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Monday, January 15, 2018 12:28:24 PM
Pre ronin.... mgmt had no incentive nor desire to do a deal unless under their terms and the lower the share price got, the better for them.... and a deal would have forced the gravy train to end because no BP would tolerate that BS... no care about dilution nor interest in getting institutional ownership as evidenced by the complete blunder of the RS and russell moves... a major investor asked to discuss corp gov and was rebuffed by a BOD that thought they were invincible... anybody dealing w/ the former team can attest to the arrogance and malice they held to anyone asking for change.. the excess space that Avid has was there for potential bavi production and most likely the negotiating posture w/ BP was our way or no way... US rights etc... and it probably carried over to AVID as the next asset to sell w/ hopeful bavi production and then AVID sale... and they had the platinum parachutes designed and ready to go along with inflated pay to turbo charge those 3 year payouts...My guess is they underestimated the ronin threat... They thought they could pull it off... and as ronin threat got stronger, BP prob sensed a changing of the guard so why do a deal with the current team.. i think ronin had connections in terms of feedback from the BP side... like these guys are unrealistic etc.. just a guess because xencor had deals with several big players like novartis, merck, halozyme via CFO on xencor BOD.. he had potential channels..
Post ronin.... SK has 6 months from 12-22-17 to cash out his options at roughly $9 per share and was clipped big time w/ his platinum package reduced to bronze and the new team chomping at the bit for capital and a M&A plan at the ready imo..
The dynamics have surely changed and the macro environment prob has improved... we are getting closer...
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