You're right, probably "his life's work" is too much, but 16 years building a company is a pretty long time. Add to that investing personal money to buy the company originally, then funding it when needed with personal funds, does make him a bit more of an owner that any of us. So technically, no, he doesn't own the company, but he's a major owner of the company. Take yourself back to May of 07 and think about where the company was and where it was headed. Sales were increasing, the facility was being built and plans were in place to get the US Clinical trials underway. Yet you say he did nothing. Where is the company now? Sales have increased because of the State sales, but if you move those out and look at revenues which equate to number of patients on the drug before the states start to distribute you'll see that the number went from $130,000 in Q1 of 07 to an estimated $185,000 in Q2 of 08. That works out to adding something like 900 new patients in 15 months. Now, having states buying will add patients, so that's obviously a good thing.
There are way too many things that are going on right now that don't add up such as the status of the New Jersey office and the employees, rumors of equipment being sent to India, but then finding out it's been sitting in customs in Nigeria, etc.
Keep in mind, the price of the stock was $0.02 when RP was removed, most here have been "wiped out" as you say in the past 13 months when the stock dropped to where it is today...
As for your thoughts of a "back door" attack, all Dr. Swift needed to do with any of the people and companies suing Xechem was work with them. He's saying Toxikon did no work, never called John Schingo just didn't pay him, stopped paying Dr. Misra's interest payments, told Beverly Robbins her loans were illegal, accused Colonel Pandey of going to India for six months without telling anyone and not working and they don't feel Dr. Pandey deserves his deferred compensation. What backup do I have? I've downloaded roughly 300 pages of court documents from Misra's, Colonel Pandey's and Toxikon's court cases, have Robbins' loan documents here and have spoken to her numerous times (and have a copy of the letter she sent to Swift and Mitch Goldsmith that was never responded to). The best thing about the court cases is that their main defense is saying the Leonard Muldry wasn't authorized to accept the summons even though he signed the document that said he was. He also filed an affidavit that said that since 2000 he hadn't been an officer or director of the company, when he was a director in 2004. If you'd like to see any of it, let me know, I won't even charge you the $0.08 per page the Pacer system charged me to download them.
BTW, I also learned the Dr. Swift has apparently moved to California (based on a document he filed in Colonel Pandey's case), so I'm wondering if he and Burg are thinking of moving the office to California since there's apparently no one in the office in Edison...
At what point do the problems the company has today become the responsibility of the current management?
