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As I said his legal troubles are not over. Furthermore his ability to make a legitimate living has been severely crimped. And ultimately if the punishment doesn't fit the crime, good old Karma is always there to make sure that it does.
OWC would like you to believe that their hands are clean, and that they too were duped by Jeffrey Friedland and Richard Rubin.
The scam that was carried out and continues to be carried out cannot be accomplished solo. Before casting blame onto the shareholders, they should realize that it was not the shareholders that engaged the services of these individuals and other "advisors". IG wrote:
I beg to differ. The case is still very much relevant to OWC.
I'm not sure that anyone considers $4 Million a slap on the wrist. You also have to consider the other restrictions imposed, and the fact that henceforth he will have a wonderful resume directly linked to his name. Furthermore, I don't believe for a moment that his legal troubles are over.
Agreed! Also when that same CEO, instead of answering straightforward questions, presents the shareholder a Non Disclosure Agreement, in an effort to muzzle them, is also problematic...not to mention highly unusual!
The tablet results were issued on the morning of October 7. The share price on that day reached $.0108. The "side interest" was so impressive that from that date on-ward the share price continued with its downward spiral to its current level. Thank goodness for the interest and all of the money on the sidelines watching the company! Hate to imagine where we would be at without it.
Go ahead and prove the amount of money sitting on the sidelines. They must be smart investors because they are definitely not jumping on the bandwagon.
On a positive note, I must admit that with regards to the malpractice lawsuit, OWC has a pretty good lawyer representing them. As is typical in these situations, there is a ping pong match going on where both sides make compelling arguments. When you think it’s over, the other comes back with a pretty good argument of their own. Lawrence R. Lonergan, OWC’s lawyer, is essentially accusing the Defendants’ legal team of using “sharp tactics and gamesmanship”. The dirty tricks stem from a May 11 Stipulation whereby the defendants had already confirmed that they had received the emails in question. But then subsequently changed their tune when in September they were looking for more emails.
It's almost impossible to decipher the judge’s chicken scrawl in the following order. Somebody should get her a typewriter. I gather they are reconvening on December 10 for an oral argument on the motion, and a court date adjourned to March 3, 2020?
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=cIdH3qvZu5hW3PD8I51cXQ==&system=prod
Affirmation in opposition to the motion:
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=LuqEKms0D8_PLUS_N/DWUFMhnlQ==&system=prod
Shareholders have every right to do as they please. Nobody should try to spin this in such a way that relieves the company from their primary duty of running the company professionally and with competence. Bignitz and his entourage are the architects and solely responsible for the demise of a company, that at one time was enthusiastically supported by an overwhelming majority of shareholders. To suggest that somehow shareholders are at fault is disgusting and insulting!
Speaking of spending thousands to solicit votes, twice already this year, I just received my proxy material from my broker. Does anybody know approximately the total cost of sending the materials out, filings, solicitation, travel, and hosting the shareholder meeting? Whatever the amount, you can add that to the wasteful spending.
I sold most of my shares for an approximate $50,000 capital loss and I'm quite happy! The loss reduces income tax that would otherwise have to be paid by roughly 35%. Means I sold my shares for close to $0.12 each!
If your dream comes true in the next month or two, as unlikely as it may be, it will be a win-win situation for me and many others. But until then I will take my chances buying lottery tickets.
Your comment is priceless!
I'm quite sure that if you wanted to buy more shares for an extra $.0003 you could easily do so. For 17,900 shares that works out to an amount equal to a large premium cup of coffee.
I would not expect for you to share my views. Yours are well known, even if only you and perhaps one or two others agree with them. Revenge may be ugly, but so is blind faith!
Yes, the attempt by Hirsch to scare shareholders into voting for the reverse split was indeed despicable and disgusting. So much so that it prompted me to forward the quoted email below and added it to my previous email addressed only to Schnegelberg to other individuals associated with the company, past and current. The email to Rubin and Smurlick bounced back and it’s not surprising that they would have changed their emails.
I do not wish to cast aspersions on the character of these individuals. It’s quite possible that under different circumstances they may very well exhibit some redeeming qualities. But as it pertains to OWC, that is a totally different story. They deserve all the criticism and insults hurled their way.
Some of you may question why even bother sending such emails? I am not that naïve to think that any of them will reply or even bother to read them. After all the truth hurts. My hope is that by reading and spreading the truth, enough doubt gets cast their way, causes them some pain and discomfort, and more importantly prevents new investors from getting scammed. So yes IG I couldn't agree with you more when you say "Shareholders please Vote against the reverse split - it will only cause you more harm."
So you are suggesting that the company engaging the services of Morrow Sodali for a fee of $6,000 + out of pocket expenses is motivated purely by altruism? As I said in an earlier post, Morrow and Sodali will be selective as to whom they solicit, meaning that they will not bother soliciting shareholders that don't hold a significantly high number of shares. And their solicitation will consist of a sales pitch to vote yes (For) to the proposals. Good luck with that!
The point made here is that hiring a solicitation firm, if the last attempt is any indication, will be a waste of the company's limited financial resources, especially if the person making the calls is clueless about what the company is all about. Also there is a distinct difference between contacting someone to provide them with "the opportunity to vote", and soliciting them to vote in a certain direction!
The bumbling idiots at OWC WILL NOT be contacting shareholders that haven't voted. They have hired an idiot from another firm to do that for them, but only selectively.
Whatever you do DO NOT SEND IN YOUR PROXY directly to OWC. They cannot be trusted on anything let alone with your vote. Furthermore the information that they have at the bottom of the proxy statement is incorrect. The only shareholders that can vote at www.vstocktransfer.com/proxy are those whose shares are being held there. As you suggested call your broker, get the control number and vote at www.proxyvote.com.
As an illustration of how inept the company is just go to their website investors tab, sec releases. The following are the top 3 entries:
Do you mean a treat as in jello for those that don't have any teeth? Just kidding! Totally agree with the empty threat and the rest of your assessment.
Not sure if anyone is going to the shareholder meeting, but if they do I hope they bring baseball bats or someone that looks like Frank Pentageli's brother. But please, no violence!
Your suggestions as to what the company should have done and should do are all valid. But that's based on the assumption that those running this circus act are businessmen that really do want to increase shareholder value. Or for that matter, that there is a "real" company to run. There lies the problem! It has been suggested by a few posters here that from day one the "company" was deliberately started to be nothing more than a pump and dump share-selling machine. In other words, from a long-term investor's perspective it was doomed to fail from the very beginning, but for many of the insiders it offered the potential to be a huge success.
Many of us saw the red flags early on, made inquiries, got half-ass answers, but somehow, incredibly, still believed there was something there, and we failed to act. Obviously there wasn't, and our loss is on us for being so naive. Just be careful.
What Mr. Massive Value has given investors in real time is a share price of $.006 and a very clear path to extinction. Years of lies and empty promises has finally caught up with them. Shareholders are no longer satisfied with a plan to do this and a plan to do that, with no verifiable proof, no peer reviewed published reports.
Yes indeed that is precisely the reason why the shareholders have been calling for the biannual letters. It was a nice start and it was well received by shareholders. Regardless as to whether or not it should have been written that way, it was. If, in retrospect, Dr. Hirsch came to the conclusion that he could not keep his promise of a biannual letter then at the very least he could have said as much when a second letter was issued in 2018.
You are mistaken!!! The promise of a biannual letter to shareholders was made by the company via a shareholders letter issued on September 14, 2017 shortly after he was appointed. It's in the very first paragraph so it's hard to miss.
Filing:
https://ih.advfn.com/stock-market/USOTC/owc-pharmaceutical-research-OWCP/stock-news/75641779/current-report-filing-8-k
Press Release: Sept. 14, 2017
Just did a social media search and came across two individuals that are purported to be associated with OWC Pharma since July, 2018. One as a Project Manager, and the other as a Marketing Communications Consultant. Both have a long-standing association with Dr. Oron Yacoby-Zeevi, one is in fact her daughter!
There is nothing wrong with propping up your kids and giving a boost to their resume. But maybe that wasn't so wise. After all Dr. Zeevi's own LinkedIn profile is conspicuous by any lack of reference to OWC. She obviously wanted to minimize the risk of tarnishing her professional reputation.
Here are their profiles:
Yonit Tsarfati, Project Manager
https://www.linkedin.com/in/yonit-tsarfati-14a94922/
Hilla Kochavi, Marketing Communications Consultant
https://www.linkedin.com/in/hilla-kochavi-893b398b/?originalSubdomain=il
Hilla Kochavi-Zeevi
https://www.instagram.com/hila_kochavi/
Oron Yacoby-Zeevi
https://www.linkedin.com/in/oron-yacoby-zeevi-1275b516b/?originalSubdomain=il
The proxy soliciting material is a pathetic attempt to scare shareholders. It makes zero difference where the stock ends up trading. The company was given an extension until mid February 2020 to get the share price over a penny. If the company was anything other than a scam, they could easily achieve such a minimal requirement. Please engage your brains and vote AGAINST and AGAINST to both requests.
Criminals without ethics cannot be relied on to act in good faith. Through their actions and continuous lies, they have clearly demonstrated a high level of incompetence, and that all these bozos care about is prolonging the free ride for as long as they can. Shareholders should be crying bloody murder, not be "highly displeased".
At any ratio up to 1-for-700. Forget the “up to”, it will be for the max!
At such time as our Board of Directors shall determine, in its sole discretion. Read Immediately or as soon as reasonably possible!
Interesting that they are asking for A R/S of up to 1-700 but the only examples they give in the proxy statement is for 1:500, 1:600 and 1:700, found at the top of page 4. I find the statement that the R/S could be up to 1-700 really misleading.
262,333,874 1-for-500 >>>524,667
262,333,874 1-for-600 >>>437,223
262,333,874 1-for-700 >>>374,762
Just to clarify that the implementation of the R/S would have to go into effect before December 31, 2020, but wouldn't be at all surprised if it were done much much sooner. That is if they get the vote!
AGAINST and AGAINST...A very easy vote! Assuming that you don't try to submit your vote from the V-Stock transfer site given in the proxy statement example. Took me 3 days to figure it out and 20 seconds to vote once I got to the right site www.proxyvote.com
Regarding the malpractice lawsuit, I just read the latest documents filed this past Friday regarding OWCP’s inability and/or unwillingness to comply with court orders. Where are the emails? I mean all of the emails! OWCP’s haphazard production has made it impossible to determine whether OWCP has produced all documents within its possession, custody or control. Reminds me of amateurs trying to confuse the auditors by mixing and putting all their receipts in a shoe box.
Yes I was wondering the same thing. The answer to the question as to whether they are waiting for government approval to conduct the Phase 2 study is no. They have already received the approval. The question now should be whether or not the Kaplan Medical Center has started the "planned" study.
Re: July 24, 2019 8-K
https://www.sec.gov/Archives/edgar/data/1431934/000149315219011010/form8-k.htm
The company's main preoccupation at this point is to keep the wolves at bay and keeping the doors open. Looking at the 10-K for ongoing studies won't do you much good, as that is in the past. The most recent !0-Q that came out on November 13 makes a brief mention of the tablet study conducted earlier in the year. Found towards the end of page 30 and the first 4 paragraphs on page 31.
I don't think that DGF has any plans of exiting with a "smaller loss" whether or not there is a R/S. Unless I misread MjMilo's post, it makes no reference to a loss:
If you read my post I am not blaming you or other Foamix investors. If you know anything about Hirsch, then you will also conclude that he is indeed a liar and a Fraud. A lot of Fraud gets committed on a daily basis and it happens with all stocks, not just penny stocks. Just wondering why anyone would not take his documented track record and question it?
Stanley Hirsch, often referred to as Mr. Massive Value, has been a disaster for his part time Chairman of the Board involvement in the other company. Just imagine what he could have accomplished if he'd been working full time. Whilst (one of his patented words) he may not be actively involved in the running of Foamix, his association with the company, in whatever role and capacity it might be, should not make one feel warm and fuzzy.
Anyone that is a shareholder of Foamix should be sufficiently concerned that this fraud artist is still associated with their company. It brings into question why the CEO and the rest of the BOD have not taken appropriate action, and why they would want their own names sullied by being so closely linked to this undesirable situation.
We should contact this lawyer to see if he has any association with Richard Rubin. Maybe good old Richard is his uncle or father.
https://ih.advfn.com/stock-market/NASDAQ/foamix-pharmaceuticals-FOMX/stock-news/81129055/shareholder-alert-weisslaw-llp-investigates-foami
In case anybody needs to be reminded, individual investors kept the company afloat through the sale of restricted shares in early 2017. Shareholders have every right to ask questions before they are asked to part with their money. I could write a book, a tragic comedy, on the many questions and BS answers that I received from the company's management and their so-called advisers.
If the company had been forthright, delivered on their promises, and not lied outright to its shareholders, we wouldn't be having this conversation today. If OWC had been legitimate, and if they had done a better job of communicating with its shareholders, they would not have had too much difficulty raising more funds. SEC filings, and news releases is not considered to be communication. Especially when more often than not they were riddled with mistakes and inconsistencies, and resulted in more questions than answers.
The Chairman, aka Mr. Massive Value, did not earn the trust of shareholders that would allow him to be so arrogant as to not feel the need to address questions directly. After all why did he attend the various conferences begging for money, if he wasn't planning on answering any questions?
In one of the several conversations that I had with Yossi Dagan, their previous CFO, he made the comment that dealing with small individual investors proved to be time-consuming, and that was the reason why they were looking for an institutional investor. Enter DGF > Toxicity > Dilution > Demise of the company and shareholder value.
On another issue, according to the latest filing:
Yesterday I sent Mr. Schnegelsberg, the CEO of Stenocare an email with reference to the MoU with OWC. I asked specifically if he knew what he was saying or was it a joke when he referred to OWC as having a “strong track record of product development”.
I went on to elaborate and give him a totally different picture and view of OWC. I concluded by asking him that if through their further DD they have reason to believe that there are indeed “strong synergies” that can be helpful to both companies and their shareholders, then I’m all ears.
Not holding my breath that there is anything there or that I will get a response.
Totally agree, I suspect that this time they will have the numbers to push the R/S through. DGF is calling the shots and if they had wanted to, by now they could have already put the company out of its misery by demanding their loan to be repaid in cash rather than by the company's worthless shares.
I still have voting rights on shares that I sold and some that I still hold and I will definitely be voting NO as I did the last time...just in case the vote count is close. But even if the vote gets turned down, as it was the last time, it will not make any difference as long as the clowns in charge of the circus are still there.
For those shareholders, myself included, that are still holding out hope for some divine intervention, even if you were to sell now, there will be plenty of opportunity to re-invest again in the near future in this company. But there is no way that I will part with my money as easily as I did the last time.
From a financial perspective, I made the comment a while back that the OWCP shares are worth more to me dead than alive. I did a calculation last night, that for those investors that have to consider capital gains from other investments, applying the capital loss from OWCP will save approximately 30% +/-, depending on your particular tax bracket, on the capital gains that you would otherwise be obliged to pay tax on. In my case, I put a value of approximately $0.10 for my "dead" shares! Hopefully there are many of you that can also benefit this way. If not, that is most unfortunate.
It boggles the mind that after witnessing the train wreck, that is OWC, people are still defending the company because of the "skilled management team" that they have. I'd like just one example of the skilled moves that the company has made since its inception and in particular since the Savior, Mr. Massive Value arrived on the scene. By the way, Bignitz the CEO would not have been the only one reviewing the terms of the toxic loan. The CFO, Chairman, and presumably their legal representatives should have weighed in and identified the problem areas. Of course it's not until recently, partly due to your comments, that I've come to suspect that quite possibly the loan agreement was meant to fail.
Getting back to your post, in your last sentence you state: "Stenocare deal never comes to fruition - as Stenocare knows about the skeletons in the OWCP closet". I'm assuming that you meant to say "as Stenocare finds out about the skeletons". As a public service, to the email that I posted on November 8, one may consider adding the email presse@stenocare.com, to the attention of Thomas Skovlund Schnegelsberg, CEO of Stenocare.
Nobody should assume that Stenocare and its advisors know as much about OWC than we do. If I read any more crap about how skilled OWC management is, I may very well consider addressing an email directly to Mr. Schnegelsberg. This is precisely the reason why I refused to sign an NDA with OWC.
The post that I-Glow responded to was indeed from 1.5 years ago, but the issue is still current.
The following is from the 10-Q that came out this past week: