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Insmed Incorporated Message Board

  • fudfighter4 fudfighter4 Jul 15, 2013 6:05 PM Flag

    Lewis has already diluted us by over 50%

    Given the time he's been here this must surely be in the running for some sort of record. Is anybody here still prepared to argue that Lewis is doing a better job than his predecessors?

    I don't think anybody's ever mentioned to him that he has a responsibility to put the interests of the current shareholders ahead of those of his institutional buddies.

    From the October 1 2012 prospectus covering the last toxic dilution at $4.07 -

    "Our net tangible book value of our common stock as of December 31, 2011 was approximately $81.6 million ... based upon 24,833,301 shares outstanding."

    Assuming this latest offer is fully subscribed the number of shares outstanding will be roughly 37,954,904. I make that an overall dilution of 52.84% in less than two years.

    Way to go Lewis. You certainly do have a completely different idea of delivering shareholder value to the previous leadership teams.

    Btw - you were wise to abuse your position by pushing through the maximum dilution you could get away with on both occasions without seeking shareholder approval. I don't think you would have got it.

    In retrospect, it's a real shame the Nasdaq just rapped you across the knuckles last time for that unauthorised 20%-plus dilution, and considered the matter closed.

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    • korthh Jul 15, 2013 6:34 PM Flag

      We need all the money we can get, the stock price will take off on the good news that the money brings us.

      Sentiment: Strong Buy

      • 3 Replies to korthh
      • I see stooped people. berryterry sees it why no you? wen da Hamberg zeppelin explode and say do dat trial,you see da tyme warp to approval
        Prince Ton

      • The share price would already have taken off were it not for the fact that it was an open secret that Lewis and his buddies were going to knife us in the back for the second time in nine months by issuing shares at a fraction of the price of fair market value.

        Imagine what would have happened to the share price had the potential buyers in this offering had to acquire those shares on the open market from a far smaller float - held by shareholders, the vast majority of whom had no intention whatsoever of letting go of their shares for anywhere near the current price now that Arikace has passed Phase III.

      • fainbs Jul 15, 2013 6:49 PM Flag

        Stock price does not always go down once offering starts, Repros Therapeutics went down on
        announcement and the next am and then went higher than the day before and has stayed up. Some people jump to soon!

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