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Odaat breaking his silence for one post. Doing so because proxies will come out before then...& we need to join voices & be heard.
I will not be at the ASHM. I am boycotting it, period. I will miss you all. I will listen, & will call in, but I need a report re: body language, "feel" of the meeting, & quality of coffee & danishes.
They will take live questions. LINE UP YOUR TWO BEST QUESTIONS & ASK THEM. Have 5 backups in case yours gets asked before you. Use your two. We have the venue for hours...don't buy the "we only have time for..." This is OUR company.
I will vote my 60,000 shares AGAINST the incentive plan. I strongly encourage you all to do the same. It BARELY passed last time, & you should have seen the looks of dread on their faces. What have they done for our investment's VALUE since the last incentive plan? Vote it down. They're gonna be plenty rich. "Retain & recruit quality employees?!?" Give me a break. This is the fricking drug delivery & cancer answer, which is drawing people because they want to be a part of it. The language of the proposal is worded like a threat that if we don't approve it, they will need to dilute. Vote it down. Vote it down. Send a message, vote it down. This "sit down, shut up, just trust us & we'll get you to the promised l&, irritable, rude responses to Cantor-Fitzgerald & shareholders, lousy presentation delivery, we're going it alone" attitude has to stop. Mike is above his paygrade, in Studs Terkelesque fashion has risen to the level of his incompetence. Right guy to clean house & get us on track. Wrong guy to work with BP & do the final in-harbor navigation. The Rocky 1 of biotech....great fight, commendable, much achieved...but won't win in the final round. FDAdriaaaaaan!
For those of you who don't know, we, a fellow nominator & I as the second, properly & fully nominated a HIGHLY qualified c&idate from among our retail shareholder base..someone with more drug development experience & degree in statistics - an exceptional person who would represent us. This company's management did everything possible to stonewall it, & stonewall it they did. Trust me, I have never been more disgusted with this management. I have been a vocal advocate, but when people show you who they are, believe them. To do otherwise is insanity.
Have I lost one iota of belief in this delivery model & drug program? NO. Have I lost a good deal of faith in this management team, YES.
Vote it down. This is OUR company. Management is well compensated.
Mike's all proud because they recent volume is due to buying by an entity they "road showed." What good is a bunch of buying if it does nothing significent to the share price? Lots of sellers. All contrived.
I'm still in the ducts, folks. I've been in the RETURN ducts in the last 6 months, & the air coming back from the offices is cold & stinky.
They squelched our voice re: nomination. Board members are 100% either appointed, recruited, &/or have history with Mike through Abbot or Songbird. Foxes guarding the hen house & guarding it with all self-serving vehemence they are, trust me. We shareholders have gone from "the envy of the industry" to "the necessary evil of being a public company."
Board policy says they want diversity on board. That it is not.
Rise, oh voice of democracy. Sail, sail they best, oh spirit of the every man! (or woman if you are one.) VOTE IT DOWN.
- Odaat the continuingly positive about iLTSSL, & disenchanted with everything else around it.
P.S. Vote it down.
P.P.S. VOTE IT DOWN.
First of all, below is an updated link to the blog post, not sure what happened to that first one. http://goo.gl/7785x
As to Odaat's return and post, he has kindly kept me up to date on a lot of these issues going back and forth with management regarding the board nomination. Now, on the one hand, it IS a bit frustrating, particularly since the person in question is one that I hold deep respect for, and is an extremely knowledgeable individual, particularly as it relates to all matters Celsion.
That said, we are in home stretch guys....home stretch. Management likely does not want too much turbulence months ahead of the most important period in the company's history. From management's point of view, the nomination might send off the message, "hey, you guys are not doing a good job, we want someone else representing shareholders on the board"...understandably, I can see why they would not want that.
My advice as we near home stretch: LET THESE GUYS FOCUS. There have been too many distractions going on around the company.
As for the incentive comp plan, I would have to benchmark Celsion relative to peers to make an informed decision on whether or not to vote it down. These guys get paid well, and that's because, they WORK 24 hours of the day, glued to their blackberry's, traveling all over. They work very, very hard, and, they deserve it. 19 employees don't get a product to the finish line of a large complicated Phase III trial without breaking a sweat.
Let them focus, let's see how they execute in the coming months, and go from there.
Bio, My sentiments as well! While I know how Mitch feels, we must encourage and allow the Management Team to focus on geting to the finish line ... and well beyond. This package isn't any different that incentive packages at firms where I've worked and participated in. Could it have been better structured? Probably.
Thanks for the reply. Sorry to hear you won't be attending, hope some one there will post for us that can't go. As far as voting my shares, I had already planned to vote that way. Hope to have you back on board soon.
This is a bit of a one sided "conversation" odaat. Now we can't ask questions...e.g.- about the discourse that took place, if they
presented ANY valid reasons for refusal of your candidate, etc. Is this an emotional response on your part? None of us (well, I imagine you have extensive conversations with some) have a clue what transpired so you're asking for us to simply take your word for it.
An Odaat is honest. Have questions, email email@example.com
You may also want to talk with the actual nominator, if s/he wishes to disclose him/herself. I was not the fudpucker, I was the fudpucker's son. I just pucked the fudders until the fudpucker comes.
Now let me get back to hibernation!