Bernie, Best Of Luck Back At You. Im still holding, We will just have to see who is bluffing, who folds and who has all the cards. I'll shoot for .50 and settle for double at .34
If I'm right, I'll look on the floor to find both your 2 cents which will make it .38
Let me get to the point why I THINK it will be different, and the future is now... that was the past. Whatever the outcome it will be good for Genta. Here the way I see it, Jr out fearless leader is going to jump ship before he has to walk the plank and swim with the sharks. But he has to wait until he can see land. One thing is for sure, and that is Genasense works, it doesn't matter if they have enough money to market the drug... all that matters if they can just make it to the FDA approval. Then Genta will be like a blank check, instead of the rubber one that it is now. Then DNDN or whoever can buy GETA then drag her to all the Dog and Pony shows in town.
But there are a few challenges for our fearless Captain. One he needs to stop plundering the ship and start plugging the holes before we all sink and don't make it. Two he has to keep his eye the on that big Pay Day. That is just a few short weeks away, one day it will be the day the FDA say's Hey Ray GETA is OKAY...5,294,936 shares, shall be vest on that day.Oh yes I did say GETA will be $3.80 before the FDA approval, on that day is another pay day of 5,294,936 shares, shall be vest on that day. But GETA is no fool and everyone is on to his tricks, and from a different perspective...What if the lawsuit or other forces would get our good captain in some trouble if he once again breached his fiduciary duties and/ or lost his captains log?
It states that "The Shares may vest on an accelerated basis prior to these vesting dates in accordance with the provisions of Paragraph 4 of this Agreement. In no event shall any Shares vest after the date of the Participant’s termination of employment." These rights are hereby expressly reserved by each, to terminate the Participant ’ s service at any time for any reason, with or without cause....WOW BE GOOD RAY, OR ELSE.
Lawsuit from GETA Investors trial is still pending, complaint alleged that in issuing convertible notes, the Board of Directors, and certain officers breached their fiduciary duties, and the Company aided and abetted the breach of fiduciary duty.
I THINK Genta and the Board did not want to Breach their Fiduciary Duties, and for once was acting in the shareholders best interest. Thus killing two rabbits with one stone, while picking up some fish for the way home. And this is why Ray was taxed instead of us, but iworks in his favor as well
Law & Legal Definition
A fiduciary duty is an obligation to act in the best interest of another party. For instance, a corporation's board member has a fiduciary duty to the shareholders.
Remarks:
Drs. Warrell and Itri sold a portion of their holdings to cover their income tax liabilities exceeding $540,000.00 that were paid pursuant to their having been issued shares of common stock of Genta Incorporated on September 4, 2009 as a result of vesting of restricted stock units. In aggregate, these sales comprise less than 5% of their current holdings of Genta securities.
5% ...soon you will wish thats what you sold, I'm still behind Team GETA and I follow their lead. Lets hope you don't get left behind that far, they are not the Marines. So don't expect a GETA rescue party coming back to save you. But of course thats just me thinking again, and thats just my humble opinion.
Income when stock vests
When the stock vests, you're required to report compensation income equal to the fair market value of the stock. The fair market value is determined as of the time the stock vests.
How to meet the requirement
The special problem in withholding on compensation paid in stock is that you aren't receiving any cash. Naturally the IRS insists that the withholding be provided in cash. How can you provide cash withholding when you didn't receive any cash?
Some companies help with this problem by providing some form of cash compensation that goes along with the stock compensation. This may take the form of a stock appreciation right or cash bonus plan. Note, however, if the company covers your withholding, the amount they pay for that purpose is additional income to you.
One approach is to sell some or all of the stock that was provided as compensation, and use the sale proceeds to meet the withholding requirement. The company providing the compensation may agree to buy back some of the stock, or arrange for it to be sold by a broker, for example. In these cases you need to consider the tax effects of the sale as well as the receipt of the property.
Result of withholding
Regardless of how you satisfy the requirement, the income tax withholding will be a credit on your income tax return, reducing your tax due or increasing your refund. You can't include the withholding in the basis of the stock you received, even though it was an amount you had to pay to the company when you received it.
August 31, 2009,
Dr. Warrell was granted 26,474,679 shares of restricted stock units.
$1,509,056 = 3,971,202 vested .38
$675,104 = 3,971,202 value .17
_____________
-833,952 Tax right off loss
+833,952 GETA TAX REFUND @.38
-540,000 Income tax liabilites
So I have No Choice But To Believe In GETA,
Its a WIN WIN no matter how you look at it.
Participant: Raymond P. Warrell, Jr.
Award Date: August 31, 2009
Number of Shares Subject to Award: 26,474,679 shares of Common Stock (the “Shares”
Vesting Schedule:
The Initial Grant will cover four and one-half percent (4.5%) of the fully diluted common stock of the Company as of the grant date, or a total of 26,474,679 shares.
Sixty percent (60%) of the Initial Grant amount, or 15,884,807 shares (the “Service Grant”), shall vest as follows: 25%, or 3,971,202 shares, on the grant date, with the balance of the 60%, or 11,913,605 shares, vesting in thirteen (13) equal portions on quarterly anniversaries from the grant date, so as to be fully vested on December 31, 2012 provided the Participant continues in employment through each such date.
Forty percent (40%) of the Initial Grant, or 10,589,872 shares, shall comprise the “Incentive Grant”. Half of the Incentive Grant, comprising twenty percent (20%) of the Initial Grant or 5,294,936 shares, shall vest on the date the Company has received notice from the U.S. Food and Drug Administration or from the European Medicines Agency that Genasense has been approved for marketing by FDA or EMEA. The second half of the Incentive Grant, comprising 20% of the Initial Grant or 5,294,936 shares, shall vest on the date when the market capitalization of the Company first exceeds ten (10) times the market capitalization value as of the Initial Grant date. The market capitalization value shall be calculated for the grant date and for the vesting date using a standard measure of the Company’s daily closing stock price on a recognized exchange multiplied by the number of shares issued and outstanding on each of those dates. The market capitalization of Genta Incorporated on the Initial Grant date of August 31, 2009 was $50,869,855.58 determined by multiplying the closing stock price of .38 as reported by Bloomberg.com by the number of Genta shares issued and outstanding of 133,868,041 as determined by The Company.
PEACE AND GOOD LUCK TO YOU
