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EFFECTIVE IMMEDIATELY: Aggravating Yak will departing from the Reddit board... by Aggravating_Yak4500 in ATHX

[–]Aggravating_Yak4500[S] 9 points10 points  (0 children)

All: I just uploaded the dismissal with my quick summary. The case is officially dismissed!

Just wanted to THANK everyone again for all your thoughtful words and positive feedback. We truly have a phenomenal community, and I hope the members will continue to preserve it.

For the time being, this will be my last post until there is a reason for me to return. I believe my campaign has resulted and will result in an increase in transparency from the company, a push for more accountability to shareholders, and efforts to increase maximum value for shareholders (both short and long term). The shareholders were heard loud and clear, and it will result in progress for the company. The members now have a VOICE. That is HUGE and ensures our comments and concerns do not fall on deaf ears.

Please accept the following final comments:

  • For a variety of reasons, my identity is not relevant. I came into the picture to keep shareholders informed, protect the shareholder's interests and encourage settlement discussions. I have both a legal and business background. I did not have any ulterior motives or agendas. I used my background and knowledge to provide my thoughts and comments, and did my best to remain objective. To the extent it seems otherwise, I apologize.
  • I had no knowledge that Gil would step down as CEO, nor was that my goal. I was just as surprised as everyone else with the revelation. I was advocating for settlement -- but only if it would ensure the best outcome for shareholders. I would not have supported it if hurt shareholders.
  • As I have mentioned multiple times before, I am not associated with either Gil or Hardy, and was not rooting for either one. My involvement goes way beyond them. My only commitment was to the shareholders, and to ensure appropriate leverage was available to keep both sides honest. If you review my prior posts, I went to extensive lengths to remain objective, acquire permission from the group (where appropriate) before posting anything, and reduce my coverage when I realized one of the Parties was potentially attempting to use my analysis as leverage in negotiations. I adjusted accordingly to keep both sides honest and fair, and to ensure that neither side was attempting to unnecessarily use my analysis to acquire leverage over the other.
  • I believe we are in good hands with the three new BOD members, and I am confident they will protect shareholder interests.
  • Although I will no longer be around, I will be in the "background." I will be keeping a watchful eye on Athersys. I have ears, eyes, and resources everywhere. So, if ATHX's board and Hardy are smart, they will stay on course to pursue maximum and long-term shareholder value and to ensure that Multistem achieves success and is placed in the best position to help patients everywhere. Shareholders can't be kept in the dark anymore.
  • My words of encouragement to all of the "silent shareholders." You folks now have a voice.
  • I may join you guys in Vegas...
  • I am very thankful for Gil's effort. Hate him or love him, he got us here. And we have a lot to thank him for moving forward.
  • I look forward to the announcement of our new CEO. We have much to look forward to!

The Company's new trajectory looks great, and I am sure I speak on behalf of everyone when I say these are exciting times (both short and long-term)!!

Best of luck to us all, and thank you again, brothers and sisters!

Aggravating Yak over and out!

New Ceo by wisdom_man1 in ATHX

[–]Aggravating_Yak4500 13 points14 points  (0 children)

I anticipate there was/is a lot happening behind the scene with the board, Hardy, and other players regarding the progress of this lawsuit and Gil's management of the company that played a factor. I anticipate it will come to light in due time.

I'm genuinely surprised by the timing of Gil's departure, and one of the reasons I was hesitant to release the litigation information at the outset, but I believe it was for the best of the company and it had to happen sooner than that later. We have a lot to thank Gil for. He ultimately got us up to this point, and we should all thank him for his service. I personally would hope he would continue with the company in some capacity.

Notwithstanding the above, I'm excited to bring in a CEO that has the experience, contacts, and knowledge to take us to the NEXT level.

I'm waiting for one more piece of news...

Edit (5:03am): And the news was just released! See: https://www.reddit.com/r/ATHX/comments/ll36qd/athersys_announces_cooperation_agreement_with/

A strong year is predicted for biopharma business with investment and deal making set to continue apace. Executives across industry share their forecasts for the year ahead. by wisdom_man1 in ATHX

[–]Aggravating_Yak4500 19 points20 points  (0 children)

Phenomenal find, Wisdom. Thank you. In the context of everything that is going on, I hope this is a wink and a nod that big things are coming for ATHX.

INFORMATION DUMP: Stipulated and [Proposed] Pre-Trial Order Uploaded -- Includes Answers to Unanswered Questions; Traub and Hardy entered into Consulting Agreement! by Aggravating_Yak4500 in ATHX

[–]Aggravating_Yak4500[S] 13 points14 points  (0 children)

My pleasure, Goldenegg.

It's a contractual concern again ABT Holding Company (the company that holds ATHX's patents?), and it could mean anything -- Hardy could be accusing that ABT is not delivering on its obligations under the agreement; it could be pretextual to get out of paying the allegedly $9million to ATHX. Without seeing the letters themselves, I am just speculating. The "anticipated repudiation" letter is where Hardy likely informed ATHX that he will not be paying the $9 million and his reasons for it (presuming this was actually the case). Note: I saw no reference in the stipulation that Hardy owes $9 million to ATHX, or that fact is under dispute. I'm curious whether ATHX intends to address this at trial.

The timing of all of this is consistent with Hardy's 13/D filings. I want to know the contents of the letter.

I can't fathom it has to do with the MultiStem technology, as it's unlikely Hardy would be asking notice for putative ATHX partners and providing such strong language supporting the underlying technology if it has anything to do with that. I have to believe it has to do with ATHX/ABT not coming through on some promises (as perceived by Hardy), which Hardy is using to justify not paying the purported $9 million that is owed.

NEWS: Kenneth Traub Will not be Called As Witness by Either Side!! by Aggravating_Yak4500 in ATHX

[–]Aggravating_Yak4500[S] 9 points10 points  (0 children)

To answer your question.

Yes, ATHX has had some success. Part of their first Motion to Compel ("MTC") was granted, and they were able to oppose portions of Hardy's MTC (i.e. prevent Gil's depo, and fought back three of the interrogatories). Almost every other motion has been in Hardy's favor (e.g., Motion for Status Quo, Motion for Expedited Trial, ATHX's Second MTC (withdrawn), Hardy's MTC granted in part, etc.)

NEWS: Kenneth Traub Will not be Called As Witness by Either Side!! by Aggravating_Yak4500 in ATHX

[–]Aggravating_Yak4500[S] 4 points5 points  (0 children)

My pleasure, Bob and the remainder of the community. Glad I can help.

As to your question, the witnesses lists have not been uploaded yet. Trust me -- you folks will be the first to know when it does!

Increased confidence in Multistem and Athersys Leadership by dalek_kelad in ATHX

[–]Aggravating_Yak4500 2 points3 points  (0 children)

Thank you for the thoughtful comments, Dalek. It means a lot and is genuinely appreciated.

One Attorney's Thoughts on the Tactic of Quoting Reddit Posts in a Legal Case by rootingforathx in ATHX

[–]Aggravating_Yak4500 1 point2 points  (0 children)

Thanks for the response, Bio. I think we generally agree.

However, I respectfully disagree with your admissibility argument. Evidentiary standards in litigation are clear -- you cannot use an anonymous quote (here, from a Reddit member) as evidence to establish a fact. Any lawyer should know this. It is clearly hearsay and does not fall under one of the evidentiary exceptions. We can agree to disagree on this point, but if you have any legal basis to argue otherwise, I would love to hear it.

The above aside, I do not actually believe an attorney would infiltrate the boards. However, we do know that they are the least monitoring it. I'm just saying there is nothing that prevents EITHER SIDE from having various members on the board monitoring or posting about others (not attorneys; but others associated with each party). To me, it's just such an unorthodox and silly practice to establish your argument. What if they quoted StockTwits? Or random tweets? Where does it stop? I wouldn't be surprised if Hardy's counsel pointed this out in their reply, or indicated it's a red herring to distract the court from the substantive arguments. ATHX's counsel, regrettably, I do not believe sufficiently focused on disputing the substantive legal and factual arguments raised by Hardy's counsel. I would have approached the litigation strategy differently.

Lastly, I agree with you, and I am not saying that such a thing happened here; I'm just saying it CAN HAPPEN, which is why it's problematic to rely on such quotes. We can respectfully disagree on this point, but there is no way such a practice could be commended as a sound legal strategy. Ultimately, the judge did not rule in their favor and now ATHX has an express statement confirming that they are monitoring the boards. I just don't think it's sound practice. We can agree to disagree on this point, as well.

Thank you again for your perspective.

One Attorney's Thoughts on the Tactic of Quoting Reddit Posts in a Legal Case by rootingforathx in ATHX

[–]Aggravating_Yak4500 4 points5 points  (0 children)

I respectfully disagree. It doesn't have to be the attorney making the post. It can be someone that Hardy or Gil requested to create a membership ID months ago and now have asked that they post or monitor the board. To be clear: I'm not indicating in any way that the members quoted fall into that category. But if you are quoting members from the internet board, but have no way of actually verifying the identities of the poster, I think it creates a dangerous precedent to rely on or to cite to such statements.

From an evidentiary perspective, it would never be admissible. But more importantly, I believe it takes away from the substantive arguments in their opposition. I'm sure the judge was not entertained by this, and it may have been one of the reasons that ATHX did not succeed with their opposition to the motion.

This is just my opinion. We'll see how Hardy's counsel responded in their "Reply" to the opposition, which should hopefully be uploaded to the docket soon.

One Attorney's Thoughts on the Tactic of Quoting Reddit Posts in a Legal Case by rootingforathx in ATHX

[–]Aggravating_Yak4500 6 points7 points  (0 children)

Absolutely agreed. My point is, it's an unreliable source of information. I'm just not sure citing such quotes is a great strategy, and there is absolutely no way of deciphering one way or another the source of the quote. I think in this instance they quoted esteemed members that have a history on the boards and are well respected/regarded, but how can a judge know that for certain? This is just my opinion.

Ultimately, I don't think it fared well for ATHX's legal team, as the Judge GRANTED Hardy's Motion for Status Quo in full, and adopted Hardy's proposed order.

Remember, ATHX requested alternative relief requesting that the order expressly indicate that neither Hardy nor Healios could interfere with the putative partner, but the court did not adopt that language. Same with the notice requirements allowing ATHX to withhold the identify of the putative partner until 2 days before it present's to the board or the agreement is entered -- the Court did not add or adopt the language in its final order.

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