Why bankrupt the company in a year rather than two? is 6 months even better?

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Anonymous said:
There is never insurance that covers criminal pump and dump activity by your CEO that goes unquestioned by the rest of the board and executive. Qwest is the closest analog.

In general, "criminal negligence" isn't covered, much less criminal malfeasance.
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If you are right then I would agree with others that bankruptcy is in the best interests of the BOD. I would like to see the insurance plan before I officially hold that opinion. I think DNDN has a duty to disclose their insurance plan so investors can make appropriate investment decisions.
 






Anonymous said:
Shareholders should have a right to see DNDN's insurance plan so they can decide for themselves if they think Dendreon will be covered in the class actions, particularly because the Feds are investigating this company possibly for fraud.
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No chance. Insurance covers things that happen to you, not things you do intentionally.

If they had fired Gold (and complicit board members and top execs) when they discovered his pump and dump scheme, there is a chance that the company could claim it was "something done to it". But, instead, they left him as CEO for nearly a year and he's still on the board! You can't turn around and ask insurance to compensate for that.

That's why the company is headed to the grave, plain and simple, it exists as a legal shield for criminals on the board. Unfortunately for cancer patients and shareholders (which doesn't include the BoD, they are out), product and sales are irrelevant. They want to skate on the criminal charges and see the company bankrupt before embarrassing depositions are taken. They want failure as fast as possible.

The writedown for plant closures should be <$100M, watch them double or triple it to get the doors closed faster. Criminal scum.
 






Anonymous said:
That's why the company is headed to the grave, plain and simple, it exists as a legal shield for criminals on the board. Unfortunately for cancer patients and shareholders (which doesn't include the BoD, they are out), product and sales are irrelevant.
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But can't the gov't prevent that? If what you are saying is right, can't they do cease and desist or something?
 






Anonymous said:
But can't the gov't prevent that? If what you are saying is right, can't they do cease and desist or something?
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Cease and desist what? They are thrashing and flailing because they are losing money over a crazy cost structure that was put into place a couple years ago.

Cease and desist insane spending? too late, the money is gone, burn rate can only be controlled by huge writedowns that will speed bankruptcy with declining sales

Cease and desist criminal pumping and dumping? ancient history, investigation of criminals still on the Board ongoing

Cease and desist low morale? how?

Cease and desist decimating the sales force?

"Steve" will tell you that the mean people who sort the stock must cease and desist. But, they are likely the only people coming out ahead here. Wish I'd seen that it was about criminals bankrupting the company not product.
 












Lol, I meant cease and desist for things that are not in shareholders best interest like possibly trying to go bankrupt to avoid class actions or keeping criminals around so the shareholders can pay their legal bills. Isn't cease and desist for illegal activity like that?
 






Anonymous said:
Lol, I meant cease and desist for things that are not in shareholders best interest like possibly trying to go bankrupt to avoid class actions or keeping criminals around so the shareholders can pay their legal bills. Isn't cease and desist for illegal activity like that?
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Cease and desist bad business practices? When were they ever "good"?
 


















This guy Wasendorf is going to get 155 years for a 200 million fraud. That is chump change compared to the pump and dump at D'Enron. D'Enron fraud is in the billions. Why are we discussing 6 years for some of the D'Enron financial predators?


IOWA CITY, Iowa -- The founder of a bankrupt Iowa-based brokerage was indicted by a federal grand jury Monday on 31 counts of making false statements to regulators in connection with a $200 million fraud scheme.

Peregrine Financial Group Inc. CEO Russ Wasendorf Sr. could face up to 155 years in prison if convicted on all counts, prosecutors said. His attorney didn't immediately return a phone message Monday, and the date for an arraignment, where Wasendorf will enter a plea, has not been set.
 
























Anonymous said:
Board and Exec Committee are probably Cafe Pharma addicts. Reading posts is all they have left....Everything is known and out in the open....
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It must be gratifying to them to see that people think they are on target to flush the company by the end of the year!

Given the amount of cash, that won't be easy. But, watch and learn!

Although, the past has shown that if there is a mistep, this company can take it.

It will be interesting to see if now that they clearly want to flush the company, they fail at this as well.
 






D'Enron letter to insurance company:

Dear Insurance Company,

As CEO, I pumped and dumped the stock of my company.

I hung around as CEO for 6 months and am currently on the board with cronies who never challenged me.

Clearly, we were innocent victims and herewith submit our claim for repayment of the stockholder's suit judgment.

Sincerely, MG and the BoD
 






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