t panned-out on the market. While the PlayStation brand has long been one of Sony’s strongest, and while Sony is now finally in the black, that doesn’t mean the company doesn’t want to become even more profitable following a significant bloodletting over the last couple of years.
According to The Raw Story (via Nikkei), 40 Sony executives – including well-known Sony CEO Kaz Hirai – are giving up their financial bonuses in a move described by a Sony spokeswoman as “unprecedented.” The move will only save Sony about $10 million (the company expects to make a profit of $403 million in fiscal year 2013), and is likely a largely symbolic move towards Sony’s shareholders. Either way, it’s a bigger move than last year, when seven Sony executives gave up their financial bonuses.
Sony will report its fiscal year 2013 results, running from March 2012 to March 2013, in early May.
ANI not interested in developing LibiGel. They only interested on Bpax cash and to offload their shares at open market...
JTFM and all,
Can anyone really approach lawyers and get their legal advice how to deal with it? We all just moving in circle while these crooks stealing our assets..
ANI had approximately $11,000 in cash, cash equivalents and short-term investments and unused availability under its line of credit of approximately $935,000
ANI has not generated positive cash flows from operations. To bridge the gap between revenues and operating and capital needs, ANI has relied on a variety of financing sources, including the issuance of equity securities and convertible notes and revolving lines of credit. Based on projected revenue and expenses for the next twelve months, ANI anticipates that current cash on hand and borrowing availability under its revolving line of credit will be sufficient to meet ongoing expenses and capital requirements at least through the next twelve months, assuming the pending merger with BioSante is not completed.
Guys, ANI can't even survive for another twelve months without line of credit (borrow money). Their cash on hand only $11,000..
We must vote NO to all proposals. If the company gave up on Simes and BOD, I understand that they should entitle to certain payments for their services. But in this case, these bunch of crooks gave up the company and take money away. WHAT THE HELL??
I also don't mind Simes and BOD take some bonuses if the deal is good for Bpax shareholders. HELL NO !!! THE DEAL STINK LIKE SHIT...
Guys, pls prepare to sue Simes and BOD for mismanagement our beloved company once the merger is completed.
Jeff,
I agreed. The bakery in town showed more value on ANI balance sheets. Asked yourself, if you owned a company or acting in the shareholders best interest, will you take up loan and pay Big bonuses to employees? The answer is NO.
I also can't withstand both company treat shareholders money as if its their own. Simes failed us, take money and run away. ANI could use Bpax cash to fund their operation which is more important instead pay big bonuses to their employees. A good ANI CEO will not do that because the company is not making money.
JTFM,
Both Bpax/ANI CEO had past good record. You like how Pryzbyl turned around Akorn and ANI. You like Simes turned ANI into SHIT? A good CEO will not take money from shareholders and pay BIG bonuses..
Prof,
I totally agreed with you JTFM is not being shareholder friendly now after reading his last few posts. ANI with piles of debt which will dilute shareholders further by issuing more shares and he said moving forward the company will be pretty much debt free and good. ANI not even can survive for another 12 months without Bpax cash. ANI also is not making money at all but lie to public they generated profit (What a BS !!!!). Cash only $11,000, not enough to pay Przbyl 1 months salary. When they burn out Bpax cash, you know what will happen then...
I vote NO for merger...
ANI informations
ANI had approximately $11,000 in cash, cash equivalents and short-term investments and unused availability under its line of credit of approximately $935,000 (Initially I thought ~$200k)
ANI has not generated positive cash flows from operations. To bridge the gap between revenues and operating and capital needs, ANI has relied on a variety of financing sources, including the issuance of equity securities and convertible notes and revolving lines of credit. Based on projected revenue and expenses for the next twelve months, ANI anticipates that current cash on hand and borrowing availability under its revolving line of credit will be sufficient to meet ongoing expenses and capital requirements at least through the next twelve months, assuming the pending merger with BioSante is not completed.
(So, who is surviving company here? Year ended 2012, ANI net loss ~$1.5 million, why they said making money??)
Company with so low cash and not making money but pay so much amount of bonuses? You kidding me?
JTFM,
What is total CASH, ANI/BPAX management steal from this merger?
In years ended 2012, ANI reported loss or profit?
Thanks, JTFM for your close follow-up...
Whatever ANI/Bpax intention (I believe should be good in future), selling Bpax with so low valuation and hold certain critical informations from shareholders are crime for me. I have no problem with the merger to move the company forward but not with this unfair terms.
I still vote NO
All time low today tested $1.01. Soon pps will be under $1.00...
Told you guys, ANI/BPAX need to do another round of R/S because the $1.00 min requirement for continue listing can't HOLD...
Not even 1 good news coming out from Bpax since 2011. Opppps I think got 1 about libigel CV data but withheld by Simes..
http://finance.yahoo.com/news/ceregene-reports-data-parkinsons-disease-180000860.html
This justify. The amount of Bpax cash should drop below $18m before the merger. I thought the price should be $1.60 to $1.80 that ANI/BPAX initial agreed on. So, my estimation around $1.5m to $2.0m..
The 4% drop represents 977K shares @ around $1.20 per share would be around $1.17M
The % ownership for Bpax drop from 47% to 43% mainly because Bpax burned more cash they initially thought of ($18m, now only left around $16m). Btw the CRVs still worthless.
Basically the so called new merger deal is not a new deal.
I wonder how catty vote on Simes golden parachute. Should be YES if I'm not wrong since she mention many times 'got faith in Simes and his BOD'
It should be around $16 million cash before the merger. The pps is 0.67 a share...
JTFM,
You're right. That's why I asked whether Simes kept this promise. None of what his previous promises come to reality !!!. He just buy time all the way and get away with his GP. Tang will never want to convert it, even shares on their hand they also want to offload it very fast to minimize loses...
So before the merger Bpax will be debt free with promising off-label libigel +$200m revenue on hand, Bio-T and etc..
What ANI worth?
Why no one answer me what is ANI, CASH vs PROFIT vs DEBT? Zzzzzz
If i'm not mistaken, these are the values,
CASH = ~$200k vs PROFIT = ~$200k vs DEBT ~ $20 million (For 2011)
The reported profit for 2011 which most ppl do not realize that came from selling operation in Gulfport, Mississippi. Without that it will be loses for 2011.
ANI will end up in negative territory again in 2012 and need new funding to continue operation. Guess where the new funding coming from? ANI is surviving company not BPAX which Simes told us all....
CORRECT ME IF I'M WRONG. PLS
Simes and BOD deserve to get their Golden Parachute?
After they burned out +$200 million funding (I think close to +$300 million if i'm not wrong) that acquired thru notes and previous shares dilution to what the company worth now..
'Right now, BioSante is valued the way Wall Street says,” Simes says in an interview with Minyanville. “We did the best deal for shareholders.'
I remembered Simes promised to get TANGs convert $8.277M debt to shares. He still kept this promise?
Prof,
You sure about ANI is debt free company? How about CASH on hand??
JTFM,
I hope you're are right and appreciate your points. Either way can happen as Wall Street is control by GREED crooks. I believe if they continue to stress the pps and get another round of R/S, eventually they will gain a lot MORE instead just let the pps rise after the merger. If they let the pps rise it will not be 4X, 5X, 6X and ...whereby loyal shareholders hope for to break-even.
JTFM, Prof
Do you know what is ANI, CASH vs PROFIT vs DEBT?
What I see, once the merger completed ANI will start to dump their shares and pps will drop below $1.00. To avoid delisting, ANI got no choice but do another round of R/S. I hope this will not happen but chances are HIGH...
THIS COMPANY ALREADY DESTROYED BY SIMES, THERE WILL BE NO NEW INVESTORS ONLY LOYAL BPAX SHAREHOLDERS AVG DOWN...
Ask yourself, if you're new, will you buy ANI/BPAX shares after all these dramas on how Ex-CEO screwed shareholders. ANI is not superior company either, they only want to dumps their shares and use Bpax cash for continue operation. Once they use all Bpax cash, they will look for new funding (dilution)
You guys know what ANI, CASH vs PROFIT vs DEBT?
Thanks Prof. I wish you're Bpax CEO. If got proposal voting you become new Bpax CEO, I definitely will vote YES..
I wonder why Simes don't see any value on Bpax like you. Sigh....
'Right now, BioSante is valued the way Wall Street says,” Simes says in an interview with Minyanville. “We did the best deal for shareholders.'
JTFM,
How about if Libigel undeveloped and let it die in the hand of ANI? They can always say, no party interested to bring it to market bla bla bla... therefore no market value or zero...
Libigel is not part of ANI business plan in this merger. That's why, they placed zero valuation on it. We can see that on GVAX faith as well whereby also zero valuation for ANI. Libigel will be either undeveloped, license or sold to Big Pharma cheaply by ANI
The CEO of ANI told Jeffqdh he would sell Libigel for 100 -200 mil "" in a heart beat ". This clearly indicate they have no plan to further develop Libigel in future even for off label. New CVRs deal also indicate that they have no plan for Libigel. They just put it there to please upset Bpax shareholders. If they got plan for Libigel, they will not place $2.5m expenses cap. ANI mindset is, if they spend money on Libigel, Bpax shareholders will not get a special privilege.
So, basically ANI motive is to get listed thru backdoor and offload their investment fund. ANI cannot afford to IPO alone cause this will cost them millions of $$$$. They saw chance with Bpax and they go for it...
Why Bpax agree on the deal? I said before, either Big Pharma 'prevent' or 'steal' Libigel.
Prevent - stay undeveloped at ANI
Steal - sell to Big Pharma cheaply
Guys,
At this point, we will never know what Big pharma plan. Either 'prevent' or 'steal' libigel. It take years to find out.
'prevent' is to avoid competition - Big pharma eliminate treat.
JTFM, Can you help to do research on how to deal with Big pharma on 'prevent' and 'steal' in term of legal actions? I believe 'prevent' is harder to deal with as libigel will not end up in Big pharma hand...
I was thinking, can we prosecute Simes and his BOD first. Along the way, we deal with Big pharma as it take years and years to find out their trails..
JTFM,
Pls stop defending Simes actions. Whatever his motives, he already betrayed loyal Bpax shareholders. If like you said, if someone promise him of Libigel being taken to market which eventually that would make him as the inventor proud. Can he just give away the company like that? Not at all..
Another scenario. Because someone or BIG FISHs is controlling Simes, that why he force to sell Bpax cheaply to ANI. He the one who help to execute BIG FISHs plan, so he's not wrong on this only his BOSS? No way....
So, in short he's rich thief..
JTFM,
Most of the press stated ANI reportedly had revenue of around $16 million for 2011. I believe this revenue is valid for 2011. I read somewhere also stated ANI reported $21m revenue up to Sep 2012. Should close at $23m max for 2012 (my estimation)
'Right now, BioSante is valued the way Wall Street says,” Simes says in an interview with Minyanville. “We did the best deal for shareholders.'
http://www.minyanville.com/sectors/biotech-pharma/articles/biosante-stephen-simes-ani-pharmaceuticals-libigel/10/4/2012/id/44700?camp=syndication&medium=portals&from=yahoo
R3D,
I think the merger should not happen at all and if really merge, the fair % ownership should be 90% BPAX and 10% ANI. You think I crazy or naive?
JTFM, Prof..
You are right. This could be the reason they lost revenue to $19.9m estimated from ANI for 2012
ANI informations..
"The Company also previously owned an operation in Gulfport, Mississippi that manufactured over-the-counter pharmaceuticals products, which were sold under private-label contracts to retail pharmacy chains. The Gulfport operation was sold in September 2010 and accounted for as a discontinued operation as of December 31, 2011"