Paracelsian Inc (PRLN) Message Board

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Biotech / Medical : Paracelsian Inc (PRLN)

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To: richard davis who wrote (3053)	8/11/1997 8:08:00 PM
From: John H. Farro	of 4342

Thanks, Rick. Don't get your hopes too high. I think there is a good chance that Rhodes has totally destroyed this company. They probably have almost no cash and thir credibility to raise new cash has been hurt. I'm not ready to say there is absolutely no hope, but I am not optimistic. By the way, notice that the letter was dated April 15th. Yet, nowhere in the Annual Report which I received with my meeting notification did it state that Babish had launched a lawsuit against the company. Turn to page 22 and look under "Legal Proceedings." What do you see about this lawsuit. Nada. You might argue that this report was probably put together before April 15th so they didn't know about the lawsuit and couldn't put it in the annual report. But look at the second page of Rhodes' introductory letter. Here he explains that the company has appointed 3 new directors: Lee Henderson, Stephen Ip and Steven Dentali. The press release announcing their appointment was issued on June 10th. So Rhodes certainly knew of Babish's lawsuit when he wrote his introductory letter. Do you see anything in the introductory letter that would give the stockholders a hint that their was a lawsuit? Again: Nada, Zippo, The Big Goose Egg. There is no more evidence of a lawsuit in this report than there is evidence that Rhodes is worthy of being called a human being. Yet this is information that materially affects the value of the stock and the stockholder should be aware of this. It's not just a matter of morality. Full disclosure of all material facts pertaining to the company is the law. Rhodes has poked his fingers into the eyes of the shareholders more often then Moe has done to Larry and Curly. I just wish that PRLN had been run by the Three Stooges. It would have been a more efficient company. Robin

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