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SciClone Pharmaceuticals, Inc. Message Board

  • a65232389 a65232389 May 6, 2013 6:44 PM Flag

    Blobel's record comp $2,671,000

    A cool million more than last year despite the string of management inflicted disasters in 2012. Remember the $43 million write-off for NovaMed? "The [Compensation] Committee determined that the decrease in earnings resulting from the write-off of the intangible assets relating to the NovaMed acquisition was an unusual and non-recurring item and should be excluded from the calculation"!!! Yeah, just like the sinking of the Titanic was an unusual and non-recurring item! The Board also gave Blobel an extra $200K because things were so screwed up with NovaMed that they canned Lotter in early September and then Blobel actually had to do some work. "In making this decision, the Committee took into consideration that there was a substantial increase during 2012, and particularly in the second half of 2012, in the amount of time Dr. Blobel devoted to the Company." That work, of course, resulted in the channel stuffing in Q3, being forced into the damaging terms of the exclusivity deal with SinoPharm, and having the auditors walk out on the account. Nothing succeeds like failure at SciClone.

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    • A6, ANOTHER .05/ SHARE of profit taken from shareholders...that should be a crime...In case nobody is watching we are dropping below the $250 mil mark with all this dilution...this is a result of the buyback...using shareholders cash to buyback shares and increase their compensation exponentially...this market truly is on a great run and all the cash is going to select few...sure this stock should be around $10/share but go back and add up all the in house bonuses and options and you will quickly see what happened to $1 in if market starts to slip and scln drops below $250 mil the russell will sell some off and down we go with or without the doj/sec results...

      • 2 Replies to thebasiles777
      • It could be an actual crime. The 10-K says "In our Form 10-Q for the period ended September 30, 2012, filed with the SEC on November 9, 2012, we disclosed, among other things, a non-cash impairment loss to fully write down the value of intangible assets recorded as part of the NovaMed acquisition; a remeasurement of the valuation of the contingent consideration expense recorded as part of the NovaMed acquisition; a significant increase in ZADAXIN channel inventory levels; and internal control issues primarily within the NovaMed organization that resulted in material weakness. Following our disclosure of these items, we received a subpoena from the SEC requesting documents related to these and various other matters regarding the NovaMed acquisition and our operations in China." The company now says that it expects to incur "substantial additional expense" for investigations because of management's gross mis-steps. But some will win. The Audit Committee says that they will conduct their own independent investigation into these matters and we can be assured that they will be well paid for this 'devotion' of their time. And yet, record compensation paid out to the blundering CEO?!!

      • end of month for russell reevaluation...look for a big volume number day any day now

    • That's why SCLN current price is $4.70. Otherwise, the stock price should be above $6 or even above $10 now according to the sales, cash, earnings, etc. It's an investment decision & basic law - Buy Low, Hold It, and Sell High. The Board and Management have to change sooner or later. If you have cash to hold SCLN stocks, no matter what, you will be the winner in the future. Thanks and GLTA! Vincent

      Sentiment: Strong Buy

      • 1 Reply to vwl17543
      • I agree with you Vincent about where the stock price should be if the quality of management could rise to mediocre. But with big pay packages for management, cushy fees for board members, and diminished chances of an acquisition after the restrictive deal with SinoPharm, there is little chance for the changes needed. When Sigma-Tau had a 20% ownership they announced a proxy fight to get rid of the management, but ST caved in and accepted a few board seats instead. But that did bring some change. They stopped most of the silly clinical work Blobel was intent on pursuing (I think we still have a "Phase 3-ready melanoma program" available) and concentrated on China. But Blobel screwed that up with the NovaMed purchase. ST got out of the stock at around $5 per share. I just don't see any forces out there to make the management changes. Annual shareholder votes are a joke.

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