Engle need to explain the NOLs current situation. If Engle issued too many shares last year, and it resulted in the NOLs being lost forever, that's a huge blow to the enterprise value.
If he did it by mistake, oh well, stuff happens. Chalk it down as incompetence on the part of the CEO and BOD.
If Engle didn't want to sell the company or for Xoma to be taken over, and did it on purpose, that's called sabotage. If Engle tried to maneuver the company in a way that took away value permanently, he has no business running Xoma.
So first are NOLs gone, Engle? And if they are gone, due to change in ownership last year (all those brand new shareholders), how did it happen? Incompetence or sabotage?
If he's in over his head, which SP says he is, NOW is the time to remove him. This opportunity only presents itself this one time. Remove Engle or keep him, and we'll all see what happens going forward. Good or bad, I'm taking this ride to the end. gl.