ku, i saw those posts and there are different ways to look at that.
1) Not get new 175Mil shelf and RS We know the current shelf is about 50Mil. We also know that an RS doesn't split the shares on the shelf. So assume an RS 1/5 then 50Mil shares can raise the cash of 250Mil because the price of the common in case of a 1/5 RS will be x5 (and RS is a NEUTRAL transaction). However cheynew pointed out the danger the if the share price will then be, say 5$, there is room to let it go down.
2) Get the 175Mil shelf and RS I find that unlikely but purely theoretical it isn't impossible of course. Possibly at the moment ES kills himself. This would make the shelf, again in case of a 1/5 RS, an equivalent of 875Mil shares on the shelf. If PPHM sells those at 5$ to a party, say acquire, that means 4.4Bil$ and only 50Mil remaining on shelf and only about 50-70Mil circulating common shares in the public (due to the RS). That means such party could offer ASTRONOMICAL prices to buy the remaining shares because more the 80% of their total offer would flow back to their own pockets. Of course if one expected 100$ ps before an RS then one should expect 500$ ps after an RS because 100$ would otherwise mean you only got 20$. Also that low number of outstanding shares would allow a party to do a 1 for X of its own shares. I don't see this option 2 as a real possibility because it would imply that while BoD works for share value they also decided the faith of the deal up-front without consulting SHs.
3) Get the 175Mil shelf and NO RS I think this will be what happens. PPHM has no interest in lowering the liquidity and certainly not to create a short-able situation. A good accountant such as PL (coming from Deloit) but possibly not so good money manager may think that after an RS 1/5 he can raise more money with less shares because the PPS will do x5, but that is of course nonsense. The shelf of 175Mil in combination with a new decent 5-1=4$ shorting window (smart shorters keep the price above 1$ because they hate de-listing because the loose all liquidity and they play between 1$ and X$ in wanves) will make that the PPS will drop fast. So PL will have made his problem WORSE because he must now ATM at low prices in a market with liquidity / by 5. So the ATM will exponentially push the PPS down. ES will NEVER let that happen.
4) No 175Mil and NO RS This is the dangerous situation. If we take away the shelf then we take away EVERY means of PPHM that is NOT controlled by a 3rd party (such as a loan) to counter incidents such as the dose switching or to advance Bavituximab (get extra read outs from other trials) before SUNRISE unblinding (see last Q/CC Q&A). This will also not happen in view of yesterdays discovery see here. Fortune is a respected publication and it is clear that with Broakridge the vote on #3 is secured. There were about 50% Broker non-votes and PPHM expects few this year, that is because BR will change every non-vote in a YES on all proposals, incl. #3. This FORCES any hidden party that wants to stop #3 to come out of the closet and vote NO explicitly or try to make us retailers vote NO (which should still be insufficient).
So I think 3 above will be were we go and the current PPS moves are to do wit Hillary Clinton's Twitter about drug pricing, which yesterday killed the markets and biotech index and possibly the the FDA head change by Obama which attracted the attention to the fact that many drugs were approved while many of them only marginally improve treatment. BP's and the market doesn't want to hear that because the public then automatically goes for the CHEAPER of both which is not good for BP under pressure of generics which are of course NEVER generics of those newly approved drugs but from the previous drug of which the public now know they are almost equally effective and available for 10% of the price.
The PPS kept close to one is pressure to make people vote NO out of FEAR for an RS and with the threat of the 0.85$ conversion. Not sure if it is AUTOMATIC, i think a PPHMP holder cannot in this way be FORCED to loose his 10.50% interest.
25*=1 PPHMP 29x0.85$=24.65$
So that would make PPHMP a VERY BAD INVESTMENT because you get 0.35$ back less then the 25$ you paid and on top after that conversion you are in PPHM common WITHOUT interest with shares that are in the delisting window and if you want to sell them you'll NEVER make 0.85$. If we assume that 2x800K PPHMP shares were sold (i don't remember the exact amount) then 29x1600=46Milj shares to portfolios the SAME DAY. That consumes our COMPLETE current shelf (I assume the ATM took some of those 50Mil remaining by now). However if the PPHMP holder can just stay in position then he keeps getting his 10.50% and can not made to leave PPHMP until the other conditions are reached which in all cases give him his money back and most certainly a small profit if PPHM exercises its rights.
I always pleaded that PPHMP was for II, Funds, etc that are after the interest because 10.5% is a good investment these days.
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