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Biotech / Medical : Techniclone (TCLN) -- Ignore unavailable to you. Want to Upgrade?

To: Terry D. who wrote (2454)	8/19/1998 12:13:00 AM
From: Maurice Winn	Respond to of 3702

One solution is for IDEC, Genentech or Coulter to swap some of their shares for each TCLN shareholder's shares. A takeover. Then all the Board and management wouldn't be needed because existing management in IDEC for example could handle the functions at negligible extra cost. IDEC would then get an improved lymphoma portfolio using technology with which they are familiar, monoclonal antibodies. Techniclone shareholders would cut $$$$millions out of their annual management costs. The technology would get better backing and probably a faster track to commercialisation. I was surprised IDEC didn't pounce when the shares were below $1 and the market capitalisation was hanging around $40m. The pay rates, severance packages, options and other financial benefits to management and directors seem extravagant to me. Since TCLN shareholders here all believe the stock to be worth much more than it is at present, I doubt they would like a takeover offer which IDEC or others might make, so the TCLN shareholders will probably be left to the untender mercies of the existing dominant shareholders, further dilution, more poor financing arrangements and continuing financial loss. A low salary $80,000 per year or maybe less with options convertible in 2 or 3 years would be more appropriate. That would give incentive to produce results fast. As it is, with high salaries and retroactively discounted options the incentives are to enjoy the lifestyle now. The ideal being to not perform and be terminated, thereby collecting a handsome severance package. Just some thoughts. You could say it's none of my business, since I'm not a shareholder, but this sort of profiteering is one reason why I'm not. Maurice

To: Terry D. who wrote (2454)	8/19/1998 8:22:00 AM
From: shero	Respond to of 3702

Maurice, anger isn't the word. Betrayed is closer to the way I feel. Anger will set in later. Craig, these guys have been saying they were underpaid for years. If they were managing Genetech it would be true. However this is a R & D company. Everyone is supposed to be underpaid, and to make money on the stock later. If these guys would have performed they would, and probably will be in the future, rich from their stock. Bix, Stone, and LG-F have terribly underperformed. What would be the results in your proffessional life if it was conducted like this?