Ayala Pharmaceuticals Inc (ADXS)

[fbg0316]

I feel like an idiot not selling last year. I legitimately thought the firing of O'Connor was a positive step and part of a plan in which an "interim" CEO would be put in place as the Board finalized a sale of the company given our late-stage clinical trial. Boy was I dead wrong. Instead, the Board had no plan of action after firing O'Connor and took a year to find a permanent CEO because the company was in a position of weakness, not strength. Painful and costly learning experience. I also always thought that while the company was poorly managed, at the end of the day we would see value because of the validity of the platform. I was wrong on that front as well, as evidenced by Amgen losing confidence in the science.