by Scarlett, Huh, Okarma, Lebkowski and West against Geron shareholders. This is how it may have been: It appears they preplanned to-gether divestment of the stem-cell assets which were acquired using the shareholder funded money while they themselves squeezed hefty salaries and cheap share options. The decision to give back $25M with $8M or so penalty was apparently deliberate, because if the Cern money was retained, they coulsd not have divested those assets and given away almost ferr to Okarma and company! The $8M penalty was footed by none other than the shareholders alongwith $300M or so to acquire the assets (for which they get pennies on a dollar)!! Then, Okarma leaves (to begin working with West to come up with acquisition of the Gern stem-cell assets and to form BAC with SEC blessings) and gets the hefty severance, approved by the Geron board, Barkas's death remains a mystery! Geron board which kept lying to shareholders that they had "many parties interested in stem-cell partnerships" shocks us by first telling us that the board is looking at the BioTime offer !! That must have been just a lie because that acceptance odf the offer must have been already preplanned!!
Geron shareholders thus end up paying for severance packages to Okarma and Lebkowski, hefty remuneration to Huh, $8M penalty to CERN, and on top of that undertake the terrible loss in their share value fromn $5+ to the current 20-year low of just over a buck!!
Is all this not in violation of SEC regulation or plainly a fraud? If not, what is it?
Yes, Taz, I missed that and missed many other items like the rights given up in favor of Viacyte, AngioChem deal, and such other things. The management remained and still remains tight-lipped to the point of being in violation of our shareholder rights! The deals made did not solicit shareholder approval, although all losses incurred due to those were footed by the shareholders. This was not just arrogance, it was also perhaps fraudulent in my view now.
I am mad as a hell and am not going to be convinced of this and the past management's sincerity to shareholders if someone tries to convince me of that. I compare Geron management with that of Steve Jobs running Apple and Bill Gates running Microsoft in a wy to make sharehiolders perpetually happy and get so frustrated that I feel like I wsated all my hard-earned savings in placing my confidence in the crooked intentions of Okarma , Huh and company. I am sure many other shareholders, including you, feel the same way. And, yet, will they ever change? I have doubt.
Mruyog, since you are apparently more knowledgeable than me/most of shareholders, would you please contact the SEC and relate to them the concern of us(the shareholders). This is a non-funded endeavor, I would appreciate your efforts .