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Well, well, well, looks like Gilreath was able to pull his ass out of the fire. He could sell sand to the Arabs. He sunk the company, but you can bet that he will walk away with a ton of money and talk about how built a company
 






thoughts on what BX really wanted here? What was really worth $210mil.? Did they just want them out f the way? Bite blocks and garbage bags? Pretty sure it was not for the fuse, but I could be wrong. Being comletely serious, not snarky, just want to hear thoughts.
 






Smart buy by BSX, but they'll still have their hands full trying to push this tech.
That said, now they'll have a full line, and some scopes to play with. Can't believe they bought it for so little... how bad of shape was this company in??
 






MG walks away with $6.3M (787K shares @ $8/share).

CFO gets approx $1.1M.

Few board members undeservedly get six figure payouts to pad their portfolios.

Everyone else gets to look for new job.

Way to go, MG. Mission accomplished.
 






anonymous said:
Smart buy by BSX, but they'll still have their hands full trying to push this tech.
That said, now they'll have a full line, and some scopes to play with. Can't believe they bought it for so little... how bad of shape was this company in??
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Now BSC is going to push garbage bags with some cleaning brushes/lube thrown in? Sounds like fun.

I think they overpaid for us. We are bleeding money and Fuse sales will be even worse in Q3.
 






Absolutely criminal how much value MG destroyed in the process of feeding his over-sized ego. Clearly one of the most poorly run companies in the med device space with out of control spending and outrageous arrogance.
 






No surprises. In typical CHIE fashion, GC tells us that no job is safe. Look, I get it, we were acquired but just once, can this guy realize that we are people, with families, and are stressed out by this development. Does he always have to a be a non caring douche?
 






anonymous said:
No surprises. In typical CHIE fashion, GC tells us that no job is safe. Look, I get it, we were acquired but just once, can this guy realize that we are people, with families, and are stressed out by this development. Does he always have to a be a non caring douche?
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At the end of it all, MG was always out for MG. This CHIE mantra and the fake crying was a beautiful act of his.

I'm sure that the investors are thrilled that this company was an IPO a little over a year ago at $14.50 and now the buyout was $8.00. I guess that's MG's way of dumping these stock issues, Fuse problems, etc on Boston Sci while he takes his money and runs.
 


















anonymous said:
Haters gonna' hate.

Sounds like jealousy.
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Well hello there, Taylor Swift. Nothing substantive to say about Gilreath, so you quote a cheesy Taylor Swift song?

Gilreath is a pure phony. He will walk away from this with a lot of money, and he is the one that ran this company into the ground.i feel sorry for investors who bought his line of bullshit, and it is one helluva line of b.s. He is a narcissist, and he does not give one second of thought to those who bought the stock and lost a lot of money. You can also bet that he will spin this as a success story where he is the entrepreneur who grew the company and positioned it for sale, like this was all planned to turn out this way. Nothing could be further from the truth. Quarter after quarter fuse missed sales targets, and the company hemorrhaged cash. This was a last chance lifeline for this company. Credit to Gilreath, because he could sell ice to the Eskimos, as evidenced by the fact that he was able to sell it his turd of a company. If I am wrong please correct me Endochoice fan boys!
 






You people are a bunch of pussies. Truly. PUSSIES. MG blew a huge opportunity to make EC something really big but he just failed to execute. He had too many of the wrong people on the bus. But you know what he did? He built a company from nothing and took it to an IPO on the NYSE. He raised hundreds of millions of dollars. Round after round. And then he sold the company for $210 million just 8 years later. That, my friend, is and example of "the man in the arena". And you haters are the poor, timid souls that know neither victory nor defeat.

For every 10 investments that a VC like Deerfield makes, they know 6 will fail and they'll get zero return, 2 at 3 return, and 2 at 10X. It's part of the game. Feel sorry for the investors? Are you f---ing serious? Everybody knows the game and the risks.

And how did you people NOT know that the writing was in BOLD PRINT on the wall, in like 5000 font? Where did you think they were going to get more money? There were 2 directions in the last 6 months: 1) Raise more money (which they couldn't and it was well known that they were failing at that) and 2) Exit via strategic sale. How the hell did you not see that?

Did MG squander an opportunity? I definitely think so. So many mistakes with personnel, direction, messaging, accountability, etc. I'm not sure how much equity he took off the table at the IPO- most VCs are good with a modest cash out. He left with a little over $6 million. But he built a company from zero to $210m valuation in 8 years. That's not too shabby.

Having said that, there's no way in hell I'd ever work for anything he does in the future. EC was a toxic waste-dump. It's culture and work-force engagement was horrendous. But that SOB at least was in the arena and you pussies weren't.
 






The deal makes sense & then again, it doesn't. They can bypass the shit products like mako & pretty much all devices w/exception of esophageal stents & Rescue. They already have products in those areas.
Gilreath never wanted to really compete with Boston Sci. That is why he never had any ERCP products. And obviously never gave a shit about making a quality forceps, bander, needle etc.
He knew he couldn't compete with Olympus too, really. But he knew that if he didn't overlap too much with Boston, it would be more complementary and more attractive for Boston to purchase EC.
Good for him, but what he told the people working there was bullshit. They were never really looking to change Endo. He was always looking for Boston or someone else to do that.

Boston adds the compliance stuff to their contracts.

They get a presence in pathology of they decide to keep that part.

And they have scopes now. The scopes make sense with Boston Sci.

The price does not make sense unless there are some restrictions on how one company has to purchase another. They could have gotten a much better deal. Really pricey. Even when you consider it is a price less than half of what it was in Jun 16.

For the record, the place was a shit show. But what rapidly growing company isn't?
 






Well, the man in the arena did a really good job looking out for himself. A true leader takes care of his people first. Gilreath takes care of himself first. That is why there is so much criticism for him on this board. The man in the arena, as you so rightly said, created a toxic culture. Did he have the balls to start a company, yes. Is he a terrible leader, yes. He is not getting criticized because he tried and failed, which is what Teddy Roosevelt was addressing in "The Man in The Arena," he is criticized for lack of character and leadership. Two very different things.
 






anonymous said:
You people are a bunch of pussies. Truly. PUSSIES. MG blew a huge opportunity to make EC something really big but he just failed to execute. He had too many of the wrong people on the bus. But you know what he did? He built a company from nothing and took it to an IPO on the NYSE. He raised hundreds of millions of dollars. Round after round. And then he sold the company for $210 million just 8 years later. That, my friend, is and example of "the man in the arena". And you haters are the poor, timid souls that know neither victory nor defeat.

For every 10 investments that a VC like Deerfield makes, they know 6 will fail and they'll get zero return, 2 at 3 return, and 2 at 10X. It's part of the game. Feel sorry for the investors? Are you f---ing serious? Everybody knows the game and the risks.

And how did you people NOT know that the writing was in BOLD PRINT on the wall, in like 5000 font? Where did you think they were going to get more money? There were 2 directions in the last 6 months: 1) Raise more money (which they couldn't and it was well known that they were failing at that) and 2) Exit via strategic sale. How the hell did you not see that?

Did MG squander an opportunity? I definitely think so. So many mistakes with personnel, direction, messaging, accountability, etc. I'm not sure how much equity he took off the table at the IPO- most VCs are good with a modest cash out. He left with a little over $6 million. But he built a company from zero to $210m valuation in 8 years. That's not too shabby.

Having said that, there's no way in hell I'd ever work for anything he does in the future. EC was a toxic waste-dump. It's culture and work-force engagement was horrendous. But that SOB at least was in the arena and you pussies weren't.
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This has to be the most accurate and honest post in the EC sub forum / thread.
 






anonymous said:
The deal makes sense & then again, it doesn't. They can bypass the shit products like mako & pretty much all devices w/exception of esophageal stents & Rescue. They already have products in those areas.
Gilreath never wanted to really compete with Boston Sci. That is why he never had any ERCP products. And obviously never gave a shit about making a quality forceps, bander, needle etc.
He knew he couldn't compete with Olympus too, really. But he knew that if he didn't overlap too much with Boston, it would be more complementary and more attractive for Boston to purchase EC.
Good for him, but what he told the people working there was bullshit. They were never really looking to change Endo. He was always looking for Boston or someone else to do that.

Boston adds the compliance stuff to their contracts.

They get a presence in pathology of they decide to keep that part.

And they have scopes now. The scopes make sense with Boston Sci.

The price does not make sense unless there are some restrictions on how one company has to purchase another. They could have gotten a much better deal. Really pricey. Even when you consider it is a price less than half of what it was in Jun 16.

For the record, the place was a shit show. But what rapidly growing company isn't?
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Please stop talking. It's clear you don't know what you're talking about.

For the record, Boston actually wants the Rescue family of products as well as the needle. The interject needle from BSC needed a face lift 5 years ago.

As far as scopes go...BSC doesn't want them or have the bandwidth to sell them. It's easier for them to sell it off to a company that will actually do something with it.
 






wow -- cafe pharma forum got this one right all along.

ENDOchoice defenders, sorry guys, not much to say here.

This company whispered sweet nothings in your ear, then ate you up and spit you out in a bad way. By selling to Boston, they completely screwed the salesforce -- that's fact.

Blind faith in culture and crap like CHIE is really dumb --and really it was obvious. You should always look out for yourself, because this is proof that company leadership will look out for themselves. Sad day for employees....
 






anonymous said:
Please stop talking. It's clear you don't know what you're talking about.

For the record, Boston actually wants the Rescue family of products as well as the needle. The interject needle from BSC needed a face lift 5 years ago.

As far as scopes go...BSC doesn't want them or have the bandwidth to sell them. It's easier for them to sell it off to a company that will actually do something with it.
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I think the guy was saying the devices suck except rescue, which, by the way is spot on. So you are saying they paid this exhorbitant price just to aquire rescue & will sell the scope business? Why the hell would they do that? Who would they sell the scope business to? Who else has a presence in GI to sell the product?
Yeah, interject sucks, but is EC's needle any good? It's not like EC has any device technology that is an improvement over anything else on the market. Didn't EC originally just purchase some other crappy company's device line & modify it a little?
 






anonymous said:
I think the guy was saying the devices suck except rescue, which, by the way is spot on. So you are saying they paid this exhorbitant price just to aquire rescue & will sell the scope business? Why the hell would they do that? Who would they sell the scope business to? Who else has a presence in GI to sell the product?
Yeah, interject sucks, but is EC's needle any good? It's not like EC has any device technology that is an improvement over anything else on the market. Didn't EC originally just purchase some other crappy company's device line & modify it a little?
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Boston will not keep the Fuse endoscopy system. It will get sold off or laid out to pasture. It's a sad reality to realize a technology that I have seen time and time again catch polyps, adenomas, cancer, etc. while the traditional scope (usually olympus) is more than likely going to sit with nothing being done to it or sold to physicians.

Most of us were not drinking the CHIE kool-aid, we saw through that crap. Those of us that were passionate about what we were doing were passionate because of Fuse and what it was doing to improve patient care. Was it a perfect product? Hell fucking no. Did it come a long way in a damn short period of time? Yes. If Fuse was the product it is today except 2 years ago, I truly think the outcome would have been different.

Endochoice will be a story about what happens when your head is lodged so far up your ass that all you can see is your giant ego thus leading to the downfall of a company.
 






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