When I talk to
professionals (and some amateurs) about the
valuation model that I use for the market, increasingly I get pushback, suggesting that we are in a
new era, and that my model might have been good for an era prior to our present technological innovations.
As a brief overview, the Management and Board have embarked upon a failed merger that garnered virtually no support from its shareholders, and was opposed by ISS, and continued on that path until the date of the special shareholders meeting and scheduled vote, spending lavishly in a failed effort to close it; attempted to implement substantial
new options to itself, a plan opposed by ISS and the shareholders, which was withdrawn; continually paid itself outrageous sums of the shareholders money over the past three years; rejected highly qualified outside board members with deep, broad healthcare company experience supported by its shareholders; held many Board and Committee meetings with nothing to show for it; formed a
new Strategic Transactions Committee that is highly paid but that has produced no deals for the shareholders to consider or for any outside
valuation experts to formally review; spent lavishly on accountants, auditors and counsel; failed to successfully hire any outside
professional negotiators and finally extinguish or remove the outstanding lease obligations; distributed no cash to the shareholders despite holding excess amounts; formed no special purpose entity to hold any royalty and milestone rights and payments for the benefit of its shareholders; and thus generally failed in its fiduciary duties to shareholders.
The Appraisal Institute meets the needs of those who are just entering the
valuation field, completing their
professional designation coursework, need continuing education, or are lifelong learners wanting to reinforce or hone
new skills.