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Affymax, Inc. Message Board

  • godwinpeak godwinpeak Jul 11, 2013 5:30 PM Flag

    MAXDAD SAYS AFFY BANKRUPTCY IS NOT IN SIGHT

    I guess Maxdad is really saying he has to see the actual filing papers for BK to be "in sight". Can Maxdad comprehend the circumstances that lead to bankruptcy? Can you? Here are some clues:
    1. AFFY has no revenues, and none expected.
    2. AFFY is a defendant in 2 major class actions, a shareholder derivative action together with its former officers, and products liability claims either anticipated or filed connection with 12 O patient deaths and 98 adverse reactions. There is no one left at AFFY with skin in the game to defend litigation. AFFY is contractually bound to indemnify its defendant/officers. AFFY's insurance may be denied or prove inadequate.
    3. AFFY has fired all of its employees and will incur additional charges as a result.
    4. AFFY terminated all of its officers and owes termination compensation/benefits.
    5. AFFY sold all personal property at distress auction.
    6. AFFY has closed/vacated its office campus, and still owes lease rent.
    7. AFFY's loan was called for breach of covenants. AFFY paid all principal, interest, creditors' attorneys' fees and prepayment penalty.
    8. AFFY paid termination fees to cancel contract commitments for O's manufacture.
    9. AFFY sold 100% of all rights to O to Takeda for reimbursement of AFFY's April 2013 transition costs incurred in connection therewith and for an expectation of milestone/royalties payments WHEN AND IF Takeda decides to remarket O.
    10. AFFY relinquished all rights to participate in decisionmaking with respect to the O investigation/recall/remarketing which Takeda totally controls.
    11. Takeda withdrew O's EMA application for approval.
    12. Takeda decided not to market O in Japan.
    13.. AFFY hired The Brenner Group to control operations. TBG's expertise is leading financially and economically distressed companies through restructuring which is primarily done through bankruptcy proceedings.
    14. AFFY discloses repeatedly it may have to file for bankruptcy.
    15. Time is not on AFFY's side.

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    • so with all ur run down, why affy is not bked yet?? what or who is holding from not bking.

    • Generally I don't respond here. So long as O's fate is not decided AFFY is not going bk! I bet 50 k already and another 18 k on MON / TUE!

      Sentiment: Strong Buy

    • For God sake GODWINFREAK/GAYCORNER, don't leave the most FACTUAL thing CASH ON HAND (more than 25 Millions) among all the twisted facts presented above. With operation costs cut down to the bone and almost next to nothing, AFFY can survive for as long as it takes OMONTYS to come back to the market.

      Most of the above twisted points should be covered under a TERM called HOUSE CLEANING.This cleaning is done to stay afloat for a longer period of time. But you know all this, would not like to accept, and will stuck with your piece of #$%$ BK rhetoric.

      Get a #$%$ life, YOU MORON. Your alias was created 8 months ago only to BASH AFFY stock. You have no credibility using this alias. You also hate people, telling the truth about risk and reward associated with AFFY stock. You only want to talk about one and only one thing, destruction of AFFYMAX.

      • 1 Reply to stuff24pk
      • The AFFY liability for the securities class actions alone is several times the $25M you gloat about. What is the measure of damages AFFY faces in these litigations? Generally it is the drop in stock market value between the value with the bad investment disclosures and the value with truthful investment disclosures disclosures. This measure is generally a range. In AFFY's case, there are allegations of price per share value of between $27 - $15 per share and a true value of about $2 per share after disclosures were made in fact. That yields a range of damages of between $431M and $925M.

        Of course, securities class actions never recover full value, and most are settled within about 4 years. In Bajaj, Mazumdar and Sarin, "Securities Class Action Settlements: An Empirical Analysis (Nov. 16, 2000), it was determined that average settlement of actions with over $100M in market drop, was 15.73% of the total market drop. Based on this average, the settlement value of the AFFY securities class action can be said to be somewhere between $67.79M and $145.5M. AFFY's sec filings disclose that its insurance may be denied or prove inadequate.

    • Yawn.....someone has way too much spare time?

      • 1 Reply to wildbill400
      • Not only spare time, this guy has become more and more desperate and Moronic.

        I'll be adding another 17-18 K shares in the next few days, if the price remains the same.

        I've 100% confident will come out successful.

        Others needs to follow their instinct and do what is right for them. It is no Pumping, I hold a long position and I'm convinced about its success.

        That too all the Moronic AFFY mangement left and they don;t know 1 Bit of what is going on, I'm placing my 100% money and faith on Takeda.

        if it were for the Old AFFY management I would not have invested 1 Penny of my money on AFFYMAX!

        GLTA LONGS!

        Sentiment: Strong Buy

 
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