I'm trying to read the income statement. Looks like we took in $260M on Provenge? plus $100M selling future rights on something else. The "cost of revenue" was a mere $159M It looks like "selling, general and admin" is listed elsewhere, so I suppose this is just the cost of making Provenge? Still, that leaves $100M. Sure, it's a biotech and $74M on R&D is probably too low. But $341M for the selling, general and admin is insane! This company should be spending more on research and losing $200M less--without sales growing. What a toxic legacy of Mr. G!
If this Mr G. doesn't end up in prison with a sentence similar to the ex Qwest CEO which was the most similar case to this one, then Mr. Naccio's defense team should have grounds for something.
The Naccio case is probably a good one to set expectations: 1999-2002 Crime committed: 2002: Resigns admidst rumors and start of SEC investigation 2005 Charged 2007 Convicted years of legal maneuver 2009 Six years prison time started So MG has a few years left on the outside. The difference is that Qwest put him at arms length quickly and got on with their business. The protection of Gold is ruining DNDN.
You are so right. It takes any and all credibility away from Johnson. It also forces shareholders and employees to pay for this animal's legal "defense" against our wills. As for your time frames, I think justice is quicker now.
The Imclone case was much faster. I'm not sure how much the key people fought it. It seems they viewed it as inevitable and best to be put into the past. I also think they really wanted the company to come through it. The DNDN criminals would be wise to follow suit and be out in time for their daughters' weddings.
Only thing Gold ever cared about was his own finances. He would sell DNDN down the river for another buck. He is sick. The longer it takes to ban him from the industry the longer the financial markets and investors are in danger.