Replies to post #55770 on Avid Bioservices Inc (CDMO)

[swg_tdr]

Jake, this got to be a new one for bald-faced highjacking of shareholder values.

No wonder biotech funds did not pile in after ASCO. Not to mention the 20,000 PUT miracle, eh?

... "independent nature of the Audit Committee, the Compensation Committee, and the Nominating Committee, as well as the practice of the independent directors regularly meeting in executive session without Mr. King and the other members of the Company’s management present, ensures that the Board maintains a level of independent oversight of management"

qualifications? indepedent crooks? Or collective cabal?

God save this company.
NHwild

[Bungler]

The Board has determined that its current structure is in the best interests of the Company and its stockholders.

I find this statement to be quite absurd. The reason there is no COB is that the COB Dr. Waltz DIED, and nothing was done to replace him. If Dr. Waltz did not die, he would still be COB. It is not as if the Board decided to conduct a study and concluded that Peregrine was better off having no Chairman. Rather, it is inertia by the current Board. They are now trying to characterize (or mischaracterize) their simple inaction and failure to replace a COB who passed away, as being in the best interest of the Company. Again, this is absurd.

"The sudden loss of our business colleague and friend Tom Waltz brings sadness to the entire Peregrine family," said Steven W. King, president and CEO of Peregrine. "Our deepest sympathies go out to Tom's family and to all who knew him well. Tom's distinguished career as a top neurosurgeon and healthcare executive was matched by his generosity and spirit. His medical and healthcare expertise was of significant value to Peregrine and his talents, wisdom and guidance will be missed."

Dr. Waltz was a neurosurgeon and a senior consultant in Neurosurgery at the Scripps Clinic in La Jolla, California. He formerly was chairman and CEO of the Scripps Clinic and president of the Scripps Clinic Medical Group. Dr. Waltz also served on the Board of Genoptix Inc. and Premera Blue Cross of Washington and Alaska. He received his undergraduate degree from the University of Cincinnati, his M.D. from Vanderbilt University and his neurosurgical training at Baylor College of Medicine. Dr. Waltz also had training in Neurology at The National Hospital for Neurological Diseases and in Neuropathology at Oxford University, both in the U.K.