Comments on: Two VXGN shareholders send a letter to the board

By: VXGN Q3 10Q out; Greenbackd exits, dammit « Greenbackd

VXGN Q3 10Q out; Greenbackd exits, dammit « Greenbackd — Wed, 04 Nov 2009 04:03:52 +0000

[...] although that reduced over the holding period to yesterdays $0.71 per share. The authors of a letter sent to the board on July 14 of this year adjudged VXGN’s liquidation value to be significantly higher at $2.12 per share: [...]

By: VXGN gifted to OXGN; VXGN directors abandon shareholders, senses « Greenbackd

Fri, 16 Oct 2009 04:23:35 +0000

[...] sales relating to its anthrax vaccine product candidate and related technology. The authors of a letter sent to the board on July 14 of this year adjudge VXGN’s liquidation value to be significantly higher at $2.12 per share: [...]

By: bellamyj

bellamyj — Thu, 20 Aug 2009 22:40:19 +0000

Spencer Capital Opportunity Fund just filed a proxy seeking to replace the board.

By: Kai

Kai — Thu, 20 Aug 2009 01:28:33 +0000

The letter is dated July 14th. How do we know if they having been acting/responding? (since the press release for the letter wasn’t released a month later either)

Also, what are some possible tactics for management to deal with this majority if unhappy shareholders?

Basically, what are the identifiable risks involved here? Can anyone give examples of similar situations (management refusing/ignoring proposals, shareholder lawsuits, etc)?

By: PP

PP — Mon, 17 Aug 2009 14:42:50 +0000

No response from the company?

By: S Gad

S Gad — Fri, 14 Aug 2009 20:54:03 +0000

Excellent letter…thx for sharing.

By: bellamyj

bellamyj — Fri, 14 Aug 2009 19:56:27 +0000

I believe in the last paragraph they’re threatening to vote out the current board if their demands aren’t met.

Based on the beneficial ownership disclosure in VaxGen’s last proxy, Gruber, QVT, Stonepine, and ROI alone own about 40% of the company. I didn’t go through every 13D and G so ownership may have changed, but it seems likely that all the stockholders listed own more than 50%.

The only downside is the last annual meeting was in December, so there’s a few months left for management to burn through additional cash.

By: PP

PP — Fri, 14 Aug 2009 15:56:48 +0000

Aren’t the prospects of the vaccine product candidate somewhat bleak? Also I’m not well versed in corporate governance, but what will happen if management refuses to acquiesce to these demands?

By: MJ

MJ — Fri, 14 Aug 2009 15:53:35 +0000

Don’t know if you mentioned this already; from the recently filed 10-Q:

“In July 2009, our board of directors disbanded its Strategic Transactions Committee, effective September 1, 2009. The board of directors as a whole will assume the remaining responsibilities formerly delegated to the Strategic Transactions Committee, and, following its disbandment, the members of that committee will cease to receive additional compensation for service on it.”