Here's what he said:
"Mr. Ehrlich effected the Surrender solely for his individual tax planning purposes."
He could have swapped those 11.3M Class B shares for the same number of Class A shares and TRIED to sell them....I say TRIED because the volume at the time (11/29/22) wasn't adequate to absorb that amount of shares unless they were trickled in and even then the downward pressure from the sales and the mere fact that it was the CEO who was making the sales would have been significant.
Class A shares traded for $.02+or- at the time so they were worth $226K or thereabouts.....but they obviously could only be liquidated for significantly less.
Obviously we'll never know how he valued those shares for the purpose of the tax loss for which he gave them up but it's reasonable to think that it was greater than the amount he thought that he could have sold them for. Either that or he wasn't convinced that brilacidin's oral mucositis, the anti-fungal work, the AlfaSigma deal and the BTMedical investment weren't as valuable as he made them sound in the 10Q he signed 50 days before the abandonment (and that some shareholders STILL think they are worth).
It's safe to assume that those things answer "what angle was Leo playing by giving away his shares?". Either he faced a pretty difficult tax situation, resigned himself to IPIX's inability to achieve success in its efforts, or both.
News 
Market Data 
Discover 
AI
