Ok so David Coles is running the show now, and getting paid $200,000 a MONTH to do so!!! What are his priorities? Is he going to can the entire salesforce?
His priority is collecting a paycheck. At $200K a month , he will get rich no matter what happens to the company . But Mimedx has a few options out there 1. File Bankruptcy, Default on debts and get taken over by a private equity firm 2. Get bought out by a bigger company for a bargain price of 20% of what it was worth a year ago 3. Clean house of all bad apples , Bring in all new leadership, restate all the financials for last 6 years and try to come out current downward spiral . Could take years Or some combination of those Currently the stock price $3 per share and approaching the $2’s . The company is worth 20% it was less than a year ago .
They can't be bought by a bigger company, because no one will touch them with all of the existing and looming liabilities. They don't have the time or the money it will take to restate 6 years of financials, and the stock is going to be delisted. That leaves one option..
Does the Board/David think this thing can be turned around or is it bound for restructuring in bankruptcy?
There is so much good about this company. Great employees, amazing products and a commitment to putting patients first. The few people who are "whistleblowing" are extreme liars. Ask 99.9% of the salesforce here and they will tell you they don't agree with the accusations that are being made against MiMedx. No company is perfect but MiMedx is not the company that Cohodes is making it out to be. Cohodes will get his Karma, people like him always have to dance with Karma eventually.
If karma is what I understand the idea of "karma" to be, then there's a whole lot of good heading the chicken farmer's way. He's unmasked a fraud on a massive scale, while undergoing harrassment and rediculment , and he perservered. He's been 110% right on every point, and so, I'll give him the benefit of the doubt that this company is over within 30 days. Maybe we need to talk about Parkers karma... Evil comes back to bite, even after the age of 80 If you are in the market, not being short at this point with a ratio like this one showing the titanic is sinking takes more guts then going short... I'm shorting as much as I can afford to at this point. Zero upside--- major downside.
