Wook, perhaps it is best to "let sleeping dogs lie", but have you or others on this Board looked at the timing coincidences for an initiation of position by Ronin/White relative to their visits and tour of Avid mabufacturing facilities?
Without revisiting all the details, I recall that the Ronin/PPHM discussions where Ronin was offered the opportunity to sign non-disclosure agreements to be allowed to look at what I call the PPHM "Book of Secrets" at timing starting about the beginning of the period during which Ronin was accumulating shares and PPHM was determining whether they would need to implement a reverse split. Additionally, the early Ronin PPHM purchases appear to have coincided with the last quarter of PPHM's Fiscal Year 2017 (April 30) when it was figured that PPHM was issuing the last of their ATM authorized shares. It also coincides within about a month of the timing when two shareholders brought suit against PPHM for BOD overcompensation before the Delaware Chancery Court. The complaints Threes indicated he brought before the SEC and California AG align with the period when Ronin was writing letters to shareholders and the Judge Laster decision was being released.
What I am wondering is, might Ronin have been visiting with PPHM management, touring facilities in a role other than a 9% shareholder activist when talking to PPHM at the critical ninety day juncture of a reverse split, a lawsuit citing overcompensation of directors, PPHM's clean up of the authorized ATM shares and discovery by PPHM that Halozyme was needing to delay receipt of Avid production, deferring $10 million of Avid revenue into the next quarter. Do we have any idea of why Steve White ever went to visit with PPHM and tour Avid for in the first place, if not to explore the Ronin set up for a PPHM management take over initiative? This could be a "what came first, the chicken or the egg" analysis but coincidences associated with exchange of funds running into the tens of millions are worth exploring.
In context of due diligence leading into the yet to be announced ASM, I see it might be worth exploring the prep of a timeline that captures some of that "nexus" of these events, to overlay on the share price history and Steve King "I'm excited" graphic that Ronin released this week. CJ has most of the relevant notes in the yellow stickies, I recall, including when the ATM shares were issued, increasing the overall outstanding shares count. That web page that James references should have the daily percent naked shorting history that might be aligned with the excitement meter timeline along with the other events to fill in a timeline packed with all sorts of excitement, LOL!
Best wishes and IMO.
KT
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