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Biotech / Medical : Cistron Biotechnology(CIST)$.30 -- Ignore unavailable to you. Want to Upgrade?

To: Sidney Reilly who wrote (1659)	11/10/1998 10:57:00 PM
From: Steve Harmon	Respond to of 2742

Bob, Look at what happened at cash rich biotech CRTQ last year. CEO Kenneth Lynn hung around accumulating a huge salary while the stock went nowhere and would still be there if not for a proxy battle that occurred after the group The Asset Value Fund gathered 15% and voted the fellow out. He even had the board vote in a 10 month salary golden parachute in the event he was terminated within a week after the AVF accumulated their 15%! AVF gave him some time to perform. What he tried to do was try to merge with a pathetic cash poor high burn company called Biostar which was located in the same city. It was obvious what Lynn was conserving CRTQ's cash hoard for. The deal was nixed by AVF and a proxy battle ensued in which the bod and the remaining 2 officers were removed. Actually the CEO? resigned the day the Biostar deal was nixed...I guess he knew the gravy train had ended. Kudos for AVF.