Re: CEO and our share price
I don’t have to say, “Take a look at that share price”, cause we can all see it and it’s pretty abysmal, imo, for what we have.
But, please take the following into consideration before you crucify the CEO, place the blame at his feet, or accuse him of lying/misleading/or incompetence:
Where we are sitting right now SP-wise is a Hell of a lot better than the bottom of the Hudson River, would you agree?
The questions to ask if you want to know what we are missing are: what Did Missling know and when did he know it? We can all see (and heard on the CC) what was done about it, but do we know why?
Why were the 15 month interim AD PK/PD data from the summer pulled?
Why did Anavex not present at AAIC?
Why have they pulled posters and downplayed results, leaving stockholders to linger without PRs and questioning our the outcome of our trials and our CEO’s competence?
Why was the poison pill put into place in such an aggressive manner - Kingsdale Advisory Proxy specialists retained to make phone calls to insure passage of anti-takeover measures?
Why did the company seek additional 10m preferred shares non-voting?
Why was the MS indication removed from our slides?
Why was it added back and recently stated that there will be announcements to clarify in the course of the coming year?
Why did Missling make the share purchases?
Why were the later PK/PD results announced CTAD late breaking?
Why are the trials taking so long to start? Even the smaller, shorter ones?
Why is the Rett Trial being conducted in the US, the PD trial in Europe, and the AD trial in Australia and US with placebo arm?
What does our CEO know and when did he know it?
Only when you answer these questions can you see that the answers to these questions are what he did about it and only then can you know for sure that, far from being a goat, he could be a G-O-A-T (greatest of all time...for all we know).
After extensive DD, I’m willing to forgo the missed deadline and all the missed and pulled data and the lack of PRs for a shot at saving the company.
Here’s why:
Was Capt. “Sully” Sullenberger an inept pilot or a hero? He risked 155 souls on board an aircraft by making an extraordinary decision to execute a water landing on the Hudson River in January. That sounds like incompetence. Or, was he an amazing captain who heroically SAVED 155 souls (and an unknowable amount on the land in his flight path, had he continued to a land runway)?
His PR to the passengers?: “This is the Capt. Brace for impact.”
He never got on the PA system and announced, “This is your Captain speaking. We have had a bird strike and lost thrust in both engines. We have no ability to keep the craft flying. Our possible options are to try for a runway 7 miles away with occupied buildings littering our path and no clear stretch of land long enough and smooth/straight enough to land without striking obstacles. Therefore, we have decided to attempt a water landing which has a very low percentage of survival for commercial passenger aircraft.”
Yeah. They didn’t get a PR...but it was only their lives at risk, not their money./s
I will not post what my DD tells me about the list of unanswered questions above because, imo, we are still not out of danger (our company and ability to profit from our compound).
In the case of airplane crashes, the NTSB (National Transportation Safety Board) reviews why a plane when down - mechanical failure, human error...
There is no NTSB to review why companies fail to bring products to market - even promising products (I guess that would be dubbed human/pilot error, if the product were determined to be safe and effective). But what about bird strikes? And terrorist acts? Is that a human error? No. (Actually, class action law suits are the equivalent to NTSB investigations in the commerce arena and they will come later, if necessary. Or, perhaps some other type of lawsuit to determine ownership of proprietary IP. Litigation - the next best thing to finding out the truth.)
Could people say, “Surely, Sully knew that he was flying out of LaGuardia and he should have been familiar with the bird population at that time of year and accounted for it, if he were such a good pilot?” If he had canceled the flight, he would have guaranteed the safety of all, yet, everyone would have complained that he “missed his schedule!” (Emphasis) LIED! Inept. Incompetent. Nothing he ever says should be believed again. Giant grain of salt. See? In the absence of clairvoyance (knowing there would be a bird strike), damned if you do and damned if you don’t. Can’t win - even if you save everyone on board.
Before you crucify Missling for a share price which looks like a frozen water landing, ask yourself if we are still alive. Do we know what he knows? Do we know what he knew and when he knew it? Would announcing every move he was going to take have made things better or (alerting hostile parties) worse?
We are still alive, for the time being. Here’s the wreckage: SP stands at near time lows. Here are some of the maneuvers that were taken: See list above...trials delayed, moved, results pulled, etc
The great news is: no mechanical failure here. The science works - all of the research continues to confirm this. What we are dealing with is an unexpected event - not an inexperienced CEO or a liar. Capt Sully did not lie to his passengers when he told them the destination was a predetermined airport on land. He made a lifesaving decision and they landed in the water - he didn’t lie by not saying we may end up in the Hudson River instead. But remember all the forward looking statements in our filings...same as what is printed on passenger flight tickets. In the event of an unforeseen or unexpected event...anything can happen. These words should appear in the air in front of our eyes every single morning when we wake up in bed. It’s a foregone conclusion nothing happens perfectly - just as planned. Only fools, or the completely naive think otherwise. Learn to be flexible - you might stay alive. Entertain lots of possibilities. I believe that is what Missling is doing here. Take offs are optional; landings are mandatory!
(Something tells me that is what happened in the case of the AFC divisional game where the Immaculate Reception play occurred. I don’t think Steelers QB Bradshaw called that one. wink*)
Sometimes when you undertake an effort (board a plane, try to bring a drug to market, attempt to win a football game), you end up far from where you started. I cited all examples of fortunate outcomes. There are as many or more(!) unfortunate ones - that’s life.
Missling had a bird strike and lost engines and altitude fast, (it was not the FDA), he missed one receiver and the ball ended up in the hands of a fullback on the same team off the helmet of an opponent without touching the ground. The science is still good; we are still alive; and there is still time on the clock.
Right now we should “Brace for impact” and be willing to settle for a water landing or to stay in the game. The glorious plan of 3 trials at once in the US in 2017 went horribly awry and lots of cool headed scrambling and aviation know-how will carry the day - or we will drown.
Watch what happens from here out carefully. Pay attention - Missling didn’t crash yet and hasn’t been sacked...see how this ends before you scorn his name - at least weigh the evidence (including what never made sense about the things that happened this year) and give him the benefit of the doubt. This was anything but typical...blind man on a horse could see that. Best way to let muddy waters clear is to do nothing.
Or sell. That’s your option like jumping out of a distressed aircraft without a parachute. Call your own audible - you are the QB of your own investments.
Just don’t blame the CEO until you have listened to the cockpit recording. DD says this was a sabotaged flight, a broken play and M is trying to take steps to land us safely.
Only my opinion, based on my DD (not for disclosure as we are still not on the ground).
GLTA
Pleasure flying with you all. Let’s not let them cause an unforced error. Cool heads prevail.
Bio, intend to keep holding(!) and hoping to avoid a penalty for it - like some teams I won’t mention:)
