- PolarityTE's main asset is a single patent application it acquired for $104.7 million, and it has failed to release full pre-clinical data or start planned human trials on time.
- The company has a dilutive capital structure that could triple the number of shares outstanding and provides little protection for current common shareholders.
- Hindenburg Research believes PolarityTE is overvalued given its progress to date and risks for common shareholders, and the common stock is likely worth pennies per share.
Preservation and Proportionality: Lowering the Burden of Preserving Data in C...Zapproved
The spotlight has turned to the issue of proportionality as it may be applied to the preservation of potentially relevant information. The postPension Committee world has moved beyond asking “if” litigants need to preserve information to a focus on “how.”
One need look no further than the testimony before the Dallas mini-conference in September and followed shortly thereafter by the debate stirred by the Pippins v. KPMG opinion.
Litigants are struggling to balance the increasing demands of preservation being driven by the exponential increase in electronically stored information (ESI) and the perceived rise in sanctions for spoliation. In order to control the increasing cost and “monumental inefficiency” that can result from traditional approaches to data preservation, the stakeholders in the U.S. legal system are searching for a solution founded on the principles of both reasonableness and proportionality as embodied in the Federal Rules of Civil Procedure.
The goal of this paper is to explore options for providing more objective “guideposts” for litigants facing the uncertainty of future discovery demands.
The document summarizes concerns about Opko Health based on executive departures, regulatory issues, and poor sales of its drug Rayaldee. It notes that Opko's diagnostics division, which represents over 80% of revenue, has seen undisclosed executive departures that could signal compliance issues. It also notes that Opko's drug Rayaldee, which was meant to be a key product, has generated no revenue so far and faces significant pricing and coverage barriers. Overall the document casts doubt on Opko's future prospects due to regulatory risks, executive turmoil, and underperformance of its main products and divisions.
The document provides an analysis of market research conducted by Fabian De La Cruz on several publicly traded companies in late April 2015. It summarizes the research on Disney, noting rising share prices correlated with high-profile film releases. It also summarizes the research on Checkpoint and Palo Alto Networks, citing increased demand for cybersecurity and expected sales growth. Research on Apple cites factors such as the Apple Watch release and expected earnings reports. Tesla research found it best for short-term investment due to fluctuations. The document lists the top 10 skills employers seek and argues that Fabian's experience developing skills like teamwork, problem-solving, and communication make him qualified.
DealMarket Digest Issue137 - 17 April 2014Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 137 - April 17th, 2014:
- Cravings for Direct Co-Investment Still Strong
- Narrow Niches and Big Returns
- Australian PE Backed IPOs Outperform
- The Traits of Family Wealth Managers That Make Money…. and Lose it
- CEOs Get M&A Fever Again
- Quote of the Week: Betting on Justice
This document outlines the 5 step process for obtaining writing assistance from HelpWriting.net:
1. Create an account with a password and valid email.
2. Complete a 10-minute order form providing instructions, sources, deadline and sample work.
3. Review bids from writers and choose one based on qualifications, history and feedback.
4. Receive the paper and ensure it meets expectations, then authorize payment.
5. Request revisions to ensure satisfaction, with a refund offered for plagiarized work. HelpWriting.net aims to fully meet customer needs.
AutoCorp A Competitive Coup in the In‐Flight Magazine .docxikirkton
AutoCorp
A Competitive Coup in the In‐Flight Magazine
When the manager for market intelligence of AutoCorp, a major automotive manufacturer,
boarded the plane in Chicago, her mind was on shrinking market share and late product
announcements. As she settled back to enjoy the remains of a hectic day, she reached for the
in‐flight magazine. It was jammed into the seat pocket in front of her.
Crammed into this already tiny space was a report with a competitor’s logo, marked
“Confidential—Restricted Circulation.” It contained a description of new product
announcements for the next two years. Not only was it intended for a small circle of senior
executives, but it also answered the questions she had recently proposed to an external
research firm.
The proposal for the solicited research could be canceled. Her research budget, already
savaged, could be saved. She was home free, legally and career‐wise.
She foresaw only one problem. In the last few months, AutoCorp’s newly hired ethicist had
revised the firm’s Business Conduct Guidelines. They now required company employees in
possession of a competitor’s information to return it or face dismissal. But it was still a draft
and not formally approved. She had the rest of the flight to decide whether to return the
document to the airline or slip it into her briefcase.
In your submission please address all of the following questions:
1. What do you consider to be the key ethical areas for consideration in this scenario? Be
specific, what research principles or values are (potentially) violated by certain actions
or inactions?
2. Does the use of “found” resources violate any ethical principles? If so, what principles in
particular come into play when considering whether to use “found” information or not?
3. In what ways can the manager impact the ethical culture of her department or her
company by her decision to use or not use the found material?
4. What do you think the manager should do? What are the personal and professional
implications of her possible decisions, even if there is no violation of law or regulation?
Adapted from Cooper, D. R., & Schindler, P. S. (2011). Business research methods (11th ed.). New York, NY:
McGraw Hill/Irwin. p. 50
Avionics
The High Cost of Organizational Change
It was his first year of college teaching, and there were no summer teaching assignments for
new hires. But the university was kind enough to steer him to an aviation firm, Avionics Inc.,
which needed help creating an organizational assessment survey. The assignment was to last
five weeks, but it paid about the same as teaching all summer. The work was just about as
perfect as it gets for an organizational behavior specialist. Avionics Inc.’s vice president, whom
he met the first day, was cordial and smooth. The researcher would report to a senior manager
who was coordinating the project with the human resources and legal departments.
...
Finding the Best Patents – Forward Citation Analysis Still WinsErik Oliver
How do you find the highest quality patents reliably and efficiently? We share our methodology of developing, evaluating, monetizing, litigating, and licensing patents. Here, we’ve identified five primary factors for consideration in patent ranking.
BrundidgeStanger-IAM-magazine-2013QualityRankingMisung Lee
This document discusses patent quality and how law firms are rated based on the quality of patents they secure for clients. It provides context on changes in intellectual property and increasing focus on patent quality from corporations. The Ocean Tomo ratings system is described which analyzes characteristics of patents that were renewed versus abandoned to determine quality. Law firms that consistently secure high quality patents based on this system tend to rank at the top year after year. Close communication and understanding between law firms and their clients is emphasized as important to achieving quality patents.
Preservation and Proportionality: Lowering the Burden of Preserving Data in C...Zapproved
The spotlight has turned to the issue of proportionality as it may be applied to the preservation of potentially relevant information. The postPension Committee world has moved beyond asking “if” litigants need to preserve information to a focus on “how.”
One need look no further than the testimony before the Dallas mini-conference in September and followed shortly thereafter by the debate stirred by the Pippins v. KPMG opinion.
Litigants are struggling to balance the increasing demands of preservation being driven by the exponential increase in electronically stored information (ESI) and the perceived rise in sanctions for spoliation. In order to control the increasing cost and “monumental inefficiency” that can result from traditional approaches to data preservation, the stakeholders in the U.S. legal system are searching for a solution founded on the principles of both reasonableness and proportionality as embodied in the Federal Rules of Civil Procedure.
The goal of this paper is to explore options for providing more objective “guideposts” for litigants facing the uncertainty of future discovery demands.
The document summarizes concerns about Opko Health based on executive departures, regulatory issues, and poor sales of its drug Rayaldee. It notes that Opko's diagnostics division, which represents over 80% of revenue, has seen undisclosed executive departures that could signal compliance issues. It also notes that Opko's drug Rayaldee, which was meant to be a key product, has generated no revenue so far and faces significant pricing and coverage barriers. Overall the document casts doubt on Opko's future prospects due to regulatory risks, executive turmoil, and underperformance of its main products and divisions.
The document provides an analysis of market research conducted by Fabian De La Cruz on several publicly traded companies in late April 2015. It summarizes the research on Disney, noting rising share prices correlated with high-profile film releases. It also summarizes the research on Checkpoint and Palo Alto Networks, citing increased demand for cybersecurity and expected sales growth. Research on Apple cites factors such as the Apple Watch release and expected earnings reports. Tesla research found it best for short-term investment due to fluctuations. The document lists the top 10 skills employers seek and argues that Fabian's experience developing skills like teamwork, problem-solving, and communication make him qualified.
DealMarket Digest Issue137 - 17 April 2014Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 137 - April 17th, 2014:
- Cravings for Direct Co-Investment Still Strong
- Narrow Niches and Big Returns
- Australian PE Backed IPOs Outperform
- The Traits of Family Wealth Managers That Make Money…. and Lose it
- CEOs Get M&A Fever Again
- Quote of the Week: Betting on Justice
This document outlines the 5 step process for obtaining writing assistance from HelpWriting.net:
1. Create an account with a password and valid email.
2. Complete a 10-minute order form providing instructions, sources, deadline and sample work.
3. Review bids from writers and choose one based on qualifications, history and feedback.
4. Receive the paper and ensure it meets expectations, then authorize payment.
5. Request revisions to ensure satisfaction, with a refund offered for plagiarized work. HelpWriting.net aims to fully meet customer needs.
AutoCorp A Competitive Coup in the In‐Flight Magazine .docxikirkton
AutoCorp
A Competitive Coup in the In‐Flight Magazine
When the manager for market intelligence of AutoCorp, a major automotive manufacturer,
boarded the plane in Chicago, her mind was on shrinking market share and late product
announcements. As she settled back to enjoy the remains of a hectic day, she reached for the
in‐flight magazine. It was jammed into the seat pocket in front of her.
Crammed into this already tiny space was a report with a competitor’s logo, marked
“Confidential—Restricted Circulation.” It contained a description of new product
announcements for the next two years. Not only was it intended for a small circle of senior
executives, but it also answered the questions she had recently proposed to an external
research firm.
The proposal for the solicited research could be canceled. Her research budget, already
savaged, could be saved. She was home free, legally and career‐wise.
She foresaw only one problem. In the last few months, AutoCorp’s newly hired ethicist had
revised the firm’s Business Conduct Guidelines. They now required company employees in
possession of a competitor’s information to return it or face dismissal. But it was still a draft
and not formally approved. She had the rest of the flight to decide whether to return the
document to the airline or slip it into her briefcase.
In your submission please address all of the following questions:
1. What do you consider to be the key ethical areas for consideration in this scenario? Be
specific, what research principles or values are (potentially) violated by certain actions
or inactions?
2. Does the use of “found” resources violate any ethical principles? If so, what principles in
particular come into play when considering whether to use “found” information or not?
3. In what ways can the manager impact the ethical culture of her department or her
company by her decision to use or not use the found material?
4. What do you think the manager should do? What are the personal and professional
implications of her possible decisions, even if there is no violation of law or regulation?
Adapted from Cooper, D. R., & Schindler, P. S. (2011). Business research methods (11th ed.). New York, NY:
McGraw Hill/Irwin. p. 50
Avionics
The High Cost of Organizational Change
It was his first year of college teaching, and there were no summer teaching assignments for
new hires. But the university was kind enough to steer him to an aviation firm, Avionics Inc.,
which needed help creating an organizational assessment survey. The assignment was to last
five weeks, but it paid about the same as teaching all summer. The work was just about as
perfect as it gets for an organizational behavior specialist. Avionics Inc.’s vice president, whom
he met the first day, was cordial and smooth. The researcher would report to a senior manager
who was coordinating the project with the human resources and legal departments.
...
Finding the Best Patents – Forward Citation Analysis Still WinsErik Oliver
How do you find the highest quality patents reliably and efficiently? We share our methodology of developing, evaluating, monetizing, litigating, and licensing patents. Here, we’ve identified five primary factors for consideration in patent ranking.
BrundidgeStanger-IAM-magazine-2013QualityRankingMisung Lee
This document discusses patent quality and how law firms are rated based on the quality of patents they secure for clients. It provides context on changes in intellectual property and increasing focus on patent quality from corporations. The Ocean Tomo ratings system is described which analyzes characteristics of patents that were renewed versus abandoned to determine quality. Law firms that consistently secure high quality patents based on this system tend to rank at the top year after year. Close communication and understanding between law firms and their clients is emphasized as important to achieving quality patents.
QUIZ 3CMUN 272April 3, 2017Note You need to do two ou.docxmakdul
QUIZ 3 CMUN 272 April 3, 2017
Note: You need to do two out of three quizzes. If you did not do quiz 2, you must do quiz 3. If you choose to do three quizzes the lesser grade will be dropped. If you partnered for a previous quiz, do this alone. If you did previous quiz(zes) alone, you may partner with someone else for quiz 3.
Date due: Thursday, April 13, at 1:00 p.m. Please submit a hard copy in class and post an electronic copy in Sakai> Assignments. If you do quiz with someone else, submit only one hard copy but upload separately in Sakai.
Length: 2-3 pp. Single space. Double-sided is OK. You are encouraged to attach images. They do not count towards the minimum amount of pages. Please consult external references to back up or confirm historical or political facts, and consider the use of one or more maps.
· Make sure your answers are 1) well organized; 2) carefully proofread; 3) well argued for (with claims and evidence); and 4) cogent. Always re-read final draft to make sure you have addressed the questions asked.
· Be sure to cite, quote and paraphrase the textbook in a substantial manner (i.e., you need to demonstrate deep familiarity with the chapter’s content)
· Always re-read questions and final draft (aloud) to make sure you have addressed the questions asked.
· In order to answer this quiz you need to use and cite Chs. 4-5 from Sorrells (2013), as well as one of the films listed below.
· Use external sources to support your answers, and include a reference list.
· Provide a brief synopsis of the film and basic data (director, date of release, country of origin, actors, producers)
· Provide strong introductory and conclusion paragraphs
· Consider using stills from the film chosen.
Question: Using one the films listed below, please define, explain and apply four of the following clusters of concepts:
· Ascribed and avowed identity
· Cultural Spaces ( contested, hybrid, or segregated )
· Waves of immigration (first, second, third) and world systems theory
· Stages of adaptation (anticipation, shock and adjustment; and re-entry)
· Migrant-Host modes of relationship ( Assimilation, Separation, Marginalization, Integration)
· Migrant networks and Social capital.
Feature Films: Maria Full of Grace, Persepolis. Documentary: Which way home.
Now Anyone Can Invest in Startups—if They Have the Stomach for It
When Oculus VR sold to Facebook for $2 billion in 2014, some asked: What if the people who backed the virtual-reality startup two years earlier on the crowdfunding site Kickstarter had received shares instead of T-shirts or VR headsets?
They might have seen $100 turn into $14,000, says Richard Swart, chief strategy officer of NextGen Crowdfunding.
Until the past year or two, the Oculus approach to crowdfunding was the only one available to everyday investors who aren’t wealthy. Federal law prohibited Kickstarter and similar platforms from offering shares to backers, so startups doled ...
Gober Rivette_published in Intellectual Asset Magazine Issue 75_December 2015Mark Gober
The patent enforcement environment has significantly changed since 2010-2011, making it more difficult for public IP companies (PIPCOs) to enforce their patents. Key developments include the America Invents Act which established new post-grant proceedings allowing third parties to challenge patent validity, resulting in over 80% of instituted claims being invalidated. Additionally, Supreme Court rulings have limited available remedies for infringement and created uncertainty around patent eligibility and claim definiteness. These changes have negatively impacted many PIPCO valuations but also create opportunities for investors.
The document summarizes a panel discussion on the evolving landscape of molecular diagnostics in light of recent changes in patent law. The panelists, who represented both public and private sector organizations, discussed how Supreme Court rulings have narrowed the scope of patentable subject matter. This has made it more difficult to patent diagnostic methods, natural products, and isolated genomic sequences. The panelists outlined strategies for companies to diversify their patent portfolios and pursue more creative claiming approaches in response to the changing legal environment. They also emphasized the importance of demonstrating clinical utility rather than relying solely on patent protection. While the full impacts of the new case law remain uncertain, the consensus was that clarity around patent eligibility is needed for continued innovation in molecular diagnostics
Actionable Intelligence: Finding Insights & OpportunitiesHubbard One
The document discusses how the digital universe is exploding with more data being created every day. Professionals are overwhelmed by the increasing amount of information from more sources. It argues we need better, not just more, information. It provides examples of how competitive and financial intelligence can provide insights into opportunities for client development, market prioritization, and constructing pitches. The examples analyze potential opportunities with BP, UAR/CO, and Medtronic to determine which may be the most profitable. Medtronic is identified as the best opportunity due to the firm's experience and connections as well as Medtronic's litigation spend.
The I-Corps program teaches scientists entrepreneurial skills to help commercialize their research and secure private funding. It addresses the fact that scientists were having trouble getting private capital because they didn't understand what investors needed to hear. The program has scientists test their business hypotheses by interviewing over 100 potential customers, regulators, and partners over the course of the training. This helps them improve their product and understand the market. I-Corps has trained over 1,000 teams and helped bring more government-funded science to market as new companies and products. The testimony argues that I-Corps should be expanded to reach more innovators beyond just university scientists.
Analytics and Data Visualization in the Legal MarketLexisNexis
Legal work requires being able to identify and recognize patterns in patterns in information – or data – quickly and efficiently. According to this Blue Hill Research report, this practice’s popularity is continuing to grow, and plays a pivotal role in today’s legal industry, allowing those who practice law to gain a better understanding of relationships between datasets. In fact, the ability to see data visually may give users the opportunity of identifying unnoticed relationships between these data sets.
America is in the grips of a speculative frenzy. Investment .docxgreg1eden90113
A
merica is in the grips of a speculative frenzy. Investment bankers, private investment firms, and even a few dozen recently graduated
MBAs labelling themselves “searchers” are calling, emailing, wining, and dining small business owners. Their goal is to translate prosaic
small businesses into the poetry of private equity.
The great postcrisis private equity gold rush is on, fueled by cheap debt and enthusiastic investors. A lawn care chain might get half a dozen calls
and emails a week from business brokers and “searchers.” A regional bank auctioning off a business with $15 million in profits might pitch two
hundred prospects, receive fifty letters of intent, and take twelve separate private equity firms to management meetings, ending in a sale price
which the majority of bidders considers crazy. And the greatest prize of all—a software company—could sell for many multiples of revenue,
regardless of profitability.
As with the mortgage-backed securities bubble, experts are the promoters and pioneers of an “asset class” that they claim will offer high returns
with low risk, guided by the sage wisdom of elite managers. The legendary leader of Yale University’s endowment, David Swensen, has gone so far
as to call private equity a “superior form of capitalism.”
The experts agree with Swensen. A recent survey of institutional investors found that 49 percent expect private equity (PE) to outperform the
public equity market by a whopping 4 percent per year or more. Another 45 percent believe PE will outperform by 2–4 percent per year. Only 6
percent think returns will be comparable. The survey did not even bother to ask if investors thought PE might underperform. This is particularly
shocking given that data from Cambridge Associates shows that private equity returns have lagged the Russell 2000 index by 1 percent and the
S&P 500 by 1.5 percent per year over the past five years.
This consensus has led institutional investors to flood private markets with capital, about $200 billion per year of new commitments. The result is
soaring prices for private companies of all shapes and sizes. Just before the financial crisis, in 2007, the average purchase price for a PE deal was
8.9x EBITDA (earnings before interest, taxes, depreciation, and amortization—a commonly used measure of cash profitability). Deal prices reached
8.9x again in 2013 and are now up to nearly 11x EBITDA.
But asset prices are going up everywhere. What makes private equity dangerous is the use of debt—and the use of phony accounting to conceal the
riskiness of these leveraged bets. The average PE deal is 65 percent debt financed, and whereas the valuations of public equities are determined by
transparent, liquid public markets, PE firms determine the valuations of their own portfolio companies. Unsurprisingly, they report far lower
volatility than public markets.
This appraisal accounting also encourages lenders to take risks. After the financial crisis, the Fede.
Statement of witness on issues faced by mr. stampIain Stamp
Prior to its liquidation, Integrity operated a successful IFA business with a client bank primarily built by referrals from accountants and lawyers. Integrity specialised in holistic financial planning for high net worth individuals and business owners. Mr. Iain Clifford Stamp has been facing business as well as financial setbacks due to matters relating to him, Stargate Capital Management (SCM), UK Innovative TI (UKITI) and Integrity Financial Solutions (Integrity) for almost a decade.
According to this statement of witness, Mr. Stamp asserts that the FSA/FCA (Financial Services Authority/Financial Conduct Authority) launched a campaign of persecution against him both before and after creditors' voluntary liquidation of Integrity Financial Solutions in 2009. The FSA/FCA persecution is deliberate and has prevented him from operating as an approved person within the financial services markets since 2009. However, he has never been deemed unfit and he is unaware of any reason why he should not have been granted approved person status in the five separate applications sent to the FSA/FCA since 2009. He also asserts that the FSA/FCA has deliberately constructed a framework that excludes him from working with other regulated firms through FSA/FCA unnecessary investigations and persecution meant to further harm his unregulated businesses and ultimately his own personal resources.
Mr. Stamp believes that the FSA/FCA has maintained a complicit relationship with Halifax Bank of Scotland that are central to the cause of the deliberate strategy employed by the FSA to force him into putting Integrity into creditors voluntary liquidation. Another example of FSA persecution against him is evident from FSA's investigation into IPM following a letter from its MP in 2010. According to Mr. Stamp's statement, the FCA has acted in bad faith by publishing speculations in an SCM First Supervisory Notice that names UKITI and its director (which is none other than Mr. Stamp) by stating that UKITI may have breached the General Prohibition. SCM and Mr. Stamp strongly deny this.
The document discusses several studies related to initial public offerings (IPOs) and how the timing of IPOs relates to market conditions. Specifically:
- One study analyzed a 20-year time series of US IPOs, including periods of recession, and found that IPOs occurring during "hot markets" differ from those in "cold markets." Firms going public during hot markets tend to have lower productivity and profitability after the IPO.
- Another study investigated whether the survival probability and duration differs between IPOs in hot versus cold markets. It also examined if characteristics of IPOs in the first half of a hot market ("pioneers") differ from those in the second half ("
This document discusses the benefits of archiving electronic content like email for medical establishments. It notes that archiving is necessary to comply with regulations like HIPAA that require preserving patient records for long periods of time. Archiving supports legal requirements to retain content that may be needed for litigation and allows placing holds on content when requested. It also helps manage storage and reduces costs. Overall archiving is important for regulatory compliance, legal needs, and cost savings.
GeoInvesting has a longstanding reputation as short sellers. Our work in exposing more than $10 billion in U.S. listed China based frauds was featured in the recent feature documentary The China Hustle. We also offer portfolio protection for our members, based on the research strategies that have made us extremely well-known for our on the ground due diligence.
Brief case - Legal Process outsourcing in India (Kazim Ali Khan Ma Foi) Kazim Ali Khan
Legal Outsourcing is the new opportunity for Indian BPO industry - The note is made compiling variety of information just for the information of those who want to understand LPO industry and opportunities therein.
Faster business decisions and collaboration with Elastic Workplace SearchElasticsearch
With a dizzying array of productivity and collaboration tools available on the market, learning how to maximize their usefulness — and your investment in them — is paramount. A unified search experience across all those sources of content ensures that your teams consistently see and share the right docs and data. See how less time spent searching means more time spent strategizing.
The Play Bigger Data Science Team discovered powerful new insights into how U.S. VC-backed companies create enduring value.
Then HBR wrote a feature story around the Play Bigger Discoveries. What follows is the report behind the story.
For Free.
Unfamiliar with the SBIR program and don’t know where to start? Here are some tips from The Isis Group on how to prepare your company for your first SBIR/STTR submission.
Getting Smart About Intellectual PropertyArvinPatel
U.S. firms leave $1 trillion in potential profits each year by underutilizing their intellectual property. The document discusses how more companies are recognizing intellectual property as valuable business assets and are partnering with experts to better manage their patents, trademarks, and copyrights. As intellectual property becomes more important globally, all companies including small businesses and foreign firms need to understand intellectual property laws to compete effectively in international markets.
THE OPTIONS SCANDAL: SEC AND PRIVATE, ENFORCEMENT TRENDSReed Kathrein
The document discusses trends in SEC and private enforcement of stock options backdating cases. It provides background on the options backdating scandal and outlines key investigations and settlements with companies like Apple, Comverse, Take Two, and ESSI. Over 200 companies have announced internal investigations into options backdating and the SEC has over 140 ongoing investigations.
The paper explains the mechanism of Reverse Mergers in great detail. It deals with an explanation of
Reverse Mergers, their advantages over traditional IPO route, the actual process involved in a reverse merger
and SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) of this method. Further, the paper
discusses the global scenario with respect to this mechanism, particularly in countries like United States and
China where it is highly preferred for public listing.
The paper also details this concept with respect to its acceptance in our country, India, where traditional
methods like IPOs are losing relevance and newer faster methods for public listing and fund raising are gaining
importance with each passing year. For greater understanding, some case studies have been used spanning
various companies which have taken this route for public listing and have reaped great benefits from it. The
paper also highlights the ill effects attached with Reverse Mergers if not done properly and without enough
checks and audits
This SEC complaint alleges that Stephen Burns, former CEO of electric vehicle company Lordstown Motors, made negligent and materially inaccurate statements about pre-orders for Lordstown's pickup truck. Specifically, Lordstown claimed to have over 27,000 pre-orders from commercial fleets based on non-binding letters of intent, but the company had no effective processes for vetting customers or tracking pre-orders. The SEC alleges Burns' statements about pre-orders created an unrealistic depiction of demand in violation of securities laws.
The document is a letter from Nathan Anderson to the Board of Directors, Executives and Auditors of Tingo Group Inc. listing 38 questions regarding Tingo Group's business operations and financials. The questions raise serious doubts about the legitimacy of Tingo's reported revenues, customer and supplier relationships, licenses and permits. Key issues highlighted include a lack of evidence for Tingo's claimed cash balances, inventory, export volumes and mobile network operations.
1) Osirius Group LLC filed a complaint against Ideanomics Inc. in the United States District Court for the Eastern District of Michigan. Osirius provided engineering services to Via Motors from July 2022 to December 2022, invoicing Via Motors monthly. Via Motors failed to pay the invoices, owing Osirius over $2 million.
2) Ideanomics acquired Via Motors in January 2023 and had previously agreed to pay any remaining debt owed by Via Motors to Osirius. However, Ideanomics failed to pay the outstanding amount owed for Osirius' services.
3) Osirius is suing Ideanomics for breach of contract and
This 6-page legal document outlines the charges in a criminal case. It describes the defendant and their alleged crimes, which include wire fraud and aggravated identity theft. Further details are provided about the scheme, the victims impacted, and evidence collected. If convicted on all counts, the defendant faces a maximum penalty of 32 years in prison and $1 million in fines.
QUIZ 3CMUN 272April 3, 2017Note You need to do two ou.docxmakdul
QUIZ 3 CMUN 272 April 3, 2017
Note: You need to do two out of three quizzes. If you did not do quiz 2, you must do quiz 3. If you choose to do three quizzes the lesser grade will be dropped. If you partnered for a previous quiz, do this alone. If you did previous quiz(zes) alone, you may partner with someone else for quiz 3.
Date due: Thursday, April 13, at 1:00 p.m. Please submit a hard copy in class and post an electronic copy in Sakai> Assignments. If you do quiz with someone else, submit only one hard copy but upload separately in Sakai.
Length: 2-3 pp. Single space. Double-sided is OK. You are encouraged to attach images. They do not count towards the minimum amount of pages. Please consult external references to back up or confirm historical or political facts, and consider the use of one or more maps.
· Make sure your answers are 1) well organized; 2) carefully proofread; 3) well argued for (with claims and evidence); and 4) cogent. Always re-read final draft to make sure you have addressed the questions asked.
· Be sure to cite, quote and paraphrase the textbook in a substantial manner (i.e., you need to demonstrate deep familiarity with the chapter’s content)
· Always re-read questions and final draft (aloud) to make sure you have addressed the questions asked.
· In order to answer this quiz you need to use and cite Chs. 4-5 from Sorrells (2013), as well as one of the films listed below.
· Use external sources to support your answers, and include a reference list.
· Provide a brief synopsis of the film and basic data (director, date of release, country of origin, actors, producers)
· Provide strong introductory and conclusion paragraphs
· Consider using stills from the film chosen.
Question: Using one the films listed below, please define, explain and apply four of the following clusters of concepts:
· Ascribed and avowed identity
· Cultural Spaces ( contested, hybrid, or segregated )
· Waves of immigration (first, second, third) and world systems theory
· Stages of adaptation (anticipation, shock and adjustment; and re-entry)
· Migrant-Host modes of relationship ( Assimilation, Separation, Marginalization, Integration)
· Migrant networks and Social capital.
Feature Films: Maria Full of Grace, Persepolis. Documentary: Which way home.
Now Anyone Can Invest in Startups—if They Have the Stomach for It
When Oculus VR sold to Facebook for $2 billion in 2014, some asked: What if the people who backed the virtual-reality startup two years earlier on the crowdfunding site Kickstarter had received shares instead of T-shirts or VR headsets?
They might have seen $100 turn into $14,000, says Richard Swart, chief strategy officer of NextGen Crowdfunding.
Until the past year or two, the Oculus approach to crowdfunding was the only one available to everyday investors who aren’t wealthy. Federal law prohibited Kickstarter and similar platforms from offering shares to backers, so startups doled ...
Gober Rivette_published in Intellectual Asset Magazine Issue 75_December 2015Mark Gober
The patent enforcement environment has significantly changed since 2010-2011, making it more difficult for public IP companies (PIPCOs) to enforce their patents. Key developments include the America Invents Act which established new post-grant proceedings allowing third parties to challenge patent validity, resulting in over 80% of instituted claims being invalidated. Additionally, Supreme Court rulings have limited available remedies for infringement and created uncertainty around patent eligibility and claim definiteness. These changes have negatively impacted many PIPCO valuations but also create opportunities for investors.
The document summarizes a panel discussion on the evolving landscape of molecular diagnostics in light of recent changes in patent law. The panelists, who represented both public and private sector organizations, discussed how Supreme Court rulings have narrowed the scope of patentable subject matter. This has made it more difficult to patent diagnostic methods, natural products, and isolated genomic sequences. The panelists outlined strategies for companies to diversify their patent portfolios and pursue more creative claiming approaches in response to the changing legal environment. They also emphasized the importance of demonstrating clinical utility rather than relying solely on patent protection. While the full impacts of the new case law remain uncertain, the consensus was that clarity around patent eligibility is needed for continued innovation in molecular diagnostics
Actionable Intelligence: Finding Insights & OpportunitiesHubbard One
The document discusses how the digital universe is exploding with more data being created every day. Professionals are overwhelmed by the increasing amount of information from more sources. It argues we need better, not just more, information. It provides examples of how competitive and financial intelligence can provide insights into opportunities for client development, market prioritization, and constructing pitches. The examples analyze potential opportunities with BP, UAR/CO, and Medtronic to determine which may be the most profitable. Medtronic is identified as the best opportunity due to the firm's experience and connections as well as Medtronic's litigation spend.
The I-Corps program teaches scientists entrepreneurial skills to help commercialize their research and secure private funding. It addresses the fact that scientists were having trouble getting private capital because they didn't understand what investors needed to hear. The program has scientists test their business hypotheses by interviewing over 100 potential customers, regulators, and partners over the course of the training. This helps them improve their product and understand the market. I-Corps has trained over 1,000 teams and helped bring more government-funded science to market as new companies and products. The testimony argues that I-Corps should be expanded to reach more innovators beyond just university scientists.
Analytics and Data Visualization in the Legal MarketLexisNexis
Legal work requires being able to identify and recognize patterns in patterns in information – or data – quickly and efficiently. According to this Blue Hill Research report, this practice’s popularity is continuing to grow, and plays a pivotal role in today’s legal industry, allowing those who practice law to gain a better understanding of relationships between datasets. In fact, the ability to see data visually may give users the opportunity of identifying unnoticed relationships between these data sets.
America is in the grips of a speculative frenzy. Investment .docxgreg1eden90113
A
merica is in the grips of a speculative frenzy. Investment bankers, private investment firms, and even a few dozen recently graduated
MBAs labelling themselves “searchers” are calling, emailing, wining, and dining small business owners. Their goal is to translate prosaic
small businesses into the poetry of private equity.
The great postcrisis private equity gold rush is on, fueled by cheap debt and enthusiastic investors. A lawn care chain might get half a dozen calls
and emails a week from business brokers and “searchers.” A regional bank auctioning off a business with $15 million in profits might pitch two
hundred prospects, receive fifty letters of intent, and take twelve separate private equity firms to management meetings, ending in a sale price
which the majority of bidders considers crazy. And the greatest prize of all—a software company—could sell for many multiples of revenue,
regardless of profitability.
As with the mortgage-backed securities bubble, experts are the promoters and pioneers of an “asset class” that they claim will offer high returns
with low risk, guided by the sage wisdom of elite managers. The legendary leader of Yale University’s endowment, David Swensen, has gone so far
as to call private equity a “superior form of capitalism.”
The experts agree with Swensen. A recent survey of institutional investors found that 49 percent expect private equity (PE) to outperform the
public equity market by a whopping 4 percent per year or more. Another 45 percent believe PE will outperform by 2–4 percent per year. Only 6
percent think returns will be comparable. The survey did not even bother to ask if investors thought PE might underperform. This is particularly
shocking given that data from Cambridge Associates shows that private equity returns have lagged the Russell 2000 index by 1 percent and the
S&P 500 by 1.5 percent per year over the past five years.
This consensus has led institutional investors to flood private markets with capital, about $200 billion per year of new commitments. The result is
soaring prices for private companies of all shapes and sizes. Just before the financial crisis, in 2007, the average purchase price for a PE deal was
8.9x EBITDA (earnings before interest, taxes, depreciation, and amortization—a commonly used measure of cash profitability). Deal prices reached
8.9x again in 2013 and are now up to nearly 11x EBITDA.
But asset prices are going up everywhere. What makes private equity dangerous is the use of debt—and the use of phony accounting to conceal the
riskiness of these leveraged bets. The average PE deal is 65 percent debt financed, and whereas the valuations of public equities are determined by
transparent, liquid public markets, PE firms determine the valuations of their own portfolio companies. Unsurprisingly, they report far lower
volatility than public markets.
This appraisal accounting also encourages lenders to take risks. After the financial crisis, the Fede.
Statement of witness on issues faced by mr. stampIain Stamp
Prior to its liquidation, Integrity operated a successful IFA business with a client bank primarily built by referrals from accountants and lawyers. Integrity specialised in holistic financial planning for high net worth individuals and business owners. Mr. Iain Clifford Stamp has been facing business as well as financial setbacks due to matters relating to him, Stargate Capital Management (SCM), UK Innovative TI (UKITI) and Integrity Financial Solutions (Integrity) for almost a decade.
According to this statement of witness, Mr. Stamp asserts that the FSA/FCA (Financial Services Authority/Financial Conduct Authority) launched a campaign of persecution against him both before and after creditors' voluntary liquidation of Integrity Financial Solutions in 2009. The FSA/FCA persecution is deliberate and has prevented him from operating as an approved person within the financial services markets since 2009. However, he has never been deemed unfit and he is unaware of any reason why he should not have been granted approved person status in the five separate applications sent to the FSA/FCA since 2009. He also asserts that the FSA/FCA has deliberately constructed a framework that excludes him from working with other regulated firms through FSA/FCA unnecessary investigations and persecution meant to further harm his unregulated businesses and ultimately his own personal resources.
Mr. Stamp believes that the FSA/FCA has maintained a complicit relationship with Halifax Bank of Scotland that are central to the cause of the deliberate strategy employed by the FSA to force him into putting Integrity into creditors voluntary liquidation. Another example of FSA persecution against him is evident from FSA's investigation into IPM following a letter from its MP in 2010. According to Mr. Stamp's statement, the FCA has acted in bad faith by publishing speculations in an SCM First Supervisory Notice that names UKITI and its director (which is none other than Mr. Stamp) by stating that UKITI may have breached the General Prohibition. SCM and Mr. Stamp strongly deny this.
The document discusses several studies related to initial public offerings (IPOs) and how the timing of IPOs relates to market conditions. Specifically:
- One study analyzed a 20-year time series of US IPOs, including periods of recession, and found that IPOs occurring during "hot markets" differ from those in "cold markets." Firms going public during hot markets tend to have lower productivity and profitability after the IPO.
- Another study investigated whether the survival probability and duration differs between IPOs in hot versus cold markets. It also examined if characteristics of IPOs in the first half of a hot market ("pioneers") differ from those in the second half ("
This document discusses the benefits of archiving electronic content like email for medical establishments. It notes that archiving is necessary to comply with regulations like HIPAA that require preserving patient records for long periods of time. Archiving supports legal requirements to retain content that may be needed for litigation and allows placing holds on content when requested. It also helps manage storage and reduces costs. Overall archiving is important for regulatory compliance, legal needs, and cost savings.
GeoInvesting has a longstanding reputation as short sellers. Our work in exposing more than $10 billion in U.S. listed China based frauds was featured in the recent feature documentary The China Hustle. We also offer portfolio protection for our members, based on the research strategies that have made us extremely well-known for our on the ground due diligence.
Brief case - Legal Process outsourcing in India (Kazim Ali Khan Ma Foi) Kazim Ali Khan
Legal Outsourcing is the new opportunity for Indian BPO industry - The note is made compiling variety of information just for the information of those who want to understand LPO industry and opportunities therein.
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With a dizzying array of productivity and collaboration tools available on the market, learning how to maximize their usefulness — and your investment in them — is paramount. A unified search experience across all those sources of content ensures that your teams consistently see and share the right docs and data. See how less time spent searching means more time spent strategizing.
The Play Bigger Data Science Team discovered powerful new insights into how U.S. VC-backed companies create enduring value.
Then HBR wrote a feature story around the Play Bigger Discoveries. What follows is the report behind the story.
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Unfamiliar with the SBIR program and don’t know where to start? Here are some tips from The Isis Group on how to prepare your company for your first SBIR/STTR submission.
Getting Smart About Intellectual PropertyArvinPatel
U.S. firms leave $1 trillion in potential profits each year by underutilizing their intellectual property. The document discusses how more companies are recognizing intellectual property as valuable business assets and are partnering with experts to better manage their patents, trademarks, and copyrights. As intellectual property becomes more important globally, all companies including small businesses and foreign firms need to understand intellectual property laws to compete effectively in international markets.
THE OPTIONS SCANDAL: SEC AND PRIVATE, ENFORCEMENT TRENDSReed Kathrein
The document discusses trends in SEC and private enforcement of stock options backdating cases. It provides background on the options backdating scandal and outlines key investigations and settlements with companies like Apple, Comverse, Take Two, and ESSI. Over 200 companies have announced internal investigations into options backdating and the SEC has over 140 ongoing investigations.
The paper explains the mechanism of Reverse Mergers in great detail. It deals with an explanation of
Reverse Mergers, their advantages over traditional IPO route, the actual process involved in a reverse merger
and SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) of this method. Further, the paper
discusses the global scenario with respect to this mechanism, particularly in countries like United States and
China where it is highly preferred for public listing.
The paper also details this concept with respect to its acceptance in our country, India, where traditional
methods like IPOs are losing relevance and newer faster methods for public listing and fund raising are gaining
importance with each passing year. For greater understanding, some case studies have been used spanning
various companies which have taken this route for public listing and have reaped great benefits from it. The
paper also highlights the ill effects attached with Reverse Mergers if not done properly and without enough
checks and audits
This SEC complaint alleges that Stephen Burns, former CEO of electric vehicle company Lordstown Motors, made negligent and materially inaccurate statements about pre-orders for Lordstown's pickup truck. Specifically, Lordstown claimed to have over 27,000 pre-orders from commercial fleets based on non-binding letters of intent, but the company had no effective processes for vetting customers or tracking pre-orders. The SEC alleges Burns' statements about pre-orders created an unrealistic depiction of demand in violation of securities laws.
The document is a letter from Nathan Anderson to the Board of Directors, Executives and Auditors of Tingo Group Inc. listing 38 questions regarding Tingo Group's business operations and financials. The questions raise serious doubts about the legitimacy of Tingo's reported revenues, customer and supplier relationships, licenses and permits. Key issues highlighted include a lack of evidence for Tingo's claimed cash balances, inventory, export volumes and mobile network operations.
1) Osirius Group LLC filed a complaint against Ideanomics Inc. in the United States District Court for the Eastern District of Michigan. Osirius provided engineering services to Via Motors from July 2022 to December 2022, invoicing Via Motors monthly. Via Motors failed to pay the invoices, owing Osirius over $2 million.
2) Ideanomics acquired Via Motors in January 2023 and had previously agreed to pay any remaining debt owed by Via Motors to Osirius. However, Ideanomics failed to pay the outstanding amount owed for Osirius' services.
3) Osirius is suing Ideanomics for breach of contract and
This 6-page legal document outlines the charges in a criminal case. It describes the defendant and their alleged crimes, which include wire fraud and aggravated identity theft. Further details are provided about the scheme, the victims impacted, and evidence collected. If convicted on all counts, the defendant faces a maximum penalty of 32 years in prison and $1 million in fines.
1) Acuitas Capital invested $20 million in Ideanomics in exchange for preferred stock and warrants that were convertible into Ideanomics common stock. However, Ideanomics has now refused to honor Acuitas Capital's requests to convert these securities, in breach of their agreement.
2) Ideanomics claims the investment agreement is "null and void" due to unrelated allegations against the CEO of Acuitas Capital, but these allegations do not excuse Ideanomics' contractual obligations.
3) Prompt relief is needed because Ideanomics has admitted it may not be able to continue as a going concern. Unless ordered to honor the conversion requests, the value of Acuitas Capital's remaining
This document outlines the terms and conditions of a private offering of $750 million in senior secured notes issued by Adani Green Energy Limited. The notes will pay 4.375% annual interest and mature in 2024. The notes are being offered only to qualified institutional buyers in the US and offshore purchasers in reliance on exemptions from securities registration laws. The notes will be listed on the Singapore Exchange and India INX and secured by certain assets of the issuer described in security documents. The proceeds are subject to restrictions on use and transfer.
This document is an annual return form for a private company limited by shares called Milestone Tradelinks Private Limited. It provides details about the company's registration, activities, shareholding, directors and key managerial personnel, meetings, and attendance of directors. Some key details include the company's registered office in Ahmedabad, its main business activity of wholesale trading, total paid up capital of Rs. 407,000, and that directors Rajesh Rameshchandra Vora and Manish Amrutlal Shah each hold 0 shares as of the financial year end.
The auditor's report provides an unmodified opinion on the financial statements of Pmc Projects (India) Private Limited for the period 01/04/2013 to 31/03/2014. The auditor found that the company has maintained proper records of fixed assets, inventories and loans. Internal control procedures for purchase, sale and fixed assets were adequate. The company has not accepted any deposits from the public. Statutory dues have generally been regularly paid, with no material disputed amounts. No frauds were reported during the period.
Chang Chien-Ting holds significant beneficial ownership in PMC Projects (India) Pvt. Ltd. through PMC Infra Limited, a company registered in Mauritius. Chang holds 100% of PMC Infra Limited and exercises his significant beneficial interest in PMC Projects (India) Pvt. Ltd. by virtue of shares held in PMC Infra Limited. He declares this significant beneficial ownership in PMC Projects (India) Pvt. Ltd. as required by Section 90(1) of the Companies Act of India. The declaration provides details of Chang such as his address, date of birth, occupation, and nationality. It specifies the nature of his indirect holding in PMC Projects (India) Pvt.
Adani Developers (later renamed Sunbourne) 2013 Annual Report.pdfHindenburg Research
The document is an auditor's report for Adani Developers Private Limited for the period of April 1, 2011 to March 31, 2012. The auditor gave an unqualified opinion and did not note any qualifications, reservations or adverse remarks. Specifically, the auditor stated that the company maintained proper records of fixed assets, conducted physical verification of inventories, and complied with statutory dues payments. The auditor also confirmed the company had an adequate internal control and internal audit system.
This document contains a list of orders from the Securities Appellate Tribunal (SAT) and adjudication orders from the Securities and Exchange Board of India (SEBI) related to various Adani group companies, primarily Adani Exports Limited. The orders range from 2008 to 2019 and include matters related to stock market manipulation and insider trading involving several individuals and brokerage firms.
Vinod Adani - The Man Behind The Adani Group’s Offshore Deals (Morning Contex...Hindenburg Research
Vinod Adani is the elder brother of Gautam Adani, Asia's second richest man. Vinod oversees many of the Adani group's offshore deals and structures through companies based in tax havens like Mauritius and Cyprus. He has been involved in major deals like the Ambuja Cements acquisition and Total's investment in Adani Green Energy. However, the Adani group has previously denied Vinod's involvement. Vinod uses complex offshore structures that allow deals to be carried out without following all Indian laws, potentially reducing taxes. There are also ongoing legal issues regarding accusations of money laundering through Vinod's offshore companies that supplied equipment to Adani Power projects in India.
Krunal Trade & Investment Pvt Ltd is a private limited company incorporated in Mauritius on October 4, 2005 as a global business company. The company's registered office is located at Trustlink House in Floreal, Mauritius. The current directors are Adani Vinod Shantilal, Caillou Louis Ricardo, Mittra Subir, and Ramsagur Shailend. Trustlink International Limited serves as the company secretary.
Gardenia Trade and Investment Ltd is a private limited company incorporated on February 2nd, 2021. It operates as a global business company with its registered office in Mauritius. The company has three directors: Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management and secretarial services provider.
Birch Trade and Investment Ltd is a private limited company incorporated in Mauritius on October 19, 2021 as a global business company. The company has three directors: Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary.
Athena Trade and Investments Pvt Ltd is a private limited company incorporated in Mauritius on July 18, 2017 for global business. The company has three directors: Mittra Subir from Dubai, Seewooruttun Indranathsingh from Mauritius, and Toorabally Shakill Ahmad from Mauritius. Amicorp (Mauritius) Limited serves as the company's management and secretarial services provider.
Flourishing Trade and Investment Ltd is a private limited global business company incorporated on August 18, 2017 in Mauritius. The company has three directors - Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management and secretary.
Delphinium Trade and Investment Ltd is a private limited company incorporated on February 2nd, 2021 in Mauritius for global business purposes. The company has three directors: Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary.
Dome Trade and Investment Ltd is a private limited company incorporated in Mauritius on August 18, 2017 as a global business company. It has 4 directors: Adani Vinod Shantilal, Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary, located at Level 6, Tower 1, NeXteracom Building in Ebene, Mauritius.
Endeavour Trade and Investment Ltd was incorporated on April 29, 2021 as a private limited company in Mauritius for global business. The company has 3 directors - Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the management company and secretary since the company's incorporation.
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Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
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1. Hindenburg Research December, 7, 2017
PolarityTE: Investors Beware
• PolarityTE’s sole key asset is a patent application that it acquired for a value of $104.7
million.
• Common equity holders are exposed to severe potential dilution given a capital
structure that is saddled with convertibles.
• PolarityTE has failed to release its full pre-clinical data and its planned human trials
appear delayed.
• The entity has been reverse merged several times into a variety of businesses. We
believe PolarityTE is the latest in a series of failed story stocks.
• We believe the common equity is likely worthless.
Introduction
PolarityTE Inc. (Nasdaq:COOL) formerly Majesco Entertainment Inc. is a company that aims to
“induce a paradigm shift” in the field of tissue engineering and regenerative medicine. The company
was formed via reverse merger of PolarityTE into the publicly traded entity of Majesco, as announced
in December 2016. Prior to the merger, Majesco had been focused on the unrelated field of video
game publishing.
The public entity has managed to morph into at least 6 different seemingly unrelated companies over
the years (Majesco was formerly Spinrocket, which was formerly Connectiv, which was formerly
CDBeat, which was formerly SMD Group, according to its SEC page).
We believe PolarityTE is merely the latest iteration in a series of failed story stocks, and that common
shareholders are exposed to severe risks.
Prior to its Merger with Majesco, PolarityTE Owned a Single
Patent Application
Generally when we see an entity reverse merge onto NASDAQ, the deal will include a reasonably
strong pretense for the value generation potential of the company. Often such a pretense will include
2. either physical assets or a strong intellectual property portfolio. In the case of COOL, it appears the
Majesco entity had merged with Polarity in order to take a single, lonely patent application public.
The loneliness of the patent application (and the fact that it was merely an application) were not
immediately clear to us from a reading of the filings. At various times filings indicate that the merged
Polarity entity owned a (i) “patented” platform; or (ii) multiple patent applications (as indicated by the
“s” at the end of the word ‘applications’). This shape-shifting description is best shown through the
December 2016 8-K announcing the merger in which both versions of the story were detailed in the
same document:
1. “Polarity is the owner of a novel regenerative medicine and tissue engineering platform
developed and patented by Denver Lough, MD, PhD.”
2. Later in the filing, “Polarity’s pending patent applications include claims to material aspects
of Polarity’s procedures that are not currently protected by issued patents. The patent
application process can be time consuming and expensive.”
A search of the US Patent and Trademark Office (USPTO) database and later filings show that neither
description appeared to be accurate. Polarity was in fact the owner of a single patent application (without
an ‘s’ at the end) filed by Dr. Denver Lough, a resident associated with John’s Hopkins University.
Per the 10-Q dated April 30, 2017:
“Dr. Lough is the named inventor under a pending patent application for a novel regenerative
medicine and tissue engineering platform filed in the United States and elsewhere. The Company
believes that its future success depends significantly on its ability to protect its inventions and
technology. Accordingly, the Company is seeking to acquire the pending patent application.”
In case there was any doubt about whether the merged business didn’t just consist of a mere pending
patent application, an SEC correspondence letter requested that the company detail the operations of
the entity being merged. The company responded by affirming that Polarity indeed had been
functionally a shell with no employees, operations, or property other than the pending patent
application:
“There was never any intent to acquire an ongoing business and no ongoing business was acquired.
The asset is preserved in a stand-alone entity merely as a vehicle to provide the Company a seamless
means to acquire the asset (a patent application) without undue cost, expense and time. Polarity NV
has never had employees and therefore no employees will be acquired in the transaction.”
The company paid a substantial amount for the patent application. According to the company’s filings
the company paid to Dr. Lough preferred shares “convertible into an aggregate of 7,050,000 shares
of the Company’s common stock with a fair value of approximately $104.7 million.” Note that those
same shares would represent about $200 million if sold at today’s prices.
PolarityTE is a Share Dilution Machine
PolarityTE aims to revolutionize the skin regeneration market by developing and commercializing its
intellectual property. We will get more into our thoughts on their chances of success shortly, but we
3. first want to address what we view as a major hurdle for common shareholders hoping to benefit from
the company’s efforts to achieve new medical breakthroughs.
Namely, COOL has been rapidly diluting shareholders, and the current capital structure seems to
represent a massive wall of potential new dilution. Below is a breakdown of the common shares
outstanding over the past several periods, based on company filings:
• 09/12/2017: 6,333,985 shares of common stock outstanding
• 06/05/2017: 5,876,952 shares of common stock outstanding
• 03/08/2017: 4,501,768 shares of common stock outstanding
• 10/31/2016: 2,782,963 shares of common stock outstanding
For those keeping track at home, that is an increase of about 127%--more than double—in just over
a year.
Beyond the ballooning number of common shares outstanding, as of 7/31/2017 common shares
issuable upon conversion of preferred stock and exercise of stock options represents another potential
11,939,093 shares, a tripling of the existing cap structure.
Keep in mind that convertible holders have additional rights including “the right to receive a
liquidation preference, prior to any distribution of our assets to the holders of our Common Stock.”
Convertible holders can also be paid dividends on an ‘as converted’ basis, so that dividends could be
paid out as if preferred shares were fully converted to common. In other words, if the company
distributes cash via a dividend or liquidation, the common holders could experience dilutive effects
via those events as well.
How Are Things Coming Along So Far with the Skin
Regeneration Revolution?
Dilutive share structure aside, the company seems to be advancing its technology at a rather
uninspiring pace. In a press release on June 8th
the company announced that pre-clinical results
demonstrate that the technology can successfully regenerate skin and hair in full thickness swine flu
models. On a conference call following the release, CEO Denver Lough stated:
“The preclinical image based data released today is by no means even 1% of the data we have collected,
which will be released in due course via peer reviewed articles and other public forums.”
We searched Google Scholar and ResearchGate for any peer reviewed articles on the company’s pre-
clinical research and found zero articles since that release. We also found no subsequent data released
by the company. We have asked investor relations whether the company has released its data and
whether there are any peer reviewed articles on the data and have not heard back as of this writing.
Should we hear back from the company we will update this accordingly.
In that same June 8th
press release the company seemingly indicated that additional future milestones
would be forthcoming:
4. “The Company expects to initiate a human clinical trial evaluating the autologous homologous
SkinTE™ construct in the third quarter of 2017.”
There have been no human trials announced since that date. We checked clinicaltrials.gov to see if any
trials had been posted and found zero matches.
October 19th
Update Leaves Us Befuddled
Subsequent to the promises of the release of data and human clinical trials, on October 19th
the
company stated in a press release:
“Clinical application is expected in the fourth quarter of 2017, and data is planned to be released
through multiple channels in the first half of 2018.”
Again, we haven’t seen the data or seen any registered clinical trials thus far. We checked with investor
relations to get a sense of the expected timeline of human clinical trials given that we are currently
near the end of 2017. We have not heard back as of this writing but should the company respond we
will update this accordingly.
The same release noted that “multiple value analysis committees have approved SkinTE for use in
their respective medical institutions”, though the release did not name any of the institutions that had
approved the product. It is unclear to us exactly what was “approved” given that the product has not
yet been tested in humans. After all, how can something be approved before its even been proven to
work?
Again we checked with investor relations to see if they could name any of the medical institutions that
have approved the product or give a sense of what the approvals represent, and have not heard back
as of this writing. Should we hear from the company we will update this accordingly.
Lots of PR With Few Tangible Results
Despite the apparent absence of released pre-clinical data or the commencement of clinical trials, we
have noticed that the company has managed to generate a tremendous amount of PR via various
media outlets. It has also issued about 25 press releases over the course of the past year, and assembled
a clinical advisory board of over 14 medical professionals. Such loud moves with little hard data or
tangible advancement to show for it do not inspire our confidence.
Conclusion: Not COOL!
The path to bringing the company's lonely patent application through clinical testing and market entry
is likely an expensive proposition. Even when factoring in the proceeds of yet another recent
convertible offering the company’s estimated working capital of approximately $20 million seems to
represent the mere beginning of what would require substantial additional capital.
We cannot claim to be experts in the field of regenerative skin medicine, and we truly hope the product
ends up working in humans. Despite this, we do have a fairly thorough understanding of the effects
5. of dilutive financing to common shareholders. On a fully diluted/converted/exercised basis and at
current prices, the company’s market cap would be north of $500 million. We do not believe the
company’s progress to date can justify that valuation no matter how many great scientists the company
adds to its board of advisors.
Given all of the above, we believe common shares are likely worth pennies rather than dollars. We
urge cautious investing to all.
Disclosure: We are short shares of PolarityTE. Please see full
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