Avid Bioservices Inc (CDMO)

[cheynew]

My concern has always been that maybe they can't attract anyone to sit on the board with them. At least if we got a partner they would probably insist on having a couple of seats. This board structured the articles of incorporation (years ago) so that it is impossible for shareholders to remove them. All they need is one vote to get elected. So they have to either die (like our former chairman) or resign. They certainly will not resign given the fee structure they have set for themselves. The fact that our current chairman has so much time available that he gets himself placed on other boards makes you wonder what he is really doing for PPHM. I am a very long long, but this board issue is a very valid criticism and I do believe it holds back institutional investment.