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  • jparadise1001 jparadise1001 Feb 15, 2002 3:38 PM Flag

    Yakatan's response to my letter:


    I usually don't respond to e-mails from people I don't know especially since I wouldn't want to spend my time responding when there are more appropriate times to do that. I encourage you to come to the Annual Meeting and ask questions. We, to my knowledge, have not revealed the terms of any deal we or Xenerex have done. This is mostly for competitive reasons as none of the pharmaceutical companies want competitors to know what terms they are willing to accept on a particular deal. We feel the same way. In all the time since we did the Neurodex deal, no institution on Wall Street has asked for the terms of the deal. I resent the idea that there is a conflict of interest because I was not involved in evaluating or negotiating the deal on either side. The Board thoroughly scrutinized the deal before it was made and was satisfied that it was equal to or better than any equivalent deal that could be made.

    The fact is that we are required by law to reveal any payments made under the licensing agreements at the time they are made. As you could note, if you look at any of our filings, we have not made any payments to IriSys for Neurodex. All I will say is that this is very unusual and I have never been part of any licensing deal that didn't require some upfront licensing and milestone fees. Thus, I have a hard time understanding why this would be a bad deal for Avanir that so desperately needed a product in its pipeline that was in late-stage clinical trials.

    To close, let me say that I am sorry if you feel I am or have done anything that was not in my view in the best interest of our shareholders. My personal integrity is of the utmost importance to me and my own investment decisions are often based on the skills and integrity of management of a company. All of the people who work here really care about the company--more than any other company in which I have worked. I would personally not be an investor in a company where I felt the management was dishonest and I am sorry that you seem to feel that we are.


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    • " I encourage you to come to the Annual Meeting and ask questions."

      who cut the ASM Q&A short last time ?

    • tom_costello_live_from_alcatrazz tom_costello_live_from_alcatrazz Feb 16, 2002 3:04 PM Flag

      "I would personally not be an investor in a company where I felt the management was dishonest and I am sorry that you seem to feel that we are."

      He is suggesting you sell and move on if you don't trust him. It's what he said at the last sharecropper's meeting. But it keeps getting misinterpreted.

      I agree with yakdaddy. No one has any rational basis to think he is not acting with integrity and in the best interests of the shareholders. If you don't trust him, sell.

    • Nirv:

      Reminds me of the time my little boy came storming in the house and I asked him why he was upset. He said, "That Johnny is a Pompazazz!" A phrase he heard me use I guessed! Somehow I have adopted Pompazazz as a very good word, akin to the word, "galuph" which was adopted from the nonsensical poem by Lewis Carroll, and derived from "gallop triumphantly" or to describe one who is prancing around with their chest busting with pride, i.e. a galumphing pompazazz. Does it remind you of anyone?


    • iparadise... Thank you for sending email to Yak and sharing information with us. I sent a lot of emails to AVN with some good suggestions and got only typical BS or no respones. I do understand that Patrice is in very delicate spot. Yak let's her answer the questions or not answer the questions and she is walking thin line. So I do not blame her at all and IMO she has done good job trying to help AVN and keep Yak out of trouble.

      I will repeat my views. Yak is the most incompetent and greedy CEO. On the other side he is a master manipulator. He took control of AVN based on his Irisys BS, sign unethical and immoral contract between Irisys and AVN and is milking AVN and stealing shareholders' values.

      When littel guy like Yak see Enron CEO getting away with $1 billion fraud or GX BOD and CEO getting billions of dollars for their fraudulant activites he is just encouraged to do the same. And he is doing it.

      Can anyone tell me what is wrong with replacing Yak? Hallo, he did not perform, just enriched himself.

      • 2 Replies to lasvegas333
      • yakbashersarerepetitiveandboring yakbashersarerepetitiveandboring Feb 15, 2002 11:39 PM Flag

        Don't repeat your view. Repeat after me:

        "I, Vegas will now shut the fuck, up."

        and then DO IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

      • Sorry, I can't go to the extents you go to with accusations. I do believe Yak is making self serving moves and he could do a much better job of inhancing shareholder value but I don't think he is following in Enron's or GX's footsteps. Also, I don't see anything immoral about the Nuerodex agreement. I am not a doctor so I am unable to accurately ascess the value of Nuerodex to AVN as an approved drug. I am, however, a businessman and a long time investor and I can spot a problem with wall street's perception of a company and I say the problem here is the Nuerodex deal with Yak. The numbers have to be disclosed.

    • Shouldn't it read: " I encourage you to waste your time at the annual meeting because we discourage questions in lieu of tennis appointments" ?

    • Well, if he really wrote that, he put you in your place, whiner. On the other hand, why WOULD he bother to write that? His response is unnecessary, and he should be doing anything other than dealing with shareholders.

      Truth, or hoax? You decide...