Flipper, this is a modified repost of a previously censored message where I had spelled out my position more fully and clearly vs the naysayers claims of fraud by LP, along with an issue I have with voting to ratify the massive number of incentive stock options granted to LP.
Back before 2015 shareholders had approved an incentive stock option plan that allowed the BoD to grant options up to 20% of the outstanding shares at their discretion, which they did repeatedly with most of those ending up being granted to LP. The current proxy asks us to re-accept that latest grant of hundreds of millions of options to LP which is IMO obscenely excessive even though I'm willing to stipulate that LP may well have been highly instrumental in moving the FDA to accept our new endpoints based on external comparison. Considering a future valuation of NWBO is likely to be either almost nothing or at least $5B-$10B, the granting of upwards of 20% of the company to LP in the form of ISOs is IMO way out of line with even very excessive standards of CEO compensation.
What we discuss on this MB has zero influence on actual voting as far as I can tell. I will say that my lot is in with management because I believe that dc-vax will be approved; I believe that because I know that leading clinicians are very sure that this treatment represents the base for the only way forward in treatment of GBM.
Drs. LL, AK and others are nationally and internationally recognized leading research and treating clinicians. They are hardly fools who don't understand the basic rules and parameters of clinical trials, nor are they involved in any attempt to scam anyone. LL's prestigious career has been entirely focused on her work on dc-vax therapy, in her own words. There is testimony from many other leading clinicians, e.g. that 'before dc-vax (and TTL) we never saw a single 5 year survivor of GBM'. The whole point of the clinical research is finding ways to give longer lives and even in some cases, cures to GBM patients. This is very clearly the way forward in the clinic. They will not be denied. All longs share my optimism in this, it's why we are in this, obviously.
The one point where I strongly disagree with management is the granting of stock options for 20% of the company to management, some 90% or so IIRC went to LP. Assuming an eventual value of $5B-10B which is pretty conservative assuming the treatment is approved, the payout to LP will be almost $1B, maybe $2B or more. IMO if they succeed LP and LG certainly deserved to be richly rewarded, but $1B is IMO way too much, In fact imo it's pure highway robbery, totally outrageous for a non-founding CEO. To me, that part seems beyond the pale of normal rewards. That alone makes this company seem like uncontrolled self-dealing cowboyism that would not be tolerated by very large backers. I'm no deep expert in this level of finance but to me this really stinks, even where CEO rewards have gone utterly insane as they have over the last 40 years in the US, and where LP may have been personally responsible for engineering the road to RA approvals behind the scenes, which I believe is very likely.
I will vote to approve everything else but ratifying those rewards to management. I'd be quite interested in feedback from anybody who knows more about these matters than I do but no way in hell do I think that level of reward is justified even if LP and LG have done a hell of a lot of heavy lifting in managing to work with the FDA and other RAs to negotiate the path to regulatory success which I believe they have. Even if they deserve most of the credit on that, the reward of that level just seems insane and obscene.
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