Liminal BioSciences Inc. LMNL

So, Clulow was fired. SURPRISE !!

[Dibah42]

My reaction: what took so long? 
Mr. Money Bags with the Thomson fortune at his back arrived at a time when PLI was a faltering company with promising science but lacking capital to bring it to market.  The big carrot being dangled was the huge IPF market and the $8b purchase of pirfenidone by Roche.  PLI 4050 had had  good initial results and Moran was even boasting about doors being knocked down by eager prospective partners.
I had hoped that Clulow, with his hard-nosed VC background,  would bring some discipline to the company.  Instead,  easy access to capital seemed to have spiked PL's voracious appetite to go chasing after every rabbit that came in his sight. No visceral organ was spared.  Lungs, liver, kidneys, heart.  Studies here, trials there, posters and presentations at conferences and with every tiny piece of good news came the hype and a spike in shares.  With exploding market cap it became easier to keep going back for more secondary offerings and Clulow kept participating because he didn't want TV's % holding to be diluted.  If not shares, there were the loans, albeit at usurious interest.  Soon TV was up to 19% and an anaconda grip of PLI's thorax with several hundred millions in  loans.
Now I have nothing personal against Mr Clulow.  I've observed him at several AGM's sitting very quietly at the end of the row on stage.  Always eyes lowered, shiny bald plate, looking contemplative.   I even engaged him a couple of times in informal chit chat and found him highly intelligent, sof spoken, very polite.  . He may have had that taciturn mien of a banker but was quite candid in conversation. He had bought into PL's spiel, the way we all did. But he never once came to the mike on stage when so many others were blowing their own horn.  Except at that one last AGM when Pierre invited Clulow to speak.  I remember telling PL  it was  good to hear the reassurance from Clulow that PLI still had full TV support and confidence. 
Things had turned south. Cashburn continued hotter than a Pacific coast wild fire.  At the dinner that night at a  splendid Old Montreal restaurant I noticed several new faces mingling about.  A freshly hired sales force ... for a product they HOPED would get FDA approval, while senior management was sitting on a CRL.
I remember commenting  that Clulow would have to do something to protect his own job. 
By December he had fired PL and proceeded to shaft retail shareholders with this ugly reorganization.  TV may have gone from 19% to 85% but the question remains, 85% of what?  Will it ever recoup its investment of hundreds of millions in PL's baby?  The writing is on the wall.  Fat chance. 
Clulow had to go and thus the other shoe  drops.

Cheers

[PLITheOne]

Yes, the other shoe has dropped.    I absolutely remember your post after that meeting and how Clulow’s presence on the podium gave confidence to all of us moving forward. What a slim this guy is to use his position to screw all investors for TV’s benefit.  He chit the bed by shelving IVIG and selling off the PPPS. Prometic would have been thriving now under the previous

[stockman6767]

I doubt strongly that Clulow was "fired," he was more likely eased out. Why do I say that? Because it would be too dangerous for TV to fire him and risk a loose tongue seeking revenge. Clulow was at the center of all the inside information for all of the many last years and knows where all the skeletons are buried. When he "left" he was undoubtedly the recipient of a very

[GunnerG]

Fired or eased out, your talking semantics at best.  He was terminated.  Golden parachutes are clauses of employment contracts to cover termination for reasons such as we dont like you, poor performance or mergers.  I doubt it was made in anticipation of Clulow needing to commit a criminal offence like lying to the courts ensure his silience about his insider knowledge He still

[stockman6767]

I was using trhe term "Golden parachutes" more loosely than your strict  contractual interpretation, So I think that more or less we are on the same page.

[4Justice]

Don't forget that this guy has colorectal cancer...with stomi bag. Nothing funny..He didn't deliver the goods and he was fired. The next will be Galbraith and not short after Sartore... Stay tune

[Dibah42]

stock67:  I find your reasoning counter-intuitive.  I discern hardly any need for Structured Alpha to fear Clulow's loose tongue or to buy his silence. How could he testify against the company without incriminating himself?   Let's not forget that he was the most powerful member of the board.  Power enough to fire a highflying CEO, lifeblood of the company and its

[PLITheOne]

Yes, all part of the underhanded deception!