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Alias Born | 01/28/2013 |
Thursday, May 29, 2014 1:32:57 AM
If Bob wants to treat the company like his own personal piggy bank, then he should take it private. As a publicly traded company, he owes a fiduciary responsibility to ALL shareholders. SCRC is not his company anymore. It doesn't mean squat that he co-founded the company.
He has blundered RapiMeds (which was incessantly touted throughout 2013 as the golden goose for the company by both Bob/SCRC and the Section 17(b)-violating promoters that he hired), both in the US, but most painfully in mainland China, to the point where SCRC will now have ZERO time to take advantage of the absence of J&J from US store shelves, as J&J is expecting to have their version of quickmelt acetameniphen tablets back on store shelves by Q4'14.
He mis-managed RapiMeds in Hong Kong and will now require at least 6 months (and possibly longer) to deliver just the first order.
He wasted another half-a-million dollars to settle his way out of an ill-fated (and unnecessary to begin with) agreement with GEM for which SCRC ultimately got NOTHING out of it.
He fumbled PIMD to the point where all we have now is a deeply watered-down version of the originally touted relationship.
He completely mis-managed the company's direction and operations to the point where SCRC literally did not have any cash left to even pay its utility bill -- which led to the fantasmic court settlement w/Ironridge that further diluted shareholders to the tune of 9M shares (and counting, potentially, pending the outcome of the current litigation).
He couldn't even keep his word for more than a month-and-a-half when he boasted about "No more convert notes as of 10/23/13!" and ended up inking multiple new convert notes as soon as the calendar turned to Q1'14.
He entered into the stupidest and most toxic financing SCRC has EVER been party to: The 20M+ (and counting) PIPE shares sold at a vomit-inducing .05 per share.
And he failed in the one critical objective set before him by his own Board (which really was the easist) -- to raise $4M in order to ensure SCRC's ability to operate -- and in failing to do so failed to earn an increase in his salary. If the Board, which -- mind you -- is comprised of his own cronies, doesn't feel that he deserves an increase in pay due to his failures in 2013, then I don't know of a single solitary LEGITIMATE retail investor who has NO TIES to the company who would go to such lengths to defend Bob's decision to run an end-around and award himself and Jeff half-a-million dollars worth of stock options.
Talk about rewarding mediocrity and failure...
But yes, I know, I know -- Bob is perfect. Bob can do no wrong. Bob is CEO of the Year. Every year. Bob is omniscient. Bob can walk on water. Bob can single-handedly fight off a band of heavily armed baboons using nothing but his icy glare. Bob deserves to be added onto Mount Rushmore. Planet Earth should be renamed Planet Bob and all of us mere mortals who inhabit it are no longer Earthlings but should henceforth be forever known as Boblings.
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