NorthWest Biotherapeutics Inc (NWBO)

[HappyLibrarian]

Exactly, 90% of shareholders support management.

False.

90% approval rates and higher are normally associated with authoritarian and undemocratic regimes and should be highly suspect. It’s hard to get 90% of people to agree on anything so when you get to those numbers it’s time to start asking questions.

The 90% of shareholders support management figure is inflated and a reasonable person would know it is misleading to state it.

This is because it it is based on shares voted at the ASM and not shareholders (a key distinction that often gets ignored). That’s like having votes in a national election allocated by individual net worth instead of one person one vote and then claiming the majority of citizens support an outcome because a majority of votes cast did. It’s not the same thing.

Also there’s the element of duress since pretty much every vote has the specter of a reverse split in the background if the vote does not go management’s way. It’s like Congress agreeing to raise the debt ceiling - it does not mean they support how do much borrowed money has been wasted in so many ways but if they don’t say yes we’ll still have to borrow money but life will get worse for all as we face to do most of the same things but it is harder.

Given the lack of alternatives a lot of shareholders who do not support management (like myself) voted for their proposals at the ASM as a reward for at least finally giving us TLD (in the now clearly vain hopes that this would encourage more good behavior).

In light of the above it is unreasonable to claim that 90% of shareholders (as contrasted with shares voted) support NWBO management.