RE:Could The Ellipses Leak Force a Plan B?This is a very important post by JD, as is his subsequent discussion. I encourage all to read the substance, put away these petty arguments for a bit and understand the implications of this proposed corporate raid on Bioasis.
Something is not adding up, the Ellipses slide is a smoking gun and I believe John is correct in his assessment. There appears to be in the very least, gross mismanagement and dereliction of duty, if not more nefarious actions such as holding up deals, stalling, selective disclosure etc. for a higher, or lower cause depending on what seat you are sitting in.
This “deal” goes against all prior guidance, both public and private.
Where are all the data packages and results of this outsourced research and various XB3 assets that this Lind money went to? COVID delays not withstanding, where did all the money go and why have we never seen or heard of the results of these investigations.
The outright downplaying and deemphasis on Bioasis assets over the last year is quite curious and troublesome. The many irons in the fire often touted in prior corporate updates has now been distilled down to Hunter Syndrome? What happened to XB3-004, 007, 009? And of course the flagship XB3 001 asset whose potential market was in the Billions with a capital B, and for which we paid some consulting group to outline said potential market and occupy many pages of prior corporate slide decks? Now gone, poof, not even mentioned since the infamous inadvertent disclosure of the Ellipses license. This discrepancy needs to be investigated and explained.
I have yet to read the 460 page information circular but suspect it to be a legalese word salad meant to further distract shareholders from what is going on under their noses, but I plan to get through it before the proxy vote.
At this point however, I am strongly inclined to be in the “no” camp, as the outcome of a yes vote seems pretty clearly to leave us shareholders with our shares diluted into oblivion with what I would estimate an almost zero chance of ever seeing value accretion. A “no” vote, although almost equally unpalatable, leaves a chance for something, ie a delay, an investigation, a plan B, one of these deals to be signed to potentially keep the lights on, etc. As previously discussed, a single signed deal would change things overnight, and if deals were not actually being seriously evaluated or considered over the last 6-18 months, that is a serious allegation suggesting a massive conflict of interest and breach of fiduciary duty.
As I have opined before, this current deal structure that proposes to leave Bioasis shareholders with a 6% share in newco signals either that XB3 does not work and not worth the paper the IP it is printed on, or that we are seeing the likes of an old fashioned corporate raid, scenarios which I thought were long gone outside of 1980s films starring the likes of Michal Douglas.
Open to all serious opinion regarding the vote, plan B, etc, feel free to DM to discuss offline, as these boards get rather congested with personal attacks.
And again, I would advise all readers here to continue to listen and read JD’s thoughts with an open and unbiased mind, he has a wealth of knowledge on the history and rather dysfunctional inner workings of this current trainwreck we call Bioasis, and I thank him for his continued involvement here. Some of you haters might actually agree with him on much of these matters, and please, for the sake of discussion, leave to personal attacks out, it’s petty, it clogs the board and disrupts true discussion, and really isn’t a good look. We have a very limited time left till the vote and potentially the end of Bioasis, and if there ever was a time to keep it civil and use this board for what it was intended for, this would be the time.
Thanks for your consideration.