Hank,
I think PRLN's only chance of survival rests on getting Rhodes and the supporting members of the board booted out. PRLN's got a bad reputation which will make it difficult to raise money, but perhaps if we get an entirely new board with good credentials this might not be an impossible situation to overcome. After all, the screening technology and the herbal medicinal library are still valuable, and I'm convinced that PRLN's patent rights to the Ah-Immunoassay is still intact, despite the incomprehensible gobbledy gook Rhodes said at the meeting and depite what the Annual Report says. If the company gets new management with a good reputation they might be able to put up the patent rights to the Ah Immunoassay as collateral. In any case, I think PRLN has a reasonable chance of obtaining capital if they have squeaky clean and competent management.
Of course, that's a mighty big "if." The only person on the horizon that I can see who is capable of stepping in if Rhodes and the current Board are removed is Colin Campbell. He seems to be the only major player who doesn't have a lawsuit against him. He's taking an active role in trying to through the rascals out and I don't remember seeing anything about him ever selling his stock. Presumably he still has an interest in seeing the company do well under new management. I can't say whether he is willing to step in full time to handle the company himself. But as I see it, this is the company's only hope.
We are no closer to getting Rhodes kicked out than we were a week ago, but after seeing his and Nikolis' performance at the stockholder's meeting I am convinced that there must be something to the charge of illegal behavior in regards to the Indian Herb deal. I hope someone with the evidence reports this to the SEC. Maybe they will kick him out, but who knows how long this process will take?
Unfortunately, PRLN's survival rests on a lot of "ifs" and "maybes."
Robin
This is mere speculation, but perhaps part of the reason PRLN is having trouble obtaining a strategic partner is that Rhodes has made a reputation for himself on the Street and no one wants to do business with him. If this is so, then it is all the more reason to think that squeaky clean management could turn this company around.
I'm doing a lot of wishful thinking today. |
