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Echo Therapeutics, Inc. Message Board

  • razortruth2001 razortruth2001 Jun 9, 2013 9:05 AM Flag

    If Platinum Montaur Has Abandoned Ship...

    Mooney had stated numerous times that the financing and credit lines from Platinum Montaur Life Sciences would see Echo through to product launch. Platinum Montaur seems to be taking the "take the money and run" path. Nice guys. When you deal with opportunistic people, expect to get stabbed in the back. Wonder what happened to all the warrants attached to anything Platinum Montaur did with Echo? Maybe Echo's falling price makes them void. Michael Goldberg, MD of Platinum Montaur Life Science destroyed Emisphere, a company pumped to death by him. I lost a lot of money from his false statements of success. But I leaned. Stay away from these bad people. Is it coincidental that you have Michael Goldberg, MD and Pat Mooney MD? Neither practice the craft they trained for in healing people as doctors in a proper medical setting.

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    • lnsideoutsideupsidedown lnsideoutsideupsidedown Jun 10, 2013 12:07 PM Flag

      Other than awarded warrants, Platinum has little to no financial investment in Echo. As of March 31, they owned only 213,892 shares. The initial draw on the Platinum credit facility was prepaid and no additional draws have been made. Echo management looks like they royally screwed up with their financing. Platinum's credit facility had a clause where they were not obligated to fund Echo if dilution occurred for less than $4 per share.

      "Montaur will have no obligation to fund any draw upon the issuance by the Company of Common Stock and/or securities convertible into, exchangeable for, or exercisable for Common Stock at a price of less than $4.00 per share (a “Dilutive Issuance”), other than issuances of Common Stock, options to acquire Common Stock or similar equity incentive grants and awards to the Company’s employees, directors and consultants pursuant to equity incentive plans approved by the shareholders of the Company."

      Echo raised cash at .95. in Dec and then raised additional cash at .75 in Jan. The Platinum Credit facility was to be enough to take Symphony to commercialization, so why Echo raised cash at .95, is unknown. The capital raise at .75 appears to be due to Platinum walking away and holding true to the minimum $4 dilution clause, forcing Echo to pay off the credit facility.

      Echo is now out of cash again, probably contributing to today's volatility to the downside. It's a good short play. Push the share price down, knowing financing is required. And considering echo's financial options, financing will likely occur at a significant discount to market.. Then shorts can then cover when the shares come on the market, typically below existing share prices and likely below the offer price.

    • Obviously, Goldberg and Mooney have been sleeping together for a while - but something has gone wrong. Could it be that as unscrupulous as Goldberg is, Mooney is right there with him. Did Platinum finally find out that Mooney has been screwing them too? It's amusing that two unethical people are probably trying to outdo the other! Could Platinum have only doled out a small portion of the $20M and is holding Echo over a barrel? And the only way Echo can now get money is through a bucket shop named Aegis....his lying, and stealing (oh, and what about the CFO and General Counsel??? ) Where are they - in cahoots with Mooney so the two can keep their quarter million salaries - screw the financial burden they and Mooney are sucking out of Echo! Between the three, and probably all the VP's, Echo is most likely spending close to $2M just in those salaries....and the BOD is nonexistent!

      Sentiment: Hold

1.85+0.01(+0.54%)Aug 28 3:59 PMEDT

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