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Biotech / Medical : Paracelsian Inc (PRLN)
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To: richard davis who wrote (3094)8/19/1997 10:14:00 PM
From: John H. Farro   of 4342
 
Hi Rick,

It looks like there is a good discussion going now, so I'll jump in with a *VERY* short summary of who is to blame for this mess. Here is how I assess the blame:

Koch: 0% : Not a central player in the drama.
Campbell: 0% -No one is suing him for wrongdoing. His lawsuit preassured the company into having a meeting (short though it was) and he is trying to force Rhodes out.

Babish: 5% His wanting more money before the company had turned a profit and his sale of stock was, IMO, ill-advised. However, Babish was creating real value for the company. Indeed, he was the heart and soul of the company. No one quibbles with Michael Jordan when he wants a raise.

Rhodes: 995% . Rhodes has total contempt for the stockholder. I am convinced that he gave away company stock in the Indian Herbs debacle. What's worse, he lied about this material fact in the 1995 annual report. He used Babish's demand for a raise as a pretext to engineer his departure because Babish was challenging him over the Indian herb debacle. He may have given away the Ah-Immunoassay. He probably was responsible for the financing-gone-bad scheme of 1995 and the $1.3 million stock buy back at $5/share. He scuttled the AndroVir launch, and for all we know he has killed the AndroCar experiments whose results were due in June so the company would have funds to exist for a few more months. And it looks like he's frittering away company funds on frivolous law suits with the intention of shutting John Babish up so he can't talk to shareholders. The list goes on an on.

That's my short answer for this evening. It's been a long day, so I'll call it quits for now. I'll be back tomorrow.

Robin
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