Paracelsian Inc (PRLN) Message Board

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Biotech / Medical : Paracelsian Inc (PRLN)

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To: richard davis who wrote (1080)	12/14/1996 8:57:00 AM
From: John H. Farro	of 4342

Richard, thanks for posting the story. This MIGHT not be as bad as it seems. I am glad that Rhodes is staying on as chairman of the board and President until the next stockholder's meeting and that he is going to co-manage the company with Koch and Babish until he is replaced. At least he didn't totally cut and run. As you mentioned, he is 69. And Nikita mentioned that he was under the impression since spring that Rhodes was planning to resign soon. Perhaps this was a planned resignation and they planned on running the company as a joint venture until someone new was found to replace Rhodes? Why did he decide to step down now and why was this announcement released now? Perhaps he's been waiting to resign for some time and this is the first opportunity they had to announce it without scaring off investors. During November we were very concerned with a very confusing announcement on the AndroCar study and we were sitting on pins and needles about the Bastyr study. (The confusion behind the AndroCar study was self-created with a sloppy press release. The wait for the Bastyr study may have been due to factors beyond PRLN's control.) If he had stepped down before the results of the Bastyr study was known, investors might have inferred that the study was going badly and panicked. Rhodes might have thought that this was as good a time as any to step down, now that the uncertainty behind these studies have been cleared up. Why didn't they wait to announce his departure until after a replacement was found for him? PRLN has been criticized before about not informing its investors of what was going on in a timely manner. Maybe they just wanted to get the information out as quickly as possible so they did so before a replacement was found. By trying to avoid criticism over delaying release of information, they may have stumbled into a new basis for criticism. Well, that's the optomistic take on the situation. I don't know if I believe it or if I am just whistling past the graveyard. Robin

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