At issue is the amount of money RCPI must raise just to pay the salary of the top 4. Dr. Mullan alone receives $600,000 plus $150,000 which is deferred plus other benefits. Michael Mullan is also being CEO of Roskamp and CEO of Archer Pharmaceuticals, and collecting salary there also. I do not want to see the word differed in his compensation agreement it need to state REDUCED!
True he is important to RCPI, but he is triple dipping with his CEO duties at Roskamp and Archer Pharm, which one day may take control of RCPI for next to nothing. His motivation, IMO is not focused on the growth of RCPI.
If RCPI needs to hold off on their research and clinical studies just to pay salaries - something is wrong. I have lost faith in the way management has structured these convertible notes. They have destroyed shareholder value, but highly benefited the note holders.
I have been a long term investor that my family investments are down over 90% - should I vote yes or no to another R/S? Not sure I have any faith left in management. Said to say but one day Mullan will take it all over with his control of Roskamp and Archer, IMO.
