The most interesting story is why Robert G Friedman, a successful real estate developer / lawyer with a +$200 million property portfolio in NYC, is involved in an illiquid micro cap.
He’s been involved with IGEN since 2017 with an initial passive investment of $25,000 (2 million shares). He is now IGEN’s largest shareholder with 32.3 million shares. He became a director in 2020 because of his extensive experience in “business transactions”.
IMO, Robert’s investment in IGEN is akin to an angel investor investing in an early stage startup. Angel investors’ ROI expectation is about 10x their investment and look to recoup their investment in 3-7 years through a “liquidity event” (IPO, M&A, block deal). It’s highly unlikely he accumulated a large stake in IGEN to ultimately sell his 32.3 million shares at VWAP in the OTC.
As mentioned in my previous posts, Neil Chan’s specialty is “Commercial Contract Negotiations, Exits & Liquidity Events“.
On March 17, 2020, Robert Friedman was appointed to the Board of Directors. Mr. Friedman has previously purchased stock in the Company. Except as to those purchases, there have been no transactions between Mr. Friedman and the Registrant during the prior fiscal year which would be required to be reported pursuant to Item 404(a) of Regulation S-K that have not already been reported on Form 10-K.
There are no family relationships between Mr. Friedman and an officer or director of the Company.
Following is a brief description of Mr. Friedman’s business experience
Robert Friedman has been actively engaged in the real estate business since 1970. In 1996, he started York Resources, LLC., where he actively participates in the acquisition, financing and development of their real estate holdings, in addition to practicing transactional real estate law for private clients.
At present, Robert and his brother Bernard own 34 properties, most of which are located in Manhattan and which consist of about 120,000 square feet of retail and office space, 300+ parking spaces, rental apartment units and luxury single-family homes. Recently, the Friedman's developed, built and presently own a 28-story Pod Hotel located at 42nd Street and Ninth Avenue consisting of 665 hotel rooms, 45 residential apartment and retail spaces.
Robert Friedman and his brother are currently developing a national family amusement theme park anchored by the world's largest rollercoaster to be located in Orlando, Florida.
Prior to joining the family business, Robert Friedman was a Senior Partner and transactional real estate attorney in New York City for over 20 years.
The Company believes that Mr. Friedman’s knowledge and experience in business transactions makes him a suitable Director.
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