geocappy, we are certainly on the SAME line when it comes to extending the BOD. We are even on the same line as to that those extension MUST NOT by again ES side-wheels. But I have made clear in the past HOW, and more importantly WHY, that extension must be done in a certain way.
1) My Microsoft slogan below is my real believe in what Bavituximab can do, even after SUNRISE (actually money/revenue wise even MORE after SUNRISE but time-wise delayed which I do understand is an issue for some and I RESPECT that).
2) That being said I am ABSOLUTELY CONVINCED that BP knows the value of the drug, certainly now that the scientific world has published it to be a Golbal/Upstream/Systemic I-O checkpoint and quite exclusive.
3) That value is only emphasised by NEW qualities that have been lately discovered if one takes CHEMO-THERAPY out of the picture. Namely, acquired immune response (no more relapse), responders increasing in I-O (multi billion revenue increase in EACH and EVERY type of cancer for BP), candidate cornerstone molecule since this works in oncology, viral, inflammation/infection, imaging, etc.
Those 3 synthesised arguments make me believe that the cocooning of the BoD is due to prevent aggressive and hostile acquisitions for breadcrumb prises, WHICH in the light of the currently artificially held down PPS and the sabotage and SUNRISE anomaly, would look HONEST VALUE to less informed share holders, will look GREAT to those that got in since FEBRUARY 2016, and may feel as a RELIEVE to long longs or those that are in since long, but are not as deep in the D&D as some of us are, and might think this 5$ is a blessing. And I would even understand that.
However I am not prepared, and I know I am not alone, maybe on this board I am more isolated but it is not this board but the totallity of shareholders that vote that will decide, to settle for breadcrumbs knowing what this drug and its next generation BetaBodies means as a scientific breakthrough. As said before I don't form my opinion from the, possibly intentional, misinformation.
So your argument: We cannot change the BoD.
You are correct.
A) A BoD member needs ONE vote to be elected, hence can elect himself.
B) The BoD must accept new BoD candidate BoD members and hence can refuse everyone because they don't need to justify.
C) With last years bylaw extension BoD members can hardly be deemed responsible for anything and if someone tries the lawsuit road they pay but the BoD members have PPHM to pay.
D) They are under Delaware law and the BoD constitution is fully legal (although I wonder at what extend at some point, due to the amount of time in the BoD, someone that was initially "external" must be seen as equivalent to "internal".
E) yes, 2 BoD members are ES-side wheels, but there are hundreds of BoD where "US knows US". Hence combined with the other points NOTHING happens unless ES agrees or CEO King takes away his patents (which will not happen, he he very well compensated and if nothing illegal happens he will certainly not be the pebble in the shoe as he is really and sincerely building a future for PPHM that he believes in).
That BoD will:
A) Always renew the poison pill
B) Trigger the poison pill if the conditions allowing to do so are met
C) Due to ES investment and CEO King's options NEVER give away the company cheap.
D) Never allow a BoD member that would be a possible cause of LEAK to the competition, a possible cause of breaking the BoD open from the inside-out or a possible cause of keeping the poison pill from being triggered (such as was the case with our last loan where PPHM was forbidden to issue shares from there shelfs which is exactly what they do/must do as described in the poison pill procedure to dilute the hostile party or parties working in concert).
As a consequence of ALL that I have pleaded for an EXTENSION of the BoD by NON ES BOD members but by LONG TERM and INVESTED people such as possibly Dr. Rolf Brekken form UTSW which now runs the combines Phil Thorpe and Brekkens lab where bavituximab came from and which would certainly be a CEO King support as they were BOTH Thropes pupils. Dr. Garnick, that just like Brekken has invested in PPHM shares, and has a deep rooted knowledge of the Biotech/Pharma market with lots of contacts. Or actually even Kenneth Dart who owns more the 7% of the company and can, given he is a Billionaire, only be incentified through the PPS and would have well aligned interest with all shareholders. Even Dr. Birge, or possibly Scott Antonia, etc are people that know what drug they are dealing with here. Most of them, as Garnick told us about himself, are since long no more in this game for the money.
So I would support EVERY EXTENSION of the BOD that keeps the poison pill safe and certain strategical information as well. Bill Gates or Warren Buffet would do to :). But don't give me those rattle snake types as you find at BP or many financial institutions that are already fabricating the poison for the next bite even before they know who they are going to bite.
I just think a lawsuit will NOT work to achieve the above. Simply because a BoD extension is easy and how will one demonstrate before a court whether someone is or is not in ES's pocket. By the way, ES is not at all a bad guy, he just not as easy to talk to as King, Garnick and certainly Brekken, but is more distant. You can see that on an annual to just by where he stands in the room so to say. Being in, or having the ability to, control something is not by definition a bad thing, certainly not if the controlling party has millions invested in what he controls and is the biggest money looser if it goes wrong. AIMO.
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