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Bovie Medical Corporation Message Board

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  • Strange how volume has dried up to almost zero. And it was actually zero on two days last week.
    Where's the MM? Vacation? Dead? Jail?

  • Reply to

    ORDER BUT NO FILED SETTLEMENT DOCUMENTS ??

    by wise2allofu Jun 26, 2014 2:22 PM

    Just the latest act in a never ending dog and pony show.

  • Reply to

    ORDER BUT NO FILED SETTLEMENT DOCUMENTS ??

    by wise2allofu Jun 26, 2014 2:22 PM

    This document (Dkt 100) was filed after the case was dismissed by the Court (Dkt. 98).

    JOINT MOTION TO REOPEN CASE

    Plaintiffs Bruce A. Arbit and Mark Winters (“Plaintiffs”), on behalf of themselves and
    Nominal Defendant Bovie Medical Corp. (“Bovie” or the “Company”), and Defendants Andrew
    Makrides, J. Robert Saron, George W. Kromer, Michael G. Norman, August Lentricchia, Steven
    MacLaren, Gregory Alan Konesky, Moshe Citronowicz, Peter Pardoll, and Leonard Keen
    (“Defendants”) respectfully request that the Court enter reopen this case for good cause shown
    pursuant to its June 26, 2013 order of dismissal. (Dkt. 98)....

  • Reply to

    ORDER BUT NO FILED SETTLEMENT DOCUMENTS ??

    by wise2allofu Jun 26, 2014 2:22 PM

    From the settlement documents:
    "2.2 Additionally, within ninety (90) calendar days of the Effective Date, Bovie, through its Board of Directors, agrees that it shall institute and implement (to the extent not already instituted and implemented) those corporate governance measures described in Exhibit B."

    Among those "measures":
    "The Company will not return to Moshe Citronowicz the 75,000 vested and unvested options that were cancelled on or about November 29, 2011."

    As reported on the Company’s Form 8-K, filed on November 29, 2011:
    (i) Mr. Citronowicz forfeited all stock options issued to him (whether vested or unvested), totaling 75,000 options,
    (ii) Mr. Citronowicz’s employment agreement with the Company was cancelled,
    (iii) Mr. Citronowicz was reassigned to the position of Director of Strategic Development and
    (iv) Mr. Citronowicz’s base salary was reduced from approximately $220,000 to $196,000.

    Those 75,000 options consisted of 25,000 options at $3.25 (expiring 09/29/2013), 25,000 options at $2.13 (expiring 09/23/2014), and 25,000 options at $2.25 (expiring 05/05/2015). However, less than a year later, on July 12, 2012, a total of 30,000 options at $2.54 were granted to Citronowicz (expiring 07/12/2022). The cancelled employment agreement had an expiration date of January 2014 (with automatic one-year renewals). But on March 14, 2013, Citronowicz received a new employment agreement with an expiration date of December 31, 2015 (also with automatic one-year renewals). Similarly, the "reassignment" to the position of Director of Strategic Development was short-lived. Citronowicz has since been promoted to Senior Vice President. Finally, the reduction in Citronowicz's base salary did not result in meaningful change ($212,199 in 2011, $199,922 in 2012 and $204,775 in 2013).

    If this particular "corporate governance measure" is representative of the others, one must wonder if the settlement of this derivative action really suits the shareholders.

  • Reply to

    ORDER BUT NO FILED SETTLEMENT DOCUMENTS ??

    by wise2allofu Jun 26, 2014 2:22 PM

    This Stipulation and Agreement of Settlement ("Stipulation"), dated as of June 26, 2014, is entered into by and among (1) Plaintiffs Bruce A. Arbit ("Arbit") and Mark A. Winters ("Winters", together with Arbit, the "Plaintiffs"); (2) the Individual Defendants (as defined in ¶ 1.7 below).

    1.7. "Individual Defendants" means Andrew Makrides, J. Robert Saron, George W. Kromer, Michael G. Norman, August Lentricchia, Steven MacLaren, Gregory Alan Konesky, Moshe Citronowicz, Peter Pardoll, and Leonard Keen.

  • Reply to

    ORDER BUT NO FILED SETTLEMENT DOCUMENTS ??

    by wise2allofu Jun 26, 2014 2:22 PM

    Wise - who are the parties involved in this settlement ?

  • ORDER

    The Court has been advised via a Joint Status Report (Dkt. #97) that the above-styled action has been settled. Accordingly, pursuant to Local Rule 3.08(b), M.D.Fla, it is:

    ORDERED AND ADJUDGED that this cause is hereby DISMISSED without prejudice and subject to the right of the parties, within sixty (60) days of the date of this order, to submit a stipulated form of final order or judgment should they so choose or for any party to move to reopen the action, upon good cause shown. After that 60-day period, however, dismissal shall be with prejudice. All pending motions, if any, are DENIED as moot. The Clerk is directed to close the file.

    DONE and ORDERED in Tampa, Florida, this 26th day of June, 2014.

  • Status Report document filed June 13-14

    The parties are pleased to report that the settlement and related documents have been approved by Bovie’s Board of Directors. Counsel are presently finalizing the documents and awaiting final authorization from the applicable insurance carriers. They anticipate filing the settlement documents by next Friday, June 20, 2014.

  • Reply to

    Short Interest

    by bikerider79 Jun 25, 2014 2:00 PM

    I've got a long-term loss on this and added a few shares at $3.15. to try and recoup. This new CEO seems to have good qualifications, so I'm treating this as a long-term investment.

    I was surprised to see Makrides give up day to day control--not always easy for a CEO founder. Have to give this new guy time.

  • Shorts are piling in. Latest numbers from Nasdaq show a short interest of 217,600, highest in years and almost double what it was just 2 weeks ago.

  • Reply to

    Selloff

    by bikerider79 Jun 19, 2014 11:20 AM

    Chang, it's down 30 percent in less than three weeks from the high it set earlier this month. Same old, same old. Never changes,

  • Reply to

    Selloff

    by bikerider79 Jun 19, 2014 11:20 AM

    Bike,

    "Looks like the "goodbye Makrides" rally has been replaced by "hello reality"

    The heck with Makrides, maybe all those shares Russel purchased the other day were shorts. Not like it would be the first time for that to happen, just ask Wise!

    She didn't like the 50 DMA, so she went down and kissed the 100. Hope she likes it there, or else we'll have to get out our scuba gear, again. LOL!!!

  • Looks like the "goodbye Makrides" rally has been replaced by "hello reality"

  • Reply to

    Russell Buys More BVX

    by wise2allofu Jun 10, 2014 8:26 AM

    The amount of financial engineering done over the past four-five years is really stunning. It is basically impossible to value this company now.

  • Reply to

    Shareholder Derivative Action

    by wise2allofu Jun 6, 2014 9:53 AM

    Status Report document filed June 13-14

    The parties are pleased to report that the settlement and related documents have been approved by Bovie’s Board of Directors. Counsel are presently finalizing the documents and awaiting final authorization from the applicable insurance carriers. They anticipate filing the settlement documents by next Friday, June 20, 2014.

  • Reply to

    Shareholder Derivative Action

    by wise2allofu Jun 6, 2014 9:53 AM

    guess they'll be dragging this out a little longer? Have you seen anything else on this Shareholder derivative action or a status report from Judge Moody Wise?

    Sentiment: Hold

  • Reply to

    Russell Buys More BVX

    by wise2allofu Jun 10, 2014 8:26 AM

    By my count, BVX has almost as many shares in warrants, stock options, and convertibles as it does in common shares. If he always thought the minimum was $10-$20 that pie in the sky valuation should be kicked down to $5-$10 due to the massive dilution the company has been exposed to.

    The biggest piece of this dilution was done at the end of 2013 when the shares were trading at the $2 level. The company got $7 million for 9.5 million shares of dilution exposure (including convertibles, warrants, and options to the new CEO).

  • Reply to

    Shareholder Derivative Action

    by wise2allofu Jun 6, 2014 9:53 AM

    For now.

  • "The Governance and Nominating Committee has nominated seven (7) persons consisting of Andrew Makrides, Robert L. Gershon, J. Robert Saron, Michael Geraghty, Ian Sheffield and Lawrence J. Waldman, each a current Director, for re-election to the Board of Directors and John C. Andres, a director nominee."

    "Legal Proceedings Involving Directors: There were no legal proceedings involving the nominees to the Board of Directors in the past ten years."

    LEGAL PROCEEDINGS INVOLVING NOMINEE MAKRIDES (as Bovie employee/director):
    -Sued as employee of Bovie predecessor, An-Con Genetics [Amer. Venture Corp. v. An-Con Genetics Inc., et al, Docket No. 1:93-cv-04814 (S.D.N.Y. Jul 06, 1993)]
    -Counter-sued by Livneh [Bovie Medical Corporation v. Livneh et al, Docket No. 8:10-cv-01527 (M.D. Fla. Jul 09, 2010)]
    -Sued by shareholders [Arbit et al v. Makrides et al, Docket No. 8:11-cv-02020 (M.D. Fla. Sept 06, 2011)]
    -Sued by Keen [Keen v. Bovie Medical Corporation, Docket No. 8:12-cv-00305 (M.D. Fla. Feb 13, 2012)]
    -Sued by Livneh [Livneh et al v. Bovie Medical Corporation et al, Docket No. 8:12-cv-01498 (M.D. Fla. Jul 05, 2012)]

    LEGAL PROCEEDINGS INVOLVING NOMINEE SARON (as Bovie employee/director):
    -Sued by shareholders [Arbit et al v. Makrides et al, Docket No. 8:11-cv-02020 (M.D. Fla. Sept 06, 2011)]

  • Reply to

    Short Interest

    by bikerider79 Jun 11, 2014 10:40 AM

    Bike - Admittedly, I don't have the knowledge or experience with investing in the stock market that you do .. but my question is .... if over 17 million shares are "thinking or hoping" that the Bovie share price will go up (it doesn't mean that they will be right), should I worry too much about 125,000 shares "thinking or hoping" that the price goes down? Granted, I would like it if everyone would think that Bovie's share price would go up, but that is obviously not going to happen.

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