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  • Tonix's Clinical-Stage Drug, TNX-102SL, Is Completely Unneeded [View article]
    so, rather than "fall in love with" your position, did you cover every share today? or only most of them?
    Mar 27 05:04 PM | 1 Like Like |Link to Comment
  • Montage Technology: The SoC You Can't See [View article]
    So, do you have any substantive objections to the contents of this article, or are you merely pointing out that the stock is only down 5% since the article came out (in spite of an "offer" on the table), or are you objecting to securities regulators removing fraudulent companies from the U.S. capital markets?
    Mar 27 05:00 PM | Likes Like |Link to Comment
  • Tonix's Clinical-Stage Drug, TNX-102SL, Is Completely Unneeded [View article]
    Julia, I'm sure you may be very smart to be in computational drug discovery, but this author (your employer) is completely wrong when it comes to the real world of physician acceptance of a product, and you are too if you think the presence of an oral tablet that patients must cut in half is going to completely destroy an effective, branded, FDA approved, promoted product with a different pharmacokinetic profile. There are countless examples (Celexa -> Lexapro is the first one to come to mind) of drugs with marginal clinical benefits vs. a generic or soon-to-be generic (and therefore no longer promoted) which have achieved significant market acceptance and even near-blockbuster status.

    Seriously, good show today knocking the hell out of this stock. I hope you weren't smart enough to cover today.
    Mar 27 04:50 PM | 5 Likes Like |Link to Comment
  • Montage Technology: The SoC You Can't See [View article]
    Kevin, we think there's a higher bar to halt a company that was brought public by large investment banks than one brought public via a reverse merger. But certainly they should be acting as quickly as possible.
    Mar 27 02:23 PM | Likes Like |Link to Comment
  • Tonix's Clinical-Stage Drug, TNX-102SL, Is Completely Unneeded [View article]
    "And yet, even though TNXP's CEO has been saying since 2011 that an M&A is close, no big company has yet to pick up the phone or offer a partnership"

    Bioassociate, that is clearly not true. TNXP's CEO had been speaking of partnering AFTER COMPLETION OF a successful p2B trial. After the company's recent capital raise, the narrative changed to being able to finish p3 on their own, which as an investor we took as a giant positive, as the economics will be better. The company has absolutely not been trying to partner/monetize their lead asset in the recent past.

    The statement you made is completely inconsistent with any of the company’s recent investor presentations or earnings calls. If you are willing to report false facts about the company’s CEO, it raises serious questions about the other facts and opinions presented in this article.
    Mar 27 01:39 PM | 14 Likes Like |Link to Comment
  • Montage Technology: The SoC You Can't See [View article]
    We have not heard from the SEC since this article was published. Prior to this article being published, we had called the SEC with a particular concern regarding MONT, and they called us back. The SEC does not tell you if the enforcement division has an open investigation, but common sense would say they do.

    The last time we complained to the SEC about something was the case of Lenny Dykstra defrauding investors via a newsletter offered by TheStreet.com. In that case, we found out several months after the fact that the SEC was investigating but that Dykstra's arrest and trial on other grounds apparently made them hold off on doing anything, presumably because he was no longer in a position to defraud investors.

    The SEC takes time to work. The more investors do to put things on a plate, to make the case as simple and straightforward as possible for the SEC to pursue, the more it helps them to do their job. But I doubt that their investigation of MONT will have a quick end.
    Mar 27 01:27 PM | Likes Like |Link to Comment
  • Montage Technology: The SoC You Can't See [View article]
    Try asking investor relations how many employees LQW has. That's a real hoot as well.
    Mar 27 12:57 PM | Likes Like |Link to Comment
  • Tonix's Clinical-Stage Drug, TNX-102SL, Is Completely Unneeded [View article]
    As the managing member of Aristides Capital, a former Internal Medicine physician who treated fibromyalgia patients for seven years, who is well-versed in evidenced-based medicine and had one of the top grades in his pharmacology class in medical school, I say to the author, with all sincerity, thank you for the buying opportunity. We had been waiting for a certain technical level to add to our position, and you provided it for us. We believe in the management of this company, we believe the SL formulation offers real pharmacologic advantages sufficient to receive new patents, and we believe the drug will work extremely well. We believe this will be the most effective fibromyalgia medication on the market, and will have peak sales of at least $500 million if not more.
    Mar 27 12:31 PM | 17 Likes Like |Link to Comment
  • Montage Technology: The SoC You Can't See [View article]
    RP,

    We use distributor and supplier to mean roughly the same thing. Some larger distributor/suppliers offer more product/integration advice, but pretty much they are in the same business. (Except for LQW, of course. They have the unique "no website, nobody has ever heard of us, including customers" business model, which keeps the costs low.)
    Mar 26 11:24 AM | 1 Like Like |Link to Comment
  • Montage Technology: The SoC You Can't See [View article]
    Judging from the deals on the Chardan website, Jay must be pretty good at raising capital. Of course, my cat would be good at raising capital in 2013-2014.

    The silence of all of the other analysts covering MONT is growing deafening at this point.
    Mar 25 09:53 AM | Likes Like |Link to Comment
  • Montage Technology: The SoC You Can't See [View article]
    Laughable and pathetic response from Chardan Capital's Jay Srivatsa this morning, in part:
    "While our report is not intended to address every aspect of that negative article, we note that many of the points raised in the article is [sic] a repeat of previous negative reports and in our report published on Feb 10, we had attempted to clarify many of the erroneous statements made in the articles published in early February and again on Friday last week... As such, we turn our focus to aspects that are salient to MONT shareholders who are looking beyond the noise and should own the shares for fundamental reasons."

    Or translated as follows: "I didn't bother to read the Gravity report, or the Aristides article, but I do like investment banking revenue, and since all of the other analysts are scared to say a word at this point because the writing is on the wall, I will go out and cheerlead because it might make me some investment banking revenue."
    Mar 24 01:36 PM | 1 Like Like |Link to Comment
  • Montage Technology: The SoC You Can't See [View article]
    Thanks for the question. PDSTI is a real investment company. Their purpose is not to cover-up fraud. That isn't their business model.

    Our base-case assumption is that they made an explicitly non-binding offer because at 13x estimated 2015 eps, MONT seemed like it was a good investment. If you look at the revenue growth and eps growth, and the high margins, on the surface it's a great opportunity at that price. However, no deal can possibly close, because it won't withstand a due diligence process. Any buyer is going to want to look at who the company's customers are, and to look at their bank statements real-time at main bank offices (not branches), and once they start doing that kind of due diligence, any deal would fall apart. MONT would represent 38% of the AUM that PDSTI had under management at the end of 2013. Nobody is just going to throw away that kind of money.

    If you really want to take a cynical angle towards things, there is a remote possibility that PDSTI just made the non-binding offer as a favor to MONT's insiders, to get them past the IPO lock-up expiration, so they can cash out more than the $20 million they've already cashed out. In that case, there certain won't be a deal either.
    Mar 21 12:32 PM | 1 Like Like |Link to Comment
  • Montage Technology: The SoC You Can't See [View article]
    You're welcome. It was indeed a hell of a lot of work. We felt like after the non-binding offer at $21.50 was introduced that MONT became a much more attractive risk/reward proposition from the short side, and so we did a lot of fundamental work to see if we could get conviction or not and get to a meaningful position size. I always doubt everything but after the work we did I am 100% convinced. We published our work mainly so sell-side analysts, long only firms, and potential buyers of the company would have a really good understanding of what is going on here; we didn't want to leave it to chance.
    Mar 20 04:37 PM | 1 Like Like |Link to Comment
  • Montage: An Incredible Quarter [View article]
    Had he said anything at Roth yesterday which was so easy to prove as false, I would have most certainly written another article, and a follow-up to the SEC. He played it "smart" however and slowly, boringly read through the prepared remarks, avoiding the issue of distribution altogether and leaving barely any time for questions. One observer noted it was the most boring talk of the day. "If I wanted to commit fraud and hire a CFO who would not catch on, that's the guy I would hire." At this point I nearly feel sorry for the guy. Inside folks who know the full story of LQW have dumped $20 million worth of shares on the American public while Mark Voll actually bought $500k.
    Mar 11 10:18 AM | Likes Like |Link to Comment
  • Montage: An Incredible Quarter [View article]
    absolutely, CEAS and Quino are legit. and the memory buffer sales, though small, are directly to end-customers, so they are probably legit as well. there's just that slight problem of the 70%+ of MONT's revenue that is allegedly coming from LQW these days. :-)
    Mar 10 08:44 PM | 1 Like Like |Link to Comment
COMMENTS STATS
223 Comments
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