I am at a loss to fathom a management so delusional and arrogant who continually and consistently fails to meet objectives and deliver results YET has the unmitigated gall to ask the shareholders to: 1) rubber stamp their handpicked board, 2) authorize a horrendous increase in shares, and 3) add to the already excessive options and compensation.
Somebody help me understand what planet these people are from, please!
Would any reasonable person have FIRST delivered some meaningful accomplishment prior to such a proxy? It makes one question the sanity of such a management team.
Case in point: We have seen Dendreon deliver a stellar accomplishment and they did so BEFORE they filed their 14A hence providing the shareholders something to sink their teeth into and support the proposals.
I might also direct your attention to the DNDN filing as an example of the proper breadth and depth such a filing should contain. In comparison, EPCT's essentially says: our directors, more shares, more "incentive" compensation . . .
The upcoming conference call next week will be the FINAL opportunity for a substantive result. A repeat of past wishy-washy platitudes will not be tolerated. You know, the usual: "we are working diligently towards finalizing our partner selection," or "we expect to quickly conclude" etc.
If there is ANY talk that attempts to convince the shareholders to hold tight until AFTER the annual meeting, I plan to race towards the exit as fast as my feet will get me there.
I would call that "boldness unlimited". May be worth of thinking about reasons why the next annual meeting takes place in Sweden. Talley may be scared of New York, since the shareholders there have already more experience how to deal with self-service games that look like "Madoff problems".