xstelos offers to buy 25% of shares . affy will continue to exist has it is if plan goes forward. Jon Couchman shall serve as CEO and CFO of Affy.
Thank you for clarifying that for me.... I've held this stock for a long time and now that I see it's got some momentum I would love to see good things to come to this company
You really can't trust any of them.
The problem here is his reference to the BOD estimated valuation.
Did the BOD neglect $6 million from settlement of shareholder lawsuit?
If so Mr Couchman ranks along with the current BOD and gwp.
What is the status of the settlement?
Does it go to shareholders and was it included in the BSBOD's estimate.
Also, I believe Mr Couchman mentioned the "S" word in the original filing.
Why would someone interested in accumulating 25% leave the door open to shorting this stock. Once again napa I hope you're not working a pump and dump here.
Is there an SEC filing required if he decides to take the money and run?
Read the Stipulation please.
****After further discussions with Cooley LLP ("Cooley"), the Company's legal counsel,
failed to yield a formal response to our proposal, or even any constructive comments as to what
would make the offer more attractive to the Compa~ly, we modified the proposal on August 20,
201.4 to, among other things, propose for Xstelos to tender, at $0.10 per share, for up to 25% of
the outstanding shares of the Company, subject to limitations under Section 382 of the Internal
Revenue Code of 1986, as amended (the "Code"). We subsequently publicly disclosed the
proposal on Schedule 13D on August 22, 2014. Following the filing of the Schedule 13D, we
received an e-mail from Mr. Sato of Cooley expressing confusion as to the terms of our proposal.
We are unsure as to whether this is true confusion or yet more delay on the part of the Company,
as representatives of the Company have made no attempt to negotiate with us. Further, Mr. Sato
has confirmed to t~s that the Board did not consider strategic alternatives prior to determining to
dissolve. As a significant shareholder of the Company, we are extremely concerned by the failure
of the Board to evaluate strategic alternatives available to the Company, including our proposal, which would provide significant value to shareholders equal to up to almost twice the value they
could expect to receive under the existing Plan of Liquidation.
Check the SEC for next page.....
This get better and better..... The BOD lied ??? Check AFFY SEC Fillings....
****Dear Ladies and Gentlemen:
*As you are aware, Xstelos Holdings, Inc. ("Xstelos," "we," "us" or "our") has engaged in
discussions with representatives of Affymax, Inc. (the "Company") since July 2, 2014 regarding
potential alternatives to the Company's existing plan of liquidation (the "Plan of Liquidation").
After discussions stalled with Mark Thompson of The Brenner Group, Inc. ("The Brenner
Group"), the restructuring fine engaged by the Company, who also serves as Vice President of
the Company, we elected to formalize our proposal for the consideration of the Company's
Board of Directors (the "Board"). Accordingly, on August 6, 2014, we delivered a proposal to,
among other things, acquire 19.99% of the Company's outstanding common stock directly from
the Company for $700,000 based off of a $3,500,000 valuation of the Company, which equates
approximately to $0.09 per share. The proposal also offered to provide management and
administrative services to the Company for $25,000 per year, or, at the Board's preference,
support the decision to retain The Brenner Group for such services....
I already wrote this off as a total loss....might as well see where it brings me
It's true that XTLS seems to be a shell itself. However, I view it as a financial shell on Wall Street, whereas AFFY may be seen as a legit biotech which has just fallen on hard times. Throw a couple of new drugs in the mix and AFFY (with the right hype and contacts) is instantly ready to rock (once lawsuits are settled). That is not the case for something like XTLS.
It really depends on the type of buyout. If it's a cash buyout then the shares will be sold and no longer traded on the market. If the purchasing company uses stock to purchase AFFY then your AFFY stock will be converted into the acquiring companies stock at the buyout agreement ratio.
couchman will not buy above 10 cents... so at 24 cents affy is wildy overvalued. couchman will only buy at 10 cents, which is a huge negative if you fools are buying above that price. Even if this couchman convinces management to sell him a controlling interest at 10 cents, the price will likely linger for many years around 10 cents... this turd is a strong sell here, going back towards 10 cents and will linger there for a couple years
Sentiment: Strong Sell
The law is ambiguous in some aspects depending on the situation( you can review the Sirius XM Holdings, American Airlines and the Washington Mutual cases to see my point). Is a very complex topic. The people in Xstelos seems to have the require knowledge to work something out . You can check their background and their experience in mergers and acquisitions. Based on their 13-D is very clear that they did the initial DD on the AFFY NOLs and their value. Obviously they have a big law firm on their side to make sure everything work in their favor.
Catch - I agree! The right company can make O a money maker and benefit from the NOLs. I would not mind a stock exchange provided it is equitable and has good probability for growth. Jim
Sentiment: Strong Buy