Richard,
I agree with you on one thing at least. Babish should not be the CEO of PRLN. I don't think he would want the job, even if all the current Board members were swept away. After all, he was the company's first CEO and from what I understand, he voluntarily stepped down from that job so he could devote more of his time to PRLN's science. Unfortunately, he picked Rhodes to replace him in that position. This demonstrates that he's not a very good judge of selecting key personel, a skill our new CEO must have for the company to thrive. I think Babish now realizes that he is not a particularly good judge of character and I think this understanding will make him even less likely to want the job of CEO.
If Babish comes back to the company then I think he will do so as Chief Science Officer and possibly as a Director--nothing more.
I honestly don't know if Tachovsky is a man of integrity or not, at this point. I don't know if he can force this company to evolve into something better. But I have a feeling this may be one of those situations in which revolution, not evolution is needed. As I've said before, the Board of Directors of PRLN remind me of the members of the Communist party during the Brezhnev years. The Communists did not voluntarily decide to give up power and evolve into a democracy. They only gave up power because their economy was so shaky that their people were fed up with them and the only way they could remain in power would be to have the military crush the people. Some of the bad old Commies would have been willing to do this, but they couldn't get the military to go along. No, the Commies did not reform themselves willingly.
I never thought I would ever quote Stalin in an approving manner. But eggs do not evolve into omelets. In order to make omelets you have to crack a few eggs.
If Tachovsky wants to prove he is a man of integrity, the first thing he can do is end PRLN's lawsuit against Babish. I think my analysis has shown that it is a waste of precious resources as well as a slap in the face of the shareholders in that it is keeping Babish from telling us his side of what has happened. As shareholders who have lost a lot of money on this company, we have a right to know.
Secondly, if he is truly interested in the welfare of the company, he must secure the resignation of the current Directors. They have either actively supported pilfering the company's resources or quietly tolerated it by their inactions. So long as they are on the Board they may have an opportunity to swindle the stockholders again. That's why I would encourage Tachovsky to go to the Feds if he has any evidence of wrongdoing. He will need help in removing the Board members. He can not do it alone. And if he tries it without the help of the watchful eyes of the SEC, the Board members can throw him away like a used snot rag.
Robin |
