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Biotech / Medical : Paracelsian Inc (PRLN)
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To: Jonathan Schonsheck who wrote (2564)4/27/1997 9:55:00 PM
From: Harold Stone   of 4342
 
Johnathan,

Congratulations on your well written post. I understand your anger and frustration and was getting ready to express my own feelings but you have done it for me, and better than I could have.

You can also add to your 7 points that Cornell probably would not have been a participant if they felt the technology was bad.

Just recently I questioned the news release. It only says there is another delay and no substantive reason for it. What is further evaluation, by who and why?

I've asked why Rhodes is still here? The answer from his resignation press release is that he would retain his positions of President and Chairman of the Board until the next annual meeting. When is the next annual meeting? April 14,1997 would have been 12 months since the previous meeting. In discussing a completely different matter with a friend of mine, his corporate By-Laws came up and I was reminded that the BY-Laws stipulate among other things, when annual meetings are to be held. We should find out what Paracelsian's By-Laws say.

I can understand Rhodes not wanting to leave a $195,000 a year job.
Don't forget Rhodes probably controls 705K shares; bought 245K @ .05 and 460K @ .56 (A very familiar price recently).

Johnathan, I think our best bet at the moment is voting the shares, that is one reason I think the annual meeting is very important.

Have to stop for the moment, back later.

Harold
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