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Biotech / Medical : Depotech(depo)
DEPO 7.300+1.7%Aug 14 5:00 PM EST
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To: rkrw who wrote (850)10/20/1998 8:30:00 AM
From: Dr. John M. de Castro  Read Replies (1) of 887
 
A bad deal by any other name is still a bad deal!
I believe that you meant to say 2 quarters of cash and not two months. In addition, they have substantially reduced the burn. So the cash may be good for three quarters. This is plenty of time to complete the depoMorph phase II and sign up a partner.

I have no problem with SKYEY and agree that it is an interesting company. I have no problem with an acquisition. I also agree that DEPO management are incompetent. If there was ever any doubt then this deal certifies their incompetence. What I do have a major problem with is the absurd terms of the acquisition. It may demonstrate that SKYEY management is shrewd. It sure demonstrates that DEPO management is not.

Management incompetence or not, DEPO still has a potentially very lucrative platform technology. Shareholders have put in their "risk capital" because of this platform. Many DEPO shareholders have sustained losses. However, the value of the platform has not yet been determined and before the shareholders can learn if their "risk" will reap a reward, DEPO management gives all future rewards away to someone else for a pittance. SKYEY is being given all the future potential profits, while the stockholders in DEPO are being getting the shaft.

John de C
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