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GENTA INC Message Board

  • ryanlori128 ryanlori128 May 14, 2009 10:14 PM Flag

    R/S VOTE NO THIS IS WHY!!!!!!!!!!!!!!!

    Genta management is looking out for themselves. Read through the quarterly filing that just came out. It states that certain senior officers took part in this offering. Now why would you take part in this offering if you were going BK? They are using this as leverage to try to get R/S approval. If they went BK turning down buyouts and partnership deals in the process not only would they be in violation of their obligations under the companies bylaws the BK judge would slam their butts.

    The fact is they are trying to legally do this by getting the shareholders to authorize it. This is not in shareholders best interests but does take profit out of you and give it to management, they participated in the 2009 note issue as lenders.

    I am all for rewarding management with bonuses etc. And I would love to donate money to this company, but I am not in a position to donate.

    Strongly recommendation for a NO vote. You have rights as a shareholder, management knows this. They have offers!!!!!!!!!!!! Three drugs were stopped in mid-trial for melanoma last month due to safety or futility all phase 3 by big companies!!!!!! Genasense works big pharma knows this!!!!

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    • !!!!!!!!!!!!

    • The stats are that almost all stocks that reverse-split end up losing ground post-split.

      It almost always benefits management at the expense of stockholders.

      Vote no on every reverse-split you encounter, no matter what the stock. Smart money is on the no vote.

    • I AGREE!!!1 this is like there lil security blanket SCREW a SECURITY BLANKET we dont have one so let them figure out to get the money else were or they can buy all billion shares at 150% HAHA thats not not going to happen they only have another 6 million coming. so they will figure this out i promise ya WITHOUT TAKING ADVANTAGE OF US let them figure it out on there own. BUYOUT=MONEY ....another investor=MONEY R/S = half our money at best

    • got few million shares two days ago. Do I have voting rights?

      what kind of rights do I have for my shares? This RS must be stopped.

    • I already voted no.

      My question: How will GNTA continue operations?
      Show me the money !!!

      FDA seems to be on a change of direction.


      • 2 Replies to latinredleg
      • Ok one more then bead time.

        Genta right now is about 1 billion in debt.

        If the drug is the blockbuster everyone says it is then the above is chump change. Bear with me one moment. This drug blocks the a protein that is directly involved in the spread of alot of forms of cancer. This makes existing drugs more effective. Genta the NCI and others are using Genta's drug in all sorts of trials. There also was one that combined it with carriers recently increasing its uptake by a whopping 75%. Sorry I do not have the link.

        So what this means is this would be quite possibly the biggest break through in Cancer treatment that is approved in decades. So this is why I laugh when people do comparisons. It quite possibly could be added to dozens of drug combinations for multiple different cancers.

        That means a huge market share.

        So if the DMB meeting is good to go in the next couple of weeks it is looking at very good chance for approval this time at a min. in Europe.

        So seeing the market share that this can command big companies would assume that debt and buy Genta out in a heart beat. Then the proceeds would pay off the debt assumed. Now if they would just absorb Genta's technology or operate them as a subsidiary is up to them.

        But the potential profit from the rights to this drug are way bigger than the drugs for these other companies people compare it to. That is why to me it is worth the risk. Also the current trial is to confirm positive results for the EMEA and FDA for approval. Means they have to replicate or better the results from a previous trial.

      • THANK OBAMA????????!!!!!!!!!?????????

        For what? Taking our country into a socialist state in giant leaps DAILY???????????/

        FO, moron!!!!!!!!!!!!!!!!!!!!!!!!

        Guess what, you and me and everyone in this country will soon HAVE TO carry health insurance, AND pay for the health insurance for 16,000,000 million illegals.

        Not to mention what he's doing to banks and GM and Chrysler.

        Welcome to Socialist Europe!!!!!!!!!!!! American Style!

    • Here you go this is the lawyer mumbo jumbo:

      A fiduciary duty is an obligation to act in the best interest of another party. For instance, a corporation's board member has a fiduciary duty to the shareholders, a trustee has a fiduciary duty to the trust's beneficiaries, and an attorney has a fiduciary duty to a client.
      A fiduciary obligation exists whenever the relationship with the client involves a special trust, confidence, and reliance on ithe fiduciary to exercise his discretion or expertise in acting for the client. The fiduciary must knowingly accept that trust and confidence to exercise his expertise and discretion to act on the client's behalf.
      When one person does agree to act for another in a fiduciary relationship, the law forbids the fiduciary from acting in any manner adverse or contrary to the interests of the client, or from acting for his own benefit in relation to the subject matter. The client is entitled to the best efforts of the fiduciary on his behalf and the fiduciary must exercise all of the skill, care and diligence at his disposal when acting on behalf of the client. A person acting in a fiduciary capacity is held to a high standard of honesty and full disclosure in regard to the client and must not obtain a personal benefit at the expense of the client.

      Basically in my opinion you would have a violation by the CEO and the Board of Directors in this case. And oh that is right the CEO is also the Chairman of the board at this company. Kind of a conflict of interest, that is why having a CEO as a Chairman of the Board is usually frowned on.

    • Your share are in the care of Scottrade. You would be sent a proxy by Genta or Scottrade in the mail or by email if you held your shares as of April 1st. This is the cut off date that the company decided on.

      Now if you did not own shares at that time you can not vote. However this can be contested legally if it is given a yes. Why? Because since some of the senior management is involved in owning some of the notes and the agreement is excessively damaging to existing shareholders. This would constitute a breech of duties, can't remember exactly how it is spelled but I am not a lawyer. This would have to be legal proceedings etc.

    • Sorry my bad Carl Icahn

    • sktalcott May 14, 2009 10:58 PM Flag

      Question: I only have a small stake (200K shares) do I still have a vote? If so, how are yu contacted? My shares are through Scottrade. Thanks.

    • No they have offers or they would not have bought the notes. Its high stakes poker at this point. The managment is going for as much as they can take.

      If they get new financing they will retire the notes with cash as long as the shareholders vote no to the R/S. This is also in the 10Q.

      If it is a buyout the buyout company takes on or retires their debt. straight away by immediate payment to the debt holders.

      Since we are common shareholders if a buyout happens the buying company will have to make an offer and we will have to approve the offer. We are part owners and the offer will include payment for our shares at a certain price.

      I strongly urge people to read some Charles Icahn. He is the leader of shareholder rights. Management individuals did not like him because he used to hostile take over companies and break them up. But these companies were poorly managed and he always got good deals for the shareholders.

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