Ayala Pharmaceuticals Inc (ADXS)

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Meishairwin is obviously very knowledgeable and has a lot of impressive insights, but it feels like the voice of the type of consultant O'Connor has used to justify his moves along the way, mostly related to compensation. If you remember back in 2014, when Dan did the 40% discounted offering to bring in a new group of investors to tilt the vote in his favor to pass his excessive comp package that was twice rejected, in the proxy there was language on how ADXS comissioned an external consultant to review the comp package and they deemed it very reasonable because it was important that the management team have an ownership stake in the company, etc. The language and rationale sounded very similar to Meishairwin. Management can spin it or justify it any way they want, but as an investor in the company for the last three and a half years the way I see it is the following: under Dan's watch the company has been recapitalized at a weighted average share price of $12 and the current price is approximately 30% below that. So investors under the new CEO's watch have seen their investment erode 30% but during this same time the CEO has managed to take home excessive bonus comp in no way tied to the performance metric of shareholder value creation.