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  • Behind The Scenes With Proactive, Inovio And Unilife [View article]
    I also have tried to get a response from Unilife IR, however twice they have yet to respond. Most recently, I emailed them on 3/18 with the following:

    "Last month I was digging through the some of the firm's SEC filings because I noticed there was no deferred tax asset on the balance sheet despite the company having persistent operating losses. I elaborated on why this is a serious cause for concern here (see paragraph 5): http://seekingalpha.co...

    Management, particularly Mr. Shortall, has repeatedly pumped up the firm's future prospects, literally at every chance possible. This, however, is in direct conflict with management's decision to take a 100% valuation allowance, hence no deferred tax asset on the balance sheet.

    Absent any explanation to explain this conflict, management seems to have grossly exaggerated the firm's future prospects, and likely have made several material misstatements about the firm's future prospects not covered under the disclaimer regarding forward looking statements as in your SEC filings.

    I, my clients, and your other investors would greatly appreciate an explanation of this significant conflict as well as harmony between the firm's SEC filings and management's incredibly promotional and exaggerated pronouncements about the firm's future outlook.

    Thank you & regards,

    Jordan S. Terry
    Managing Director
    Stone Street Advisors LLC"

    Still no response two and a half weeks later. I'd call but I think it'd be a massive waste of my time as at best, I'd get a runaround or a "we don't comment further on information contained in our SEC filings."

    UNIS is a dog with fleas. Longs can continue hurling personal attacks on everyone who points this out, but they seldom if ever respond to the merits of the short arguments. Sad.
    Mar 27, 2014. 11:56 AM | 8 Likes Like |Link to Comment
  • Behind The Scenes With Proactive, Inovio And Unilife [View article]
    The difference here is that these companies are paying supposed individual authors who do not disclose compensation and/or ties to the issuer/company they're writing bullish articles about. Seeking Alpha is FULL of this nonsense, especially on smallcaps.
    Mar 27, 2014. 11:53 AM | 18 Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    See today's article about UNIS. And time will tell my friend, we shall see.
    Mar 27, 2014. 10:29 AM | Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    Ha, ok. Their SG&A alone has ramped up so fast/high the past few years, and they publicly stated they're should have been bringing in solid revenues by now, which they aren't. Keep believing. That isn't a very good investment strategy if you're in it for the long run, by the way.
    Mar 26, 2014. 09:47 AM | Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    1. the 4% is an error which I thought I corrected before I uploaded this post. I'm well aware how it works (as you'll notice where I explained the tiers).

    2. Zero, absolutely zero chance UNIS does 150mm in 2015.
    Mar 26, 2014. 09:43 AM | Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    If I were Orbimed, I'd be hoping UNIS does <$50mm in revs over the term of the loan, and after still making losses in all of those years, hope they default & collect the assets, especially the IP. All the while making a great interest income plus royalties. I'm pretty sure Orbimed can do a lot more with UNIS assets than UNIS management can, with history as our guide.
    Mar 21, 2014. 12:42 AM | Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    Invariably, stock prices are mean reverting and fundamentals are THE only thing that will matter. The co is going to have to do well over $50mm in revenue this year (being conservative, likely >$60mm) just to have an ice cube's chance in hell of breaking even. While the probability of break-even this year is non-zero, it is, for all practical purposes, zero, absent some sort of miracle or accounting chicanery.
    Mar 21, 2014. 12:38 AM | 2 Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    Read the disclosure again friend. Neither I nor anyone with Stone Street Advisors LLC has any stake in UNIS, long or short. Company policy, we do not hold single names, only passive investments. What our clients choose to do is entirely up to them.
    Mar 21, 2014. 12:32 AM | Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    We are long-term, not short, so we could generally care less about what the stock does in a day, week, month or several months. I've made this clear several times, yet many seem to be unable to comprehend this very simple point.
    Mar 20, 2014. 09:46 AM | Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    Quite the contrary. If you look at my last piece I gave the company A LOT of credit for previous and as yet announced/completed deals. I gave them a LOT of credit for managing their SG&A spend as well, so I'm not sure where you get off saying that I'm not giving the company any credit. By ignoring the points I've made and just chalking it up to being a paid shill you're only doing yourself a disservice.
    Mar 20, 2014. 09:44 AM | Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    Based purely on drawing lines on a chart. There is zero fundamental basis for the current let alone those estimated future prices.
    Mar 19, 2014. 11:40 PM | Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    I think it's better - or at least instructive - to look at it from Orbimed's point of view (assuming flat yield curve/rates stay flat over tenor of the loan).

    Bear case: They're at the top of the capital structure (most likely), have senior, secured 1st lien on substantially all of UNIS' assets including IP. If UNIS goes under in the next few years, Orbimed gets a pretty good cash stream in the interim from interest and royalty payments and can either go after the assets or own UNIS at the negotiating table before default/own a substantial part of the company if they go the bk route.

    Bull case: The company slowly takes off and Orbimed collects substantial royalty payments AND gets a great yield on an improving credit risk for the entirety of the loan.

    Either way (and anywhere in between), Orbimed is in a pretty good spot, with limited downside and a lot of upside. Look at their website, they do royalty deals with little dilution fairly regularly.
    Mar 19, 2014. 11:16 PM | Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    Warren Buffet, Carl Ichan, George Soros, etc, etc, would you like me to continue?
    Mar 19, 2014. 11:04 PM | Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    How many more years are you going to believe Shortall's promises and the timing thereof? 10yrs and they're still nowhere close to profitable...

    I obviously am not going to convince you about anything as your mind is already made up so no point in responding further. I wish you luck and hope if you're so convinced UNIS is a winner, you keep your sell stops/limits tight.
    Mar 19, 2014. 11:04 PM | Likes Like |Link to Comment
  • Initial Thoughts On Unilife's New Debt Financing [View article]
    Yes, which further advances my point. I literally have never seen that before in a filing or press release.
    Mar 19, 2014. 12:25 PM | Likes Like |Link to Comment
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