No matter how you look at it, the ultimate responsibility is that of Mooney. We do not know the whole story, but whatever it may be, Mooney is the one who is responsible for doing the right thing to keep the company on track. He has clearly not done that. He has created circumstances that have made the company lose its entire market capitalization. Now the market cap stand at about 15 million dollars. It is extremely difficult under these circumstances to raise $10 million that Mooney wants to raise, still Aegis is going around asking investors to raise more money. When your market cap is 15 M and you want to raise 10 M, the investors thing that the company is already bankrupt. In any case all investor equity is already almost lost.
So who is responsible? Clearly Mooney. So in the board meeting tomorrow I hope that the board decided to sack Mooney without much discussion. The proof of his mismanagement is already apparent. He has run the company into he ground. If the board does not do the right thing, all board members and the company will have to fight law suits for may years to come. Is that what a bio tech CEO is supposed to do? Fight lawsuits or bring products to the market?
Seeker
