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They'll probably fill the gaps once they finish their selling. You know who I mean too. I'd love to be wrong, but it hasn't failed yet. At least don't buy into it unless you're in the game.
Since the very beginning, they have been either sloppy amateurs or liars. It's one or the other.
Thank you, exwannabe. That may be the best solution, although I can't say I'd be happy with the next set of con men. I developed a negative bias against Ronin's group right away with their first few letters that show their true intentions, IMHO. So I'm personally left without a good solution to the delimna, alas. Ronin will sell the IP, he'll make good and we will get some quick money. And that's about the end of the long story for me, as I see it. Coulda been a lot better, but alas again, we don't live in a perfect world where everyone looks out for each other's welfare as best they can. Brother's Keeper sort of world would solve a whole lot of problems but it's not to be in this case, IMHO. I've been wrong a ton of times in life though so I hope to have a big whopper of wrong on this one!
Best to all!!
That's not what was said in their first letter to shareholders, bidrite. Look at their first one.
https://www.prnewswire.com/news-releases/ronin-trading-and-sw-investment-management-issue-letter-to-stockholders-of-peregrine-pharmaceuticals-300487810.html
Not until later did they reverse their stance on the science and say they'd undertake a study to see if it had value. Their first letter strongly suggests Bavi has very little value. Amateurs or con men, take your pick. If I take them at their word and not as the con men I think they are, then at best they had not done due diligence prior to millions of investment dollars and that first letter. Stinks to high heaven IMHO. Mind you, I'm not saying the current BOD is better. But I don't think Ronin's group is a rescue, it's a sell out for peanuts. Long investors are tired, I know. We've waited so long. Is this the best we can do? Maybe, not sure. Maybe this is it. I guess we'll see soon enough.
Maybe the Jan annual is timed such that it allows time for some news that will blow Ronin's takeover attempt out of the water. Wouldn't that be nice!
Best to you and all and thanks for the reply. I have to go for now, no offense meant if you reply and I can't answer back today.
I have a personal bias for King because he's been involved from the very beginning, along with the late P. Thorpe. UTSW and Thorpe entrusted King and PPHM with the IP and so do I. I may be wrong, which I acknowledge, because I don't have any inside info on King. Just going by the history of the company and what's happened over the decades of being a shareholder. I have always viewed the situation as one where obtaining financing has always been problematic. A little biotech co like PPHM had a tough uphill battle and almost always had to resort to PIPES and other horrible funding options. Thus the presence of ES from the beginning and a personal dislike for his seat on the BOD. I never forgave Pohl for laughing on a CC about a past RS, so I'd love to cut him loose as well. CJ, he's been getting to the bottom of things for far too long and I'd love to cut him lose too. So the BOD can just drown in their swamp for all I care but I believe in King, as did Thorpe and UTSW. Just some background on my personal biases and why.
Don't all these guys have options waiting in the wings? Why buy if you can use the options when the time is right? I have no love for Johnson, Swartz, Pohl. I believe King is what's held everything together, against all odds to this day. I can see why he'd want to take it private to protect it.
What to do now? I really don't know, honestly. I don't like Ronin's group because I don't think they've been honest at all and I don't like most of the current BOD either. How to keep King is my question because I believe the science is his passion and has been since the very early days with Thorpe.
I do not believe that is correct, bidrite. Their initial letter to shareholders said they believed the value in PPHM was Avid and that's where the future focus should be placed, while the IP should be sold off if it had any value at all - no more trials, no more science - just focus on Avid.
If my enemies were forever trying to destroy the value of the IP, I would consider taking it private just to protect it, if it were my decision to make. Perhaps they see there's no other way to fight for it's survival. OR, perhaps they saw no other way to keep it from being stolen while they were being destroyed by enemies.
Can you detail what the Ronin Group's evaluation is of the IP? My take on their opinion is that initially it was fairly worthless. After doing more homework on it, they think it deserves some further evaluation. Not too much more out of them? So you trust them to take care of it even though they thought it had little value and Avid had all the value? The time it has taken for them to get even just a little bit of education on the IP has been at a novice level, really amateurs. Or something more nefarious perhaps, which is what I believe. Perhaps a battle for the IP, with the new group being definitely untrustworthy and the old group (BOD) having struggled with bringing it to market for a couple of decades. And lest we forget, saboutage along the way by those who may be threatened by the success of PPHM's efforts. I see absolutely nothing from the Ronin Group that makes believe they are being honest regarding the IP. If I'm wrong, then at best, they are novices on researching their investments.
I'm experiencing this strange sense of deja vu :) EOM
Thanks for the reply, Peregr. This is a hard choice because as you say by balancing the new/old + one more from either group succeeds in creating nothing new and a constant political struggle for control. It seems to be an unsolvable delimna but we all will just do our best I guess.
Yes, and I can't send you back to Reading Class 101 either so I guess you are correct; we have reached a stalemate.
Well, we have a difference of opinion that a bridge cannot bridge.
Einhorn and Cohen have notoriously great trading records but they both still started off as con men.
When you see Mueller seal up indictments and thus gag some witnesses, you will see what I think about some Courts of Law, peregr. It's unfortunate but real that courts do not necessarily produce the truth.
Hi Geo. I would like to see the BOD balanced between the new and old guys. I do want to keep SK and I do not want to keep Swartz, Lytle or Pohl (not really loving any of the others either but...). It's really a tough call to keep any of them except King for me but I don't want to see all new con men come on board because I want King to remain. I know they will get rid of him or null his efforts quickly. I believe in King's abilities and believe he's been surrounded by vultures for many years, trying to bring the science to fruition. His temperament could be improved on (a mouse) but otherwise, I do believe he is the most capable man to run the science show.
I did include this:
"Too bad because I would have loved a rescue"
To believe Ronin's group are con men does not mean I approve the current BOD in full. I do not and would have loved a real rescue, not a con job from a group that is no more desireable than the one in charge.
Good catch, CP. They are nothing but con men, pure and simple from my perspective. Every time they put out a letter, they reaffirim that belief. Too bad because I would have loved a rescue but the Ronin Con Men do not operate honestly.
Their late entry into the group of investors believing in the value of the PPHM IP portfolio, as exhibited by their latest BOD candidate, may display their 'shoot and aim later' approach to investing. Of course, it could be they are not so undisciplined. If not, then what sort of investors are they? (rhetorical question) I doubt if they lack discipline although it's possible. But that leaves things like 'strategic', 'fraudulent', etc. and I'd hate to think anything like that. It must be they are just undisciplined investors that invest millions, then do their research later.
I agree with you totally on this sunstar. It could not be plainer to me that they are thugs in search of PPHM take-down. I could be wrong about the thugs part but if so, they are imbeciles digging a deeper hole each time they open their mouths.
Well, nothing like changing the subject.
I think if Ronin And Gang would write another shareholder letter explaining how they didn't know what the hell they were doing when they wrote their first letters and how they are still scratching their heads over how many shares they own, considering how ignorant they were regarding the IP portfolio and progress PPHM had made (without their guidance), then I might consider their newest BOD recommendation. Not the others, since they were recommended prior to Ronin's Enlightenment Period. If they could just explain that they hadn't really researched that part of the company and now they have so they have one more recommendation, and we could all consider biting at this bait. I'm not using the word 'bait' as part of the well known phrase 'bait and switch' so don't go thinking about that...
I just need one more letter that explains all this and acknowledges their past mistakes. All we need is one more leadership group that doesn't acknowledge past mistakes! How little progress we would have made!
Excellent post, Golfho. THX. EOM.
Wow, cheynew. I value your opinion / posts. I'm sincerely amazed at the almost total forum opinion so strongly against the current BOD + management. I mean, even to the point where you believe it could be "malice aforethought". That's pretty powerful. Not disagreeing, only expressing surprise. Listening... not thinking that way myself but am listening with respect.
I doubt he has Dart. If he did we wouldn't have seen the 2nd letter, IMHO.
What's your guess on why he won't talk about any of the current on-going studies and/or exosomes - only Bavi? How would you explain two letter that totally omits anything current with respect to the clinical pipeline? How do you think shareholders should value his opinions when he cannot seem to refer to anything current, only the past? You have the Hope Carrot being dangled in front of you - a magician's trick, IMHO. He surely has heard from other shareholders since his first letter and if he reads this board at all (that's a WAG) then he will surely know why he does not have everyone's confidence. He seems to attempt to address some of the concerns but again, staying far away from that Big Elephant in the room, never saying the big, scarey words EXOSOMES! Boo! How does anyone in their right mind take seriously someone who is so seemingly clueless about Peregrine that they don't even know about that??? Wow! Just Bavi, poor worthless Bavi with it's failed trial. No wonder he thinks the mgmt / BOD has failed if he only knows about the botched trial and the failed trial. He's not up to date I guess. I seem to be rambling and I'm rehashing what I've already said so I'll shut up. Best to everyone, signing off till his next pleading letter.
Ronin's Big Elephant In The Room that he does not want to mention. Shhhh!! Bavi is worthless cause it's expensive and noone has written anything exciting about it! I don't need no science degree, see?
Actually, it would make more sense to get your guys on the BOD, sell it for a good price to some other entity that you have in your pocket, then develop and/or sell it for a really great price to some waiting deep pockets. Or have a become too jaded, Loof? Is there any way to go back to the good ole days, get the shack and rocketship all fixed up, smooch up to Tessie and some Korn Liquor and then wait to get diplorably rich with the help of Team Ronin?
Oh good. Filled the gap. Couldn't have planned it better myself. Boy, those PPHM bod guys sure are disappointing!
I agree, CP. I would support your method of replacing members of the board but not Ronin's choices. Thus far, he has not dealt with fellow shareholders in a straightforward manner and has made an attempt at an emotional response from us that would obscure true intentions. I feel very strongly about this and feel the evidence is all that is NOT said in his letter compared to what IS said.
He hardly mentioned it. Few sentences only. What makes you think he has a plan? Didn't say much at all about IP, much less discuss a plan. What plan? Talked a lot about getting rid of the board, maybe 99% of the letter. But not so much about the IP. Just bavi is worthless due to failed trials and high cost. Time to sell it. What else with some comparable detail?
It's only one side of the equation. It's the half truth I keep referring to. There is another side of that equation the Ronin completely FAILED to mention, which is all the ongoing studies which have been very cost effective and are showing success and involve new science, new research facilities/scientists, etc. No mention, whatsoever. How can any worthwhile investor not mention those when they mention selling off the worthless value of the IP? There is only one way that makes sense to me and that is to conclude that: 1. Ronin isn't stupid or reckess and is not one to lose attention to detail. 2. Ronin intentionally did not address these things because doing so leaves more questions than answers and it is better for him if the questions are not addressed at this time.
Just realized I'm out of posts. Won't be able to reply again today. Glad for Ronin's entrance into the picture because it will stimulate change. We just have to make sure it's change for the better.
Best to all. I do value everyone's opinion here and will keep reading and considering what's written. Thx.
I like your thinking Geocappy. I like the idea of having a counterbalance of the current with the incoming BOD members, if it should happen.
This is exactly what Ronin left out, a plan to address the value of IP investment. He essentially said it was failed, which gives it little value and that is disturbing. He accused the current mgmt / BOD for not providing a plan for capital expenses and funding for the future but he committed a similar error by not providing a plan for the value of the IP.
Thanks, North. Yes, there is much, much going on with the science right now. Highly desireable, imho. Funny how I could not find much at all in Ronin's letter to support the monetization of all that so we can just concentrate on Avid. I looked but just could not find it. If I had to take a stab on the evidence they submitted to support their argument, then I'd have to guess it was 1% of the letter, if that.
Here are all the words, extracted from Ronin's letter, to support the monetization of the patent portfolio below. The remainder of the letter was in total about the BOD arguments, while the words below were the sole arguments for the sale of the IP. They are extracted out of context but the point is the same. There is very little to support their view.
Good points, TOG. Well taken, thx. EOM.
Thx, cheynew. I find it suspect that they devoted so much paper evidence to support their argument against the BOD but spent little to support the idea of selling off Bavi and the IP, etc. Of course, they want that, it's evident if we read between the lines. But they did not make that part clear at all. I don't like that approach as I find it manipulative. I would rather they spent the same energy supporting that part of their goals in the letter but instead they clouded that part. I just don't like that approach. It's not straightforward and that style is what we've been getting for so long. I want someone to deal in a straightforward manner with us, if I am to support them wholly. I do support their argument against the BOD, they made an excellent case there.
You're right about Ronin's successes in prior investments. They take very active roles in them and they succeed. I do like that a lot. Better than anything we've had thus far, as far as putting a carrot out in front of us. But they did not say they were going to support a continuation of Bavi and the science. They said sell it off and put the efforts on Avid. They made an argument for putting the remaining efforts on Avid. Not the science or Bavi. Now we can read between the lines and guess that they really want to make some money off the science and Bavi but they didn't say that. It was just get rid of it because it's too costly and never has proven itself. We can suppose all the other good stuff all day long but they didn't say that. They said sell it.
Yep, we're on the same page. EOM.
Ronin acquired millions of shares while keeping the price low. It's probably their group kicking it up now.