He could of already done it. Frost controls the company, basically as some have pointed out he also controls a lot of companies, including PBTH. He could made a motion wrote a check and it would of been done, period. This fear mongering by Mr. Miserable is exactly that, Fear mongering.
What I see is a world class organization being built and a chance for smart investors to buy in and participate in the growth. PBTH shareholders just since the acquisition announcement have already experienced almost 100% appreciation in value and once completed have their ticket to participate in future growth with the combination and multiple irons in the fire.
Frost does not control Prolor. He owns a bit more than 20% last check. If he did we would not be having this conversation because I would not be here. Might want to check your numbers. With respect to making a motion and writing a check, that is exactly what he is trying to do. Current gain since announcement is around 70%. Last I checked, that is not almost 100%. Numbers really are not your strong point are they?
You knowledge of Prolor is exactly zero. For the arbitrage players, if this goes through, it was a slam dunk no doubt but don't flatter yourself in to believing that any knowledgeable long-term investor in Prolor believes this is a good deal for us. Frost is taking an asset from us for a fraction of its worth, boasting that fact in the press and rolling it into a company he owns 50% of, giving himself free additional ownership of a company he currently owns only 20% of at our expense. Simple math. And insult to injury, knowing the deal was going through he grants 4MM shares (542K to himself) at $4.74 to his buddies right before the announcement of the deal. What other company do you know where the chairman of the board gets ten times what everyone else on the board gets and five times the CEO and president? Not to mention an extended delay of Phase III for adult hGH for no apparent reason. Stick with what you know - slapstick.