Maxdad, explain to me why you are excited about Orwin's return...
please. I honestly cannot believe that this is happening. The very person who voluntarily recalled O and deliberately destroyed the PPS with his garbage PRs, finally left..THEN went to work for Amgen (rival), and is now allowed to come back? How is this even possible. #$%$ is going on... seriously. You pumping him is hurting your credibility on the long end of the spectrum the same way Godwin's bashing hurts his on the other end (probably the same person). I don't care if they've figured out a way to make gold out of dust. If it's in the wrong hands, then they will figure out a way to scre--w the share holders. PLANE AND SIMPLE. No more .02% bs O will be back jargan. That doesn't even matter any more at this point.... what matters to me is managements motive, which is very unclear because they have not dropped one shred of supporting evidence since this thing hit the fan, besides maaaaybe royalites agreement. 1 to 2 to 1 is terrible even from a technical stand point. Even a 1st grader can figure that out.
I was hoping Orwin was gone, gone..... I see it as a massive conflict of interest to shareholder interest. I am shocked in even legal. It's my biggest concern. I would rather see one of the chemist on the board that has put his heart and soul into the project. As a shareholder I am betting on chemistry.
I don't think I ever said that I was excited by Orwin's return at all. Quite the contrary!!! I find it extremely perplexing given what he did to Affymax and that he now works for Amgen and is Chairman of the Board of Affymax. IF I somehow said something to the effect of being excited by his return I assure you I was not paying adequate attention to what I was writing, but I honestly don't remember saying any such thing!!!
The ONLY silver lining I could possibly find in all of this would be if Amgen has an interest in acquiring Affymax and that would essentially be to remove the potential competition since I truly believe Omontys WILL return to the market. But I believe the chances of this happening are pretty slim.
I would have to believe that Orwin's contract had stipulations (I'm guessing) that would prevent him from going to a competitor (a NON COMPETE) and it was either released or somehow negotiated in lieu of him getting his golden parachute...which I am hoping never happens unless it's one of those parachutes that don't open on exit!!!
I am far more excited by Takeda taking total control over Omontys, getting it back on the market and providing a very healthy royalty stream for current shareholders (at time of deal) in Affymax. I believe that this would be worth significant multiples of the current price, again predicated on the return of Omontys plus acceptance by the EMA.
This is a very good question and has me puzzled all morning. Cynicism aside, it's possible that no one else wanted the job and he's stepping forward to clean up the mess. It's also possible that part of his golden parachute compensation is tied to his willingness to accept the position of Chairman. We'll probably never know since the Company isn't required to put out any more press releases or SEC disclosures. As far as his new position and its relationship to Amgen is concerned, I doubt that there's a conflict of interest. Any employee, even a CEO. has the right to make a living. He obviously has alot of experience in the renal care field and jumped at the next opportunity.The biotech boards are nothing but an incestuous cesspool of interlocking relationships.Although the revenues are big among the successful players, it's still a small industry and everyone knows each other, especially in the Bay Area. Perhaps his new role as a Chairman, could have been the result of a Board feud, but now that the stock is trading under a buck, his new tenure, in the face of other challenges, is, IMHO, another non-issue.
Good points. The demise of AFFY may have all been planned ever since Orwin-san joined the company three years ago. It is possible. Of course we will never know and I am sure that everything they did was legal. I am thinking Orwin-san and company may have some sneaky moves cooked up that may turn this thing around a couple of years from now. I can't see how they would do this but just based on their many connections and seeming lack of ethics, I do not put anything past them.