Goldfinger, I don't observe there being enough information to sort out if there is a third party exerting influence here, beyond Ronin and the PPHM Board. Tappan's SEC filing announcing they dropped their holdings to 4.95% (my understanding) suggests Tappan's desire to trade freely without needing to disclose to the SEC. Tappan or other such parties with < 5% holdings can continue to move "under the radar". We also don't know if any of these parties are acting on behalf of a Pharma interest. Consequently, I don't yet see long time long shareholders have been positioned to choose between Ronin candidates and the current Board in October. The third column may still show its hand.
I am concerned that Ronin is communicating as if the PPHM settlement agreement that trims back PPHM BOD compensation has not occurred, even though I received a disclosure of the agreed upon settlement to be heard by the Delaware judge on July 27 in the mail (as a shareholder) before Ronin's recent public statements. Ronin also does not appear to have been aware that the Sunrise trial finished, allowing reduction of significant patient care expense outlays around the same timing that Ronin established a position. Nor is Ronin indicating awareness that PPHM Avid sales to Halozyme were deferred to the next calendar year. The PPHM staff reductions are also scheduled to be implemented with their one time charge to earnings for separation settlements before the ASM in October.
Conceivably, PPHM could be situated to announce their operations are self funded with Avid sales revenue for announcement around the ASM. $7 million reduced payroll cost, reduced BOD compensation from the settlement and reduced trial implementation costs goes a long way towards covering the costs of 11 PPHM employees to be still engaged with research. Avid itself was already net profitable. Something to consider...
Best wishes and IMO.
KT
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