GTC Biotherapeutics (fka GTCB)

[waynebio]

Lets get serious, if a bum on the street with no cash has a sign that says he needs a sandwich and wants to sell you a legitimate ticket to the baseball game starting later tonight for face value, do you think the bum would sell the ticket for $5 even though the face value is $20? Don't you think most people would only offer the bum the value of a sandwich? Probably, and no-one would bother to offer much more before the game starts because everyone knows the bum will only get more and more desparate as time goes by. GTCB got itself into the same position with the partnership by spending cash to the point of being the bum and everyone who has cash knowing the partnership terms will only get sweeter for the partner (and less so for GTCB) as time goes by and GTCB's bank account shrinks. GTCB should have stopped the spending last year to have some firm negotiation footing, perhaps it is not too late. Who is advising GTCB management in their dealings with the real world? Seems like a committee of nutty professors making decisions more than an experienced investment banker who knows how to avoid a dead end. The partner seems to be playing GTCB management like a violin and GTCB management is in a spend spend spend trance.