I agree with your assessment. Additionally, her
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Posted On: 05/20/2022 9:25:55 AM
I agree with your assessment.
Additionally, here are some of my thoughts about him. First, he was the principal enabler of NP. To me, that showed a lack of experience and judgment. All the experienced executives that know CYDY could immediately recognize that NP was in way over his head. But, for some reason, SK could not see that. My best guess is that it is because he is inexperienced in the business world.
Similarly, SK thought that NP was doing a good job raising money. Anybody who has experience raising institutional capital knows that hiring Paulson or doing deals with Fife is not somebody doing a good job raising money. They are paying top dollar to the lowest rung of the capital structure. And there is no skill in doing that. Quite the opposite.
We all remember when SK said that the board had done an analysis and thought it was too expensive to hire an experienced CEO. His explanation and reasoning was again indicative of somebody without experience. He and Nader took away that a CEO would cost 10% of the equity of the company. That 10% number is standard when bringing in a CEO of a startup. Not when bringing in a new CEO into a company with a multi-hundred million to billion dollar market cap. To my ears, the statement was ludicrous.
And finally, SK is the head of business development. But he has never held a business development role in his professional career. Nor, has he closed a material business development deal. BD is hard and it takes experience and a very sober outlook. In my opinion, it is not something for the inexperienced. He has been in that role for many years now with almost nothing to show for it.
In my opinion, we should ideally get rid of Jordan and SK. They are the two last remaining enablers of NP. And for what is worth, best practices of corporate governance do not have members of the operating team on the board.
Additionally, here are some of my thoughts about him. First, he was the principal enabler of NP. To me, that showed a lack of experience and judgment. All the experienced executives that know CYDY could immediately recognize that NP was in way over his head. But, for some reason, SK could not see that. My best guess is that it is because he is inexperienced in the business world.
Similarly, SK thought that NP was doing a good job raising money. Anybody who has experience raising institutional capital knows that hiring Paulson or doing deals with Fife is not somebody doing a good job raising money. They are paying top dollar to the lowest rung of the capital structure. And there is no skill in doing that. Quite the opposite.
We all remember when SK said that the board had done an analysis and thought it was too expensive to hire an experienced CEO. His explanation and reasoning was again indicative of somebody without experience. He and Nader took away that a CEO would cost 10% of the equity of the company. That 10% number is standard when bringing in a CEO of a startup. Not when bringing in a new CEO into a company with a multi-hundred million to billion dollar market cap. To my ears, the statement was ludicrous.
And finally, SK is the head of business development. But he has never held a business development role in his professional career. Nor, has he closed a material business development deal. BD is hard and it takes experience and a very sober outlook. In my opinion, it is not something for the inexperienced. He has been in that role for many years now with almost nothing to show for it.
In my opinion, we should ideally get rid of Jordan and SK. They are the two last remaining enablers of NP. And for what is worth, best practices of corporate governance do not have members of the operating team on the board.
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