Yes, I knew the situation 18 yrs ago with the BOD having control and the protection of the poison pill which I was ok with due to their limited ownership at the time. However, IMO they have overstepped their bounds and the limited power of the BOD in terms of scientific, financial, etc connections has hurt the company. I also feel ES has been more than paid back in compensation to him and his crony buddies. In addition, I believe ES and his buddies have probably raised money by hurting the company thru a series of selling shares to people who are selling short prior to purchasing. This was probably legal but also probably a function of the current team's inability to raise money due to their limited connections.
They have had enough time to show they could benefit the shareholders and haven't done so. Specifically, they made a choice to go to phase III Sunrise alone and the cost associated with their gamble cost the shareholders dearly in the way of dilution. It was their greedy choice and it did not pan out the way they hoped. If they can't figure out a way to show progress and restructure the company in a more friendly way for SHs then I will be forced to go with the best alternate choice even if that is a straight Ronin takeover.
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