For the last six years, I have regretted not selling this stock (side-by-side with management) before it "drifts" down below $5, $4, etc. Clearly, the main factor in its descent is CONTINUED MANAGEMENT SELLING, just as management selling into good news has never allowed the stock to take off when they do get some good news. In seven years, has management ever purchase any stock??? Ever??? I'm not talking about privately-negotiated shares (i.e. "cheap" stock) either.
In all of your meetings, forums, and on-line chats with the Company, why don't you put pressure on management regarding this issue. In my opinion, this is THE main reason this stock and company get no respect. I'm starting to (forget that...I do!) feel duped. I mean, this big ex-Wall Street board member (who was supposed to direct the Company in its Wall Street relations) dumped a good number of his (cheap) shares, and everyone else files to sell when the stock sticks its head up over $5.
Now, I know I'm the bad guy by complaining on this thread, but I'm sick of sticking my head in the sand, and I'm tired of hearing everyone just say "hang in there" and trust management -- while they continue to sell hundreds of thousands of dollars of ACEL and undermine MY WEALTH.
Now I say we (everyone on this thread who gives a damn) collectivize with more than the group therapy that I've been reading. Why DON'T we see how much ACEL we own and approach management and the board at the shareholder meeting as a single, unified entity???? Why is it so imperative to some of you to remain gentlemanly? Is Michael Price a gentleman? Is Carl Ichan a gentleman? I think everyone knows the answer. And I think it's time we really voiced our frustrations and stopped asking these sugar-coated questions to PR people. I know we (even collectively) don't own a majority position, but we have the right to be heard...and the more shares we do have, the better.
I admit, other than the little I've learned as a result of my initial ACEL due diligence and subsequent downward ride, I know little about what it actually takes (from an operational standpoint) to successfully get a drug to market. And no suggestions I would put forth would involve their science or FDA approval process. What I do know as a person with common sense and an investor in both public and private companies, is that what is transpiring currently (little Company information disseminated and continued insider selling) reeks of wealth creation and preservation by management. And it is a clear indicator of their lack of confidence in the Company.
Are we all rational people? I think so? Do we believe in ACEL? I believe so. Isn't THIS the reason we haven't been selling all of these years? Yes. Why is management so different? New cars? New boats? What is it in their lifestyles that justifies their need to individually sell tens (if not hundreds) of thousands of dollars in stock? Kids in college? I don't buy it. They are insiders. They know more than we do. They are selling. We are outsiders. We depend on the information they put forth. We are not selling......I'm not feeling all warm and fuzzy inside as a result.
Let's say I am wrong (which, by the way, I hope I am), then we should still approach management about this subject. I mean, if it is the case that I'm wrong, management is undermining, not only us, but their own personal wealth and, much more importantly, the Company's ability to raise capital in the future. Quite simply, they are sending the wrong message to the markets. I must say, however, I have a hard time really believing I'm wrong, because if I believed this was such a great company with a great product, I wouldn't sell so much so soon. We are expected to believe these investors (the insiders) are somehow irrational?
Investing in Biotech is intrinsically risky (especially a one-product company like ACEL). I know this now. I knew this in 1991 when I got in. I made a calculated bet on the risk-rewards of their science and technology and the potential market for it. In my risk assesment I never factored in that management would be dumping stock into "ACEL New Releases" and not giving us more frequent updates with regards to trials, etc. I know hype. I'm not looking for hype. I just want more perfect (I know it's virtually impossible, but we should be pushing for it) information to make MY wealth-preserving decisions. This is OUR COMPANY TOO! Don't we have a right to know?
Please do not take this as disrespect for any one of you, because you all seem more aware of Company specifics than I. And I know some of you are fairly close to certain Company people. If I am dead-wrong PLEASE tell me...I'll listen. If I'm not seeing something, show me. If there are better ideas, let's hear them. |
