Replies to post #46829 on NorthWest Biotherapeutics Inc (NWBO)

[TZOR]

The BOD has appointed an independent financial expert to investigate the allegations made by Phase V about NWBO.

plain and simple

Mr. Jasinowski commented: "As we announced last week, we welcome Mr. Woodford's recent call for an investigation to address the allegations in a recent anonymous internet report and lawsuit, and we agree with Mr. Woodford that the investigation needs to be fully independent. We are particularly pleased that after considering various possibilities, we have selected accomplished, experienced, respected and fully independent parties to assist us in the investigation."

The Special Committee considered various candidates to head the Investigation Team and selected Messrs. Irvin Nathan and Steven Kaplan of Arnold & Porter LLP. Neither Arnold & Porter LLP nor Mr. Nathan or Mr. Kaplan has previously done any work for NW Bio, or otherwise been connected with the Company or its Board or management.

Mr. Nathan's background includes service in the Justice Department as a Deputy Assistant Attorney General, as well as service as General Counsel for the U.S. House of Representatives, Attorney General of the District of Columbia, Vice Chairman of the D.C. Board of Professional Responsibility and Chair of the Ethics Committee of the D.C. Bar, as well as many years in private practice and extensive experience in conducting investigations.

Mr. Kaplan's background includes heading the Corporate and Securities law practice of Arnold & Porter LLP, with extensive experience with corporate governance and internal investigations, in addition to securities law compliance, capital markets and mergers and acquisitions.

The Special Committee anticipates that the investigation will get under way in the coming week and will likely take at least 90 days.

Nathan and Kaplan are not there to rubber stamp, pal.

You are spinning again

I find your sleeper account interesting

NW wanted an independent investigation and he is going to get one. they are in the process of appointing one

"The Company is in advanced discussions with several other high caliber potential candidates for the new independent Director position, and expects to complete the appointment process soon"

Yes, I admit this is different that the original investigation proposed by NW, the one proposed by NWBO is greater than the one proposed by NW in that there are two investigations, one investigation is internal with an independent investigator, and the other investigation will be external with an independent ex-FBI agent.

I would personally rather get information about the science and I am disappointed that we have yet to get information. The other matter that WAS disappointing was the lack of follow up by NWBO about NW's proposal, and NWBO just answered his proposal, for that I am reassured.

[sentiment_stocks]

Ready, as DoGood has suggested and the PR stated, the company didn't feel that the Freeh group was "conflict free". Given the fiasco with Ondra, who was not only recommended by Woodford, but was actually pushed by Woodford in exchange for the $30mm, I can see the company wanting to vet the next part of the provision - that any people being brought in to investigate are indeed truly "conflict free".

Now the company is comfortable they've found two such persons who are both "conflict-free" and experienced. The two non-executive directors Jasinowski and Farmer may not be fully "conflict-free", as they would probably side more favorably with the company itself, but they are not part of the management team, and they are "conflict-free" in that they have no connections to competitors.

There is currently not a member on the board that might be considered fully "conflict-free", but the company surely wants to act quickly in order to put these allegations from P5 behind them. And per the PR, they are still looking for another BOD member that will better suit the board. Since the BOD will appoint him, the BOD gets to pick him. They've stated the qualifications they are seeking, and I'd bet in rapid time, they'll soon find that person.

Given all of this, it seems Woodford has been given roughly what he wants. He has two conflict-free people (meaning, they aren't involved with any competitors, and haven't previously worked for the company; and he has two non executive directors. They certainly are conflict-free in terms of they have no relationships with any competitors.

"We believe that best practices for companies addressing allegations of this nature require the Board to convene a special committee composed only of conflict-free non-executive directors and engaging external counsel who have not previously provided legal services to the Company."

I know you are still long, and I know you feel very uncomfortable in that position, and I understand why you are bringing your concerns to the board. I hope soon your worries are proved to be unfounded. And I hope the share price soon rises and you are able to either exit the share price at a nice profit or keep your position.