Cyan, the colour of money (part 2)?

Off-topic and apologies.

yep, for the record, I attended the Citadel meeting and when news was released I added. I didn't sell a single share. That's why inaccurate assumptions are made people in that meeting will get a bit touchy - it's disappointing enough losing cash from a naive understanding of what was being presented but it rubs salt in the wounds when people get the wrong end of the stick.

You have to understand how the deal was sold by Dan Farrow and the Citadel 'salesman'. DF made the case that BPRG being selected was a badge of honour and only high profile high market cap companies were normally considered. He quoted BAA and Lastminute.com as companies who had benefited from Citadel's investment. The deal was sold on the basis that the hedge fund (as hedge funds do) was looking for high returns - where better to look than a blue sky, liquid biotech. It was 'sold' on the basis that Citadel expected BPRG to do well and would do better out of a rising share price than a falling one.

It was sold on the lines that BPRG had been a very volatile stock and Citadel would take the extreme jumps out of the price and Mr. Citadel even drew a rising chart of a chart going up in steps rather than sudden surges. He confirmed that no bear positions would be taken before the conversion price - something like 155P or around that.

To a certain extent DF/Mr C had a point - they said if the company succeeded the stock price would reflect that and it was only failing companies that suffered from hedge funds investments. He was right and the stock was smashed because GH did not deliver the expectatins he had given the market.

I really rate the management skills of DF and especially RT but aside from being competent a case can be made that they share a bit in common with GH. Perhaps with us all - greed. So while I want to praise them for what they have done I also make the point:-

GH misled investors because he wanted the share price up for shareholders sake but also for his own personal greed. He also sold shares when it was inappropriate to do so.

I am sure nobody is naive enough to appreciate that is not beyond the realms of fantasy that DF and RT prefered the share price to be down again for reasons of financial gain i.e getting lower priced options. A strong case can be made for that and a few shareholders were wiped out by the unnecessary duplicated profits warning. So while I think jan-mar and I have an understanding and respect for each others positons I do think he's wrong to be one-sided on which set of management has the moral high ground.

I asked Dan if he had ever had any shares or incentives at any time. I feel he misled me on that issue as I have sinced learned from a jan-mar post that DF did have shares but they were withdrawn. He just got too defensive on it and if he had jsut given a straight forward answer 'yes' then there would have been no need for him to have got so touchy with me as I wouldn't have kept seeking answers.

I just think the new management are highly competent and now they have their options then I am really glad they are in place.

I feel it is necessary to put an accurate account down but ultimately it's all pretty trivial stuff when one thinks of the likes of one of the most respected, honest and likeable posters on advfn and his desperately sad situation, Cockney Ron. Thoughts are for him at his time and the rest of this stuff pales into insignificance.

Apologies for an off-topic post and back to Cyan which i think will take off on the back on Ecog2.