ASM-Thursday May 15 2014 9:00 EST Mariott Hotel 700 Commons Way Bridgewater NJ 08807

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Anonymous

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You may not be allowed to have recording devices, but pen and paper should be allowed. Those who can't make it want to hear eyewitness accounts of what is said and how management and board answers about the indefensible. The board is even more accountable than management because many of them were here during the Gold and Johnson regimes. The stock went from about 50 to 15 under Mitch gold. It went from about 15 to 2 under Johnson. It went from about 50 to 2 while Susan Bayh and others on the board were here.
 






Re: ASM-Thursday May 15 2014 9:00 EST Mariott Hotel 700 Commons Way Bridgewater NJ 08

Anonymous said:
You may not be allowed to have recording devices, but pen and paper should be allowed. Those who can't make it want to hear eyewitness accounts of what is said and how management and board answers about the indefensible. The board is even more accountable than management because many of them were here during the Gold and Johnson regimes. The stock went from about 50 to 15 under Mitch gold. It went from about 15 to 2 under Johnson. It went from about 50 to 2 while Susan Bayh and others on the board were here.
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They made millions and in some cases 10's of millions while shareholders lost about 7 billion. PPS was a result of projections and assumptions not of the real world as well as information that should have been e made public about up-front costs. Mitch Gold sold $28 million over 50. Most of the current board was here when PPS was over 50.
 






Re: ASM-Thursday May 15 2014 9:00 EST Mariott Hotel 700 Commons Way Bridgewater NJ 08

http://www.mondaq.com/unitedstates/...andards/FASB+to+Modify+Going+Concern+Proposal

"The FASB also reached a decision regarding the appropriate disclosures to be included in the notes to the financial statements when management determines that there is a substantial doubt about an entity's ability to continue as a going concern. It decided that the notes to the financial statements should disclose the following:
•The substantial doubt about the entity's ability to continue as a going concern
•The principal conditions and events giving rise to substantial doubt
•Management's evaluation of the significance of those conditions and events
•Any mitigating conditions and events, including management's plans"

Someone should ask Johnson if he truly has no doubt the company will be able to meet its obligations as they become due for a period of 12 months.
 






Re: ASM-Thursday May 15 2014 9:00 EST Mariott Hotel 700 Commons Way Bridgewater NJ 08

Why would someone ask such a stupid question? The company has $170 million in cash, obviously they can meet their obligations.
 






Re: ASM-Thursday May 15 2014 9:00 EST Mariott Hotel 700 Commons Way Bridgewater NJ 08

Anonymous said:
Why would someone ask such a stupid question? The company has $170 million in cash, obviously they can meet their obligations.
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Thanks for the question. They had 170M as of 3/31/14. The ASM is on 5/15/14. 170M minus 6 weeks of operating expenses would mean they have about 155M in cash. They owe a debt payment of 28M in June. 155M minus 28M is 127M. With cash burn of about 30M a quarter and knowing there are 4 quarters in a year that would take cash down to about zero. Things could possibly get better for DNDN over the next year which could mean they might not be so close to zero cash but things could also stay the same or get worse. It will be very close. This along with 620M in debt should be concerning to anyone with any stake in the company. The CEO of the company doesn't address these concerns, so it would be a terrific question for someone to ask him. Are you going to the ASM?
 






Re: ASM-Thursday May 15 2014 9:00 EST Mariott Hotel 700 Commons Way Bridgewater NJ 08

Anonymous said:
Thanks for the question. They had 170M as of 3/31/14. The ASM is on 5/15/14. 170M minus 6 weeks of operating expenses would mean they have about 155M in cash. They owe a debt payment of 28M in June. 155M minus 28M is 127M. With cash burn of about 30M a quarter and knowing there are 4 quarters in a year that would take cash down to about zero. Things could possibly get better for DNDN over the next year which could mean they might not be so close to zero cash but things could also stay the same or get worse. It will be very close. This along with 620M in debt should be concerning to anyone with any stake in the company. The CEO of the company doesn't address these concerns, so it would be a terrific question for someone to ask him. Are you going to the ASM?
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Full Definition of WELL-ADVISED

1: acting with wisdom, wise counsel, or proper deliberation : prudent
2: resulting from, based on, or showing careful deliberation or wise counsel

Another great questions would be if that is Johnson's opinion that the company is "well advised" regarding plans for the 620 million convert or if he was stating fact? What due diligence was done on the part of the board about who is advising? Might the advisors have a conflict of interest with people who have an equity stake in the company? The well advised comment at the last couple of earnings calls before the last one might have been reassuring to many. The SP was much higher then.
 












Re: ASM-Thursday May 15 2014 9:00 EST Mariott Hotel 700 Commons Way Bridgewater NJ 08

Yes BL is going according to his Twitter account and you can tweet him questions to ask!!!! Hope he chooses the right questions.

1. You have stated previously that you would do what is in the best interests of the company with regard to raising money and the debt. With a company in a situation like Dendreon could "best interests of the company" ever mean something different than best interests of equity holders?

2. As CEO, you have a fiduciary responsibility to keep investors informed of the financial state of the company. 620M due in 2016 is part of the financial state of the company. Are you sure you are doing your fiduciary responsibility as CEO when you tell equity holders that they would "expect" you to not address potential options the company has on that 2016 debt when they actually do expect you to fulfill the fiduciary responsibility of being transparent about the company's financial state?
 












Re: ASM-Thursday May 15 2014 9:00 EST Mariott Hotel 700 Commons Way Bridgewater NJ 08

Let me clarify: The person asking the question, as well as the question itself. is stupid.
 


















Re: ASM-Thursday May 15 2014 9:00 EST Mariott Hotel 700 Commons Way Bridgewater NJ 08

Heard they were in terrible form. Lots of paid security and LR kept turning around for whatever reason. Maybe looking over her shoulder for any new college grad that could probably handle the communications workload. Those free shares are still worth about 250k. Pretty sweet deal at the expense of shareholders.
 






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