Anyone questioning the CFO and the BOD?
I am not a shareholder anymore, since I had to sell my substantial holding (bought in 2003-2004) in this stock last summer, after it had burned over 50% of my investment money. I thought that at the time, $1.00 would turn out to be the bottom, but I had no choice, but to sell at that moment anyway.
Seeing what is happening now, makes me really sad. To me we have here a text book case of how not to manage a Biotech Company. The CFO (plus BOD) have sacrificed shareholders' value ever since the 2003 PIPE/hedgefund scam. I fully believe in the technology, but the way this company has done its financing is really the worst I have ever seen in my life. Where the LFB deal should have been a turning point, it seems that that same deal gave the final knock on the head to this company. It went under $1.23 and never returned above.
My conclusion is, that with John Green as CFO this company will be a victim of financial sharks forever. Similarly, the Board should be shaken up, because I don't think the objectives of the Board are in line with those of the shareholders, otherwise they would not have let this happen. I wouldn't write a similar thing, if I weren't sincere in my frustation of how a promising company is getting strangled.
Since I am not a shareholder anymore, I have no voting power, but if ever I get a chance I will buy shares of this company based on the merits of the technology. My question to you (and particularly Dew), how far can you go to let these kind of amateurs run a company? Or am I completely wrong with my perception of what is happening with this company?
AI
