Replies to post #3304 on Galena Biopharma fka GALE

[Wamunut]

To sum it up a little better. They exercised options. If there was a sudden take- over those options are worthless! Use'em or lose'em

[stockjuicer]

Thanks so much you just may be right on this I also found this surfing around.

http://counterfeitingstock.com/CounterfeitingStock.html

Cramer May have been up to his old games again with Galena

[ADVFN_inmad]

Hi there, don't post here at all, but like to keep an eye on discussions on this board, and various other boards.

For those interested, checkout the term 'Covered Transaction' which appears in the incentive scheme - last updated I think in April 2010, and filed as an annex to the DEF14a proxy statement.

The original filing goes back to 2007, and the Rxi days - google

1390478/000095013507006451/b67189rpexv10w19.htm

and you will find it.

Now, checkout some of the wording, regarding the basis by which awards can 'lapse' under certain conditions when a Covered Transaction occurs. The reading is 'hard work' but it seems to indicate that under certain circumstances, rights to options can just lapse.

Now, admittedly, that does seem odd, but heck, anything is possible with these pharma stocks right?

Couple of other thoughts:
1. Blackrock's 13G - so they now own 6% of company, suspect they know more than we do.
2. Director sales - why on earth would they dump shares in such a blatantly obvious way? Also, there is no reference to 10b5-1 trading plans. I find it hard to believe that these directors would not stagger their sales over a more extended period IF the underlying issue was one of 'imminent bad news'.

Final thought - for those that have had prior contact with the company, ask them if the sales are linked to a 'Covered Transaction'.....my expectations are that you will not get a response!

Good luck to all, and hope this helps!