Sleven, I have stated this before (and agree with you) that Denner never intended for Amarin to approve the two under-qualified candidates he first put forth. That was just part of his overall strategy. If you look at their qualifications, I can't imagine how Amarin would have approved them. If Amarin had hired those two off the street (independent of Sarissa), shareholders would have been screaming. So, it's fairly obvious what Denner's plan was all along. Fine.
I also agree with you and PDude that there is some cause for worry about what may transpire IF Denner gets full control of the board. I share the fear that too many employees may run for the exits. And while the extremists on this site may cheer for that, it is absolutely NOT what you want to see. Because those people can't be replaced (nobody is coming to work for a company if the expectation is that it is being sold).
And this would be fine if the company IS SOLD. But...if the company is NOT sold right away, then it will whither and die. And there is nothing Denner can do about that. Which then forces a fire-sale of the company.
Ultimately, there is tremendous risk under either option (Denner in or Denner out).
I do believe that we would be better with an alternative to PWO. I think he's a dinosaur. And I would like to have Denner on the board.
I also feel that there is some very skilled board members that provide value that should stay. We also need some continuity - both on the board and within management. I'm not sure a lot of people on this board can appreciate the fact that you can't just replace everyone, and hope for better results. And that also discounts the fact that there are a LOT of great employees in the company that we need, to keep things moving along.
At this point, I am willing to accept the risk of Denner coming on board. It does feel like management and the BOD did not have the appropriate sense of urgency until Denner entered the picture. And my other major concern is what happens if Denner does NOT win. My fear is that either he folds and sells his position (which would destroy us - though I think it is unlikely he folds), or that WS and some of the other hedgies view this so negatively that we get crushed. In either case, it will extend the pain even further. If he loses, and keeps fighting, it just distracts management and the BOD even further, at a time when they really can't afford distractions.
So, I am maintaining my blue vote with much trepidation. But I would encourage the rest of the people on this board to at least listen to voices of reason and maintain open minds to people like PDude and Sleven. At worst, you learn something by doing this.
