>> Will they have any good stuff to say tomorrow? <<
They just asked the CEO to resign. Did you see the blurb that I posted from the SEC filing?......
Message 17270884
He "earned" 108K of the potential for 162K. It's pretty easy to do the math (see below). So, they'll talk about budget cuts and layoffs (item "c") tomorrow, and either item "a" or "b" is at letter of intent stage (and therefore won't be mentioned). Pretty obvious that item "b" is a take out, no?
This -- long ago and IMO -- became an asset play. They failed to deliver on a long list of 2001 objectives, and 2002 has been a laughable series of "Foot in Crouch's Mouth" events. The agreement letter with Crouch cemented it, and I can't understand why anyone is selling at this share price.
If anyone is interested in this company for biotech-like, long-term potential, I'd say that such is unlikely. If they had effectively communicated the vision of Mark Adams and others, then the operation would be go. This is a situation where the company was, IMO, managed into the ground.
Regarding our benevolent visitor to the Yahoo thread.... it sounds like he's either a fake, trying to shake out cheap shares, or a disgruntled jerk. It's absurd, IMO, to suggest that there's only 6-8 months cash left. They'll report tomorrow that they have cash/securities of about $2.90-3.00/share.
re. the math.....
(a) STRATEGIC RELATIONSHIPS--If a letter of intent is executed with
respect to a collaborative transaction with a pharmaceutical or biotech
company or a collaborative relationship with a research institution on
a high-profile clinical study [_______________________________________
________________________________________________________], you shall
receive a payment equal to one-sixth of the total Bonus Potential
within thirty (30) days following execution of such letter of intent.
If a second such letter of intent is executed, you shall receive an
additional payment equal to one-sixth of the total Bonus Potential
within thirty (30) days following execution of such letter of intent;
(b) [________________________]--[____________________________________
_____________________], you shall receive a payment equal to one
third of the total Bonus Potential within thirty (30) days following
execution of such letter of intent; and
(c) BUDGET--If you present to the Board of Directors a reasonably
detailed written budget that demonstrably will [____________________
_______________________] and confer with the Board of Directors
regarding the same in the context of a Board Meeting, you shall
receive a payment equal to one third of the total Bonus Potential
within thirty (30) days following such Board Meeting. |
