Well was it Etrade's fault? We all questioned the
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Posted On: 08/14/2020 11:11:49 AM
Well was it Etrade's fault? We all questioned the way it read on the FINRA page of the upcoming dividend. Was it a dividend? It was, yet FINRA showed as a stock split. There was many questions around that. Joe could have taken the initiative and sent out clarification to the restructuring departments for all the major brokers that had clients with GNBT shares. Joe knew the quantities at each firm. That is why they had Broadridge, at that time.
I was certainly speaking about Veneto. We all questioned it. There were many red flags and government lawsuits/fines against Veneto. Yet Joe said we weren't buying any of those assets. Well we didn't get the assets Joe said he was getting. Then had to go back after Veneto and restructure a discount. I forget the exact reason, but it did not save GNBT any money since the assets we didn't get were revenue producing assets. It was a horrible deal that never should had been made. But Joe had tons of free shares at $2.50 and thought we were getting something for almost nothing. Turns out we got nothing for quite a bit, since they all sold their shares and pushed out stock price lower. That is all on Joe for their due diligence.
Remember the pharmacy chain we were buying that was taking like 1 year of due diligence. It doesn't take a year unless you don't know how to do the due diligence or have the right staff to do it.
I was certainly speaking about Veneto. We all questioned it. There were many red flags and government lawsuits/fines against Veneto. Yet Joe said we weren't buying any of those assets. Well we didn't get the assets Joe said he was getting. Then had to go back after Veneto and restructure a discount. I forget the exact reason, but it did not save GNBT any money since the assets we didn't get were revenue producing assets. It was a horrible deal that never should had been made. But Joe had tons of free shares at $2.50 and thought we were getting something for almost nothing. Turns out we got nothing for quite a bit, since they all sold their shares and pushed out stock price lower. That is all on Joe for their due diligence.
Remember the pharmacy chain we were buying that was taking like 1 year of due diligence. It doesn't take a year unless you don't know how to do the due diligence or have the right staff to do it.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.