Where as you might be right, Rocky, we need to remind folks here that ACTC is "management lite." Recall that Rabin, the CEO has not hired (to my knowledge) a CFO since he was selected CEO. SEC litigation is a very serious situation for ACTC as they have been named co-defendant. I'm not suggesting that they are guilty by association. I'm only suggesting that if Rabin's free time was scant before, imagine how a major lawsuit will drain his ability to devote time to ACTC's on-going business. Having lawyers buzzing around and court dates ahead, well, that might be problematic.
So, I think the board has to beef up the Company's financial function at a minimum. They can't screw around with fund raising any longer and pulling the kind of tricks that the deceased CEO apparently embraced. These are difficult talents to obtain and even more challenging finding someone willing to jump into the middle of a lawsuit.
Further, ACTC has to get a "heavy" general counsel to represent their interest and administering the SEC lawsuit. They have to find suitable representation that prevents the SEC from gutting ACTC's cash.
They have to get a "serious" legal secretary that can begin to get the board of directors up to speed with all the issues facing the company. Rabin will have his hands full protecting himself.
Meanwhile if this doesn't spin your head, this actually places a layer of Company execs into the fray and forces the CEO to manage his time better going forward.
I hope he's up for it.
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