My thoughts after the ASM
I missed the fancy danish, the cream cheese and bagels also missed the fancy hotel backdrop making me think we were on the verge of something astronomical. What did not miss was my thoughts of how many shares had to be sold to pay for me to bite on my bagel, sip on my fine coffee while looking at a beautiful swimming pool at a posh hotel.
It’s amazing what can be done with a couple of cases of bottled water, one pot of coffee and a room with chairs. That alone convinced me our new leadership is serious about how they spend the shareholders money!
For me the ASM went as I expected. It just confirmed to me that we are no longer chasing a dream. We no longer have a questionable cast of characters spending our money diluting our shares. It’s pretty easy, we are a manufacturing company now with basic straight forward business model. We have people in place who are qualified to grow this business and IMO recoup the total amount I invested in PPHM maybe even more.
I have given up the dream! I will awake daily and put on a BaviDermCQ patch. I will develop a 12-step program to wean myself from astronomical thoughts. One of those steps will be to not visit this board as often. Another step will be to fully investigate the members of the BOD in any company I ever invest in again. One other will be to take full responsibility for my investment decisions and accept how they turn out.
I bugged out right after the ASM ended and didn’t stick around for the tour of Avid. I had a flight to catch. Only one flight I could get to make it home that day. Maybe some of you there could gather more insight in talking with BOD or management during the tour. I went on the Avid tour last year and was impressed with the facility’s
FWIW This is what I gathered and is my opinion about the current situation. I saw a group of highly qualified individuals both on the new BOD and new leadership for Avid. These individuals are try to make lemonade out of lemons. Face it folks, after years and years of being told we had a bag of diamonds but we ended up with a bag of lemons! I am not saying that PS/Bavi/IP is worthless. Nobody really knows! Yet! but because the leadership of legacy PPHM did not do the correct things to prove it’s worth, we are left with an IP in shambles. After spending several hundreds of millions they left us with no value for the IP and the only way to prove value of the IP is to spend many more millions. ( A Bag of Lemons) Basically, after Sunrise failure the PPHM leadership decided to spend millions more to search around in the bag of lemons to see if they could just one diamond. We can all speculate on why legacy PPHM leadership continued down their path.
Fact to me is last year PPHM had two things. An R&D division with the IP and faced with spending millions more to prove some worth with low chance of success, even lower based on past successes. A CDMO business that with the right leadership and direction could become a nice profitable business in a few years. The chance of success with CDMO is very high IMO and I think valued much higher than R&D portion.
I think Ronin saw the CDMO business as a good development opportunity and took it. Real business people made real business decisions with maximum potential and maximum returns in mind.
C'est la vie PPHM HELLO CDMO
