As a shareholder of Dendreon, I have yet to see the proxy for the June GSM. However, there is plenty heated debates among message boarders on management's proposal to increase authorised shares by some 13 million for the sole purpose of the employee incentive program. Enough is enough!
I was not against insiders' selling a portion of their holdings post April 28's release of detailed data&... this selling was motivated to secure their financial comfortability, not a reflection of bad things to come. But there should be a line to be drawn somewhere. Management doesn't own the company, shareholders do. It is to employees' credit to have gone this far on Provenge. They have, by way of salary and stock grants, benefited tremendously. Top dogs are multi-millionnaires already. Did they take any risk up to this point? Yes, they took some risks by sticking around but they got paid already handsomely, whereas shareholders took tremendous financial risks to support the functioining and survival of the company. It was my own stupidity to own 75k shares, 500 LEAP calls, 800 May 2007 calls, and have also sold some May 2007 puts that caused me a financial devastation and near ruin on May 9，2007 (I was on margin too). It took me nearly two entire years to recover and build up my current miniscule DNDN holding. I fully intend to add as my hands can get hold to some cash in the near future. This decision is solely based on my confidence that Dendreon will become a biotech powerhouse as Provenge goes to market and the rich pipeline gets online.
Dendreon management and current employees have already been adequately compensated. Pote... future employees have to earn their sweet reward by way of good performance. The ongoing macroeconomic conditions are such that they are already very lucky to have a good-paying job. I am calling on all shareholders to unreservedly decisively defeat management's greedy grab proposal at the GSM.
Every share of mine is voted a big NO!
Disclosure: long DNDN sh... and 2011 LEAP calls.