All we see is $150 million vanished without a stitch of evidence of "All the marbles" (Sunrise). But you keep convincing yourselves.
No data, no mention anywhere, with a chief (Garnick) who was clearly working on another endeavor during the entire period.
Imagine, a CEO claims his company is worth maybe three times more than what's reflected in today's price, remains depressed by his own history of failure, continues to do nothing to lift the price, and then takes more free options and bonuses.
What world is this?
Good Lord! Longer then us even.
They've taken so much.
-By thirty years of countless products that never saw the light of day or any ROI
-By a Pll with results that never should've been announced.
-By a half baked "sabotage" story where only shareholders took the beating, and then weren't even given the courtesy of an explanation.
-By a highly suspicious Plll where results never released.
-By -what should be completely illegal -ATM wheeling and dealing.
-By a top executive with an impressive track record who, turns out, was working in secret on something much bigger with another company.
Thirty years of Shareholders losses to the tune of 90%
Company up $60 million on more and more shareholder dilution
Management all have become millionaires on salaries and bonuses
Avid never monetized into shareholder ROI.
The man with a PhD in finance never even addresses the sneaky ATM that's quadruple diluted common shareholders and buried most for good. Never addressed the ATM and whopping 10-1/2% preferred combo all-in-one offering by MLV, a firm now disappeared into the ether. Never addressed management's horrendous thirty year track record of crushing their shareholders while paying themselves handsomely on the forever plan.
"Christian has a PhD in International Finance from the University of Sunderland, U.K. His research focuses primarily on small- to mid-cap companies in the energy, financial and..."
That you're ignoring us after we've been right on target for so long, is not a promising start. So now we see shareholders insisting the reverse split encompasses all shares. If Swartz&Co. can't get more shares for the ATM then there's no point to doing the rs. So, assuming for some reason they take your threat seriously, how will they get you this time? Maybe it'll be a new class of shares or some equal merger?? Maybe an Avid spin off with added shares?? Point being, you're wasting time. Get serious.
History has shown King never mentions those things.
5X = $200 million market cap and with more and more shares outstanding down goes share price. Interestingly, at current, the magic number could be in the 85 cent area.
"A CEO's legal responsibilities to his company's shareholders are broken down into three distinct fiduciary duties: the duty of care, the duty of loyalty and the duty of disclosure. The duty of care refers to the CEO's responsibility to consider all of the available information relevant to business decisions, including the advice of experts and employees. The duty of care also includes the responsibility to understand and evaluate the company's day to day operations and the terms of agreements. The duty of loyalty requires that a CEO always acts in the best interest of a business's shareholders, and that he places that interest above his own in business decisions. This includes the responsibility to avoid conflicts of interest. Finally, the fiduciary duty of disclosure mandates that a CEO fully inform both the board of directors and the shareholders about the major issues facing the business."
For a guy who makes so much sense most of the time you sure get this wrong over and over again.
Of course the CEO has fiduciary responsibility to shareholders. And there is no such thing as "one vote system". We laid it all out here not too long ago. It would not be legal.
"To be fair, CEO does not have a fiduciary responsibility to shareholders - that is bod job. The bod can not be changed with the one-vote system they have. Surprised it is legal, certainly unethical as evidenced by the bod rating as lowest possible."
"When the number of outstanding preferred shares is large, or when the company has experienced losses that destroyed common equity, the issue of additional common shares can be very dilutive. The market will realize
this and bid down the common stock's price further in anticipation. And / or the common's price may be bid down by active short-selling of the common stock by the preferred owners. The lower common share price means that more shares must be issued to satisfy the preferred's redemption, leading to further price pressure, and further dilution, etc. A death spiral.
The death spiral is prevented with a clause that specifies a minimum value for the common stock used in the number-of-shares calculation. This limits the number of shares that must be issued to retire the preferreds and prevents excessive dilution. It also means that the preferred owner does not recover full par value.
Become very wary when the common stock's price goes anywhere near the cut-off point and the issue may be called. Management then has a vested interest in breaking bad news to drive the stock further down. Bad news is easy to manufacture. Once the stock has tanked they call the preferreds, short-paying with common stock.
The preferred's owner can hedge by shorting the common stock before it breaks below the minimum value. Remember to factor in the costs of making good for any distributions. There is also a problem if the common shares rebound. There is no off-setting gain on the preferred position when the common are above the minimum value.
The preferred's owner can also buy a Put Option on the common stock at the minimum price, as long as their options are traded. Market arbitrage will make sure that the preferred is valued as if its dividend has been reduced by the yearly cost of the option."
Might it be that the threat to remove management has past and preferred have been reassured that it's business as usual - reverse split, fresh shares, and run the ATM common to extinction to assure preferred get their dividends?
See what a good showman can do...Even one with a criminal record.
"Yet biotech startup Kadmon has convinced investors to back an initial public offering that values the company at more than $800 million. It’s expected to raise $100 million on the New York Stock Exchange this week.
“It doesn’t make much sense to me,” said one longtime biotech investor who has steered clear of the company. “Are there really enough suckers out there?”"
Another fascinating article. What's King?
"“I think Sam has learned his lesson,” said Robert Schneider, a New York University associate dean who cofounded ImClone and serves as a scientific adviser to Kadmon. “His grandiosity is what gets him into trouble, but he’s really dialed that back.”
And despite his sometimes misguided exuberance, Waksal is at worst a stretcher of the truth, “not a pathological liar,” a former colleague said."
"A lawyer representing disgraced ex-stock broker Tommy Belesis, who is suing Kadmon for $15 million over claims he was defrauded by Waksal, wasn’t surprised.
“It appears that Waksal has not changed his conduct with respect to his business dealings — and my client is not the only one who’s been wronged,” lawyer John Meringolo said."
- NY Post
For some reason they don't see that King&Co. are burning through all the cash using as many "employees" and "Preferred" as possible, and by the time shareholders figure out Avid is a non-profi, it'll be all over.
If Avid was worth a dime let alone 2X to 5X sales, a hostile takeover would've already happened. Perhaps Dart is angling for a takeover but it won't benefit common's.
You're being destroyed in every way.
No data, no patient postings, no physician mentions, no layoffs, no published anything, no questions asked.
3years -Cash Raised $150 million +\-. Cash burned $100 million+\-