Kanc: Good post. I am also a disappointed long term holder of about a quarter million shares. By any measure Malcolm's performance over the last 12 months has been nothing short of abysmal. The slow or non-existant progress, missed time frames for the facility, missed time frames for IND's, for contracts, for financing...What is most disturbing is that in his January 2007 Malcolm acknowledged that lack of communication was a problem and he promised to address it. He hired some 4th rate wanna-be PR firm, continuing a pattern of getting involved with questionable partners like Phanuel Pursuits. I can't wait for the next round of litigation that this type of decision making ultimately engenders. I give credit to Malcolm for keeping the lights on and the business going through difficult financial times. And I don't think he's corrupt, or in any way a bad person. But if you recognize a problem, acknowledge the problem publicly, acknowledge that the investing public is down on the stock due to poor information transmission, recognize that the share price is down 75% in 12 months....and you still do not do everything in your capacity to alleviate the concerns of the shareholders and attempt to buoy the share price with the knowledge that a shareholders meeting is upcoming.....well, what can I add to that. Either Malcolm is devestatingly incompetent, or is distracted by the employment dispute with FV and LW, or he is delaying less than favorable news. Why else would a CEO who supposedly has the best interests of the shareholders in mind completely disregard the abysmal performance of the stock and disregard what he just wrote in January? If he is sworn to secrecy he could still announce that developments are being made but that the other parties wish to delay public announcement. And while CEO's need not let their company's share price dictate their decision making they should indeed recognize that the share price will determine how their performance is judged. So by that measure alone it is clear that Malcolm would better serve the company by assuming an emiritus position and hand the day to day operations over to a more aggresive leader. It is not only our portfolios that are suffering. And that is not my biggest beef. My concern with the share price weakness is that the company will have to raise more capital by year end. I'd rather have them sell 5 million shares at a dollar apiece in a PPO then 100 million shares at a nickel. By disregarding the current shareholders how do you attract new ones?
