I read that post from you on April 26th (longer version) and it is one of the reasons I've been hesitant to just jump in. There is definitely a major disconnect between the success of Bellissima and the success of shareholders because the structure he has created and the funding mechanism he is using to cover debts and operating expenses...dilution.
What I see on the surface is the shareholders are getting all the risk and Rich, the vast majority of the reward, throwing 25% of bread crumbs to shareholders if his 7th attempt pans out. With CB on board, it very well could, but I don't understand why shareholders should share in it, given the immense risk they are taking on.
This has been trading at inflated levels for some time now under the assumption that Rich will give up his 49% of Bellissima (for free?) and never convert the Pref Ds. PPS can't stay up at these levels (at 4X real value) without continuous PRs and such, pretty much proving it's overvalued. Yet there is so much talk of being undervalued, a fact that could be true for Bellissima, but what about shareholders of INCB? They share 25% of the reward with virtually all of the risk. And if Rich is running a scam, they are dumping all their money into his open hole...not to say he is doing that, but one must consider the possibility, given the lack of verifiable info out, coming mostly from him.
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