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Biotech / Medical : Lidak Pharm. [LDAKA]
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To: W. Damberg who wrote (992)3/22/1998 5:54:00 PM
From: Henry Volquardsen   of 1115
 
Thanks for the post,
Your catalog of questions regarding the current board is impressive. Very good research. Up until this point the board has not given any concrete reasons to believe they have the shareholders interest in mind. I am particularly mindful of your pointing out the options exercised and sold on the run up. It is fair to point out that on all the other issues Dr Katz is equally if not more responsible. The one and only issue that Dr Katz gets superior marks on, at this point, is the issue of share ownership (and not selling on the run up).

The choice versus HealthMed is not very clear. HealthMed, as of yet, has not made a very clear statement as to why the shareholders should support their slate. The only evidence of any kind at this point are their resumes. They are impressive. However the current directors have more industry specific experience. The HealthMed directors as a group own significantly more shares (2 of the 3) than the current Lidak board (less Dr Katz). I like for management to have significant capital invested in the firm. It has bothered me that the current board has so few shares under direct ownership. Yes they have lots of options but you have already shown how they can use them for a quick flip.

This is very thin evidence under which to make a decision. I have been waiting to see either side make a presentation to shareholders as to why we should support them. I would expect HealthMed as the challenger to make the more concerted effort. Their silence this close to the meeting indicates to me the strong possibility that they might consider this irrelevant as they already have the votes.

Henry
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