Cronyism | Jotup

Shareholder Capital Delivers Letter to Independent Members of the Board of Vanda Pharmaceuticals

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星期四, 四月 25, 2024

MIAMI, April 25, 2024 (GLOBE NEWSWIRE) -- Shareholder Capital LLC (together with its members and affiliates, “ShareCap”), a significant shareholder of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) (“Vanda” or the “Company”) holding over 200,000 shares of the Company’s common stock, announced today that they have delivered a letter to independent members of the Board of Directors of Vanda (the “Board”). The letter, which can be accessed below, calls on the Board to fulfill their fiduciary duties to Vanda’s shareholders given their complete disregard of a credible, fully-financed offer by Future Pak, LLC (“Future Pak”) to acquire Vanda at a 79.0-91.4% premium to its closing price on 4/16/24. ShareCap believes Vanda has long-ignored shareholders’ interests in favor of entrenchment, misaligned incentives, and cronyism, resulting in poor oversight and execution of the unknown and value-destructive strategy that has delivered extraordinary underperformance and extreme undervaluation. ShareCap calls on the Board to initiate a strategic alternatives process that, among the alternatives, reconsiders Future Pak’s offer.

Key Points:

Expresses Serious Concerns Over Entrenchment, Misaligned Incentives, and Cronyism at Vanda, Including the CEO’s and His Family’s $46M+ in Disclosed Compensation Amidst $1B+ in Shareholder Value Destruction
MIAMI, April 25, 2024 (GLOBE NEWSWIRE) -- Shareholder Capital LLC (together with its members and affiliates, “ShareCap”), a significant shareholder of Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) (“Vanda” or the “Company”) holding over 200,000 shares of the Company’s common stock, announced today that they have delivered a letter to independent members of the Board of Directors of Vanda (the “Board”).
The letter, which can be accessed below, calls on the Board to fulfill their fiduciary duties to Vanda’s shareholders given their complete disregard of a credible, fully-financed offer by Future Pak, LLC (“Future Pak”) to acquire Vanda at a 79.0-91.4% premium to its closing price on 4/16/24.
ShareCap believes Vanda has long-ignored shareholders’ interests in favor of entrenchment, misaligned incentives, and cronyism, resulting in poor oversight and execution of the unknown and value-destructive strategy that has delivered extraordinary underperformance and extreme undervaluation.
ShareCap calls on the Board to initiate a strategic alternatives process that, among the alternatives, reconsiders Future Pak’s offer.

Judge Brittanye Morris Aims to Continue a Legacy of Compassionate Public Service with Re-Election Bid

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星期二, 十一月 28, 2023

Lawyer, Texas Southern University, Family, Nepotism, Klein Forest High School, Cronyism, Houston Police Department, Multimedia, District court, University, Morris, Tobacco, Nursing

HOUSTON, Nov. 28, 2023 /PRNewswire-PRWeb/ -- When most people are asked to describe lawyers and judges, kindness and compassion are often not the first words that come to most people's minds. But 333rd District Judge Brittanye Morris is trying to change those stereotypes with her fair and compassionate approach to her work on the bench and in the community. It's an approach that has worked well for her since taking her oath of office, and it's one she seeks to uphold in her re-election bid.

Key Points:

But 333rd District Judge Brittanye Morris is trying to change those stereotypes with her fair and compassionate approach to her work on the bench and in the community.
Before running for the district judge position, Ms. Morris worked as an attorney in the Houston area.
Due to her humble upbringing in a family of public servants and her down-to-earth personality, Ms. Morris is considered a political outsider.
"I aim to take a fair and compassionate approach to my work on the bench," said Ms. Morris.

Niger coup: west African union has pledged to intervene – but some members support the plotters

Retrieved on:

星期四, 八月 3, 2023

Tinubu insisted that Ecowas would work collectively to combat terrorism and promote democracy in west Africa, explaining:

Key Points:

Tinubu insisted that Ecowas would work collectively to combat terrorism and promote democracy in west Africa, explaining:
We must stand firm on democracy.
There is no governance, freedom and rule of law without democracy.
We will not accept coup after coup in west Africa again.
But the junta has pledged not to back down despite these “inhumane sanctions”.

What is Ecowas?

Over the years, it has expanded its remit to include a security role.
In neighbouring Sierra Leone, Johnny Paul Koroma, an army major, led a military coup on May 25 1997, overthrowing the government of Ahmad Tejan Kabbah.

Stretching military capacity

But conditions are very different in the region now from when the organisation successfully led the interventions described above.
West Africa is riddled with violence associated with jihadi terrorism involving Islamic State’s West Africa Province (ISWAP) and Boko Haram.
These issues have stretched the military capacity of Ecowas member states, many of whom have their own problems to deal with.

Unpopular leader

His election was also condemned in some quarters as cronyism, as he was the handpicked successor of the outgoing president Mahamadou Issoufou.
Bazoum’s decision to ban members of his government from having more than one wife has also ruffled powerful feathers.
His chief of staff, General Christopher Musa, has assembled Ecowas defence ministers for a two-day summit in Abuja.

How do people get appointed to the House of Lords and can it ever change? The process explained

Retrieved on:

星期二, 七月 4, 2023

However the Lords is an unelected house, which raises questions about what place it can have in a modern democracy.

Key Points:

However the Lords is an unelected house, which raises questions about what place it can have in a modern democracy.
These have flared up with new vigour in the wake of former prime minister Boris Johnson’s resignation honours list, which contained multiple surprises.
With close to 800 members, the House of Lords is the second largest legislature in the world (behind only the Chinese National People’s Congress).
The absence of elections to the Lords, combined with its size and cost, makes the public perception of how people are appointed even more important.

Routes to the Lords

There are several ways to become a member of the House of Lords.
Prime ministers leaving office can recommend peerages in their resignation honours list for people who have supported them.
Historically, the most controversial of these routes have been the political and resignation honours lists – primarily because of perceptions of cronyism.

The appointments commission

The commission also has a role to play in vetting other nominations for propriety, including political appointments with a view to minimising potential reputational risks for the house.
The commission is not involved in the appointment process after providing that advice to the prime minster.
However, while the commission must vet the nomination, the final decisions are taken by the prime minister of the day.

Change in the air

This means that its role can be altered without seeking permission from parliament.
As recent events have shown, its advice can also be ignored, which has created a troublesome new precedent.
It is proposed this could have regard for the size of the chamber when making recommendations to the prime minister.

Sierra Leone election: voter trust has been shaken, and will need to be regained

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星期五, 六月 30, 2023

With 56% of votes cast in the election on 24 June, Bio was declared winner ahead of his main rival, Samura Kamara, who polled 41%.

Key Points:

With 56% of votes cast in the election on 24 June, Bio was declared winner ahead of his main rival, Samura Kamara, who polled 41%.
Kamara rejected the result and international election observers have highlighted some problems with the way votes were counted.
There has been relative calm across Sierra Leone since Bio was sworn in.

What did you learn from the outcome of this election?

Sierra Leoneans expect that the election process is potentially corrupt unless there is full transparency in the whole process.
The public had very high levels of trust in the two elections immediately after the civil war, which ended in 2002, because the United Nations was heavily involved.
It was involved in the planning and execution of the 2002 election and, to a lesser degree, the 2007 elections.

What has changed between 2012 and 2023 to result in the return of nepotism and cronyism?

The citizens complied without complaint, even as these were technically violations of basic human rights.
This is because the people were so committed to ensuring a free and fair election.

Who has been responsible for the pre-election violence?

A standard-bearer who considers themselves wronged will call on the party’s followers to “demonstrate”.
This is to ensure that those who are potentially corrupt see that others are trying to hold them to account.

What factors determine voter turnout?

The new president will do essentially what the last president did, with minor variations.
They have a sense of two things: one which is extremely likely, and the other which might happen.
So they turn out to vote for the candidate who will hurt them the least, and might actually help them.

What does the 2023 election outcome portend for democracy?

There may still be violence, and there may be a crackdown on protest, which starts down a dangerous road to authoritarianism or potentially wider violence.
Backsliding anywhere is dangerous, and no election is too small to ignore.

What the right gets wrong about Adam Smith

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星期四, 六月 15, 2023

Everyone wants to claim the Scottish philosopher and economist as one of their own.

Key Points:

Everyone wants to claim the Scottish philosopher and economist as one of their own.
With the exception of Jesus, it’s hard to think of anyone who attracts such radically different interpretations.
What we know is that he was born in the town of Kirkcaldy on the east coast of Scotland.
Certain landowners were exempt from Kirkcaldy’s bridge tolls and market stall charges due to the town’s status as a royal burgh.

The Wealth of Nations

The two books that Smith published in his lifetime are The Theory of Moral Sentiments (1759) and his more widely known, An Enquiry into the Nature and Causes of the Wealth of Nations (1776).
It viewed economic value simply in terms of the amount of gold that a country had to buy the goods it needs.
Larry Fink, head of investment giant BlackRock, has only just been arguing that artificial intelligence could improve productivity, for instance.

The battleground

Smith argues that slavery and feudalism are bad and that economic growth and getting people out of poverty are good.
He also warns against things like cronyism, corporate corruption of politics, imperialism, inequality and the exploitation of workers.
Those on the right of the debate often cite Smith’s “invisible hand” phrase from the Wealth of Nations in support of their worldview.
It is a metaphor for how a “free” market magically brings buyers and sellers together without any need for government involvement.

States and abuses

The truth is that Smith’s writing has enough ideas and inconsistencies to allow for all sides to cherry pick references as required.
This is linked to the fact that Smith was writing at a time when the British East India Company was responsible for a staggering 50% of world trade.
It operated under a royal charter conferring a monopoly of English trade in the whole of Asia and the Pacific.
Innovation and competition would provide employment, keep prices down and help reduce the appalling levels of urban poverty of the time.

Concerned Shareholders of Cano Health Issue Open Letter Regarding the Board’s Entrenchment Maneuvers and Latest Governance Failures

Retrieved on:

星期三, 四月 26, 2023

Further, the Company’s recent press releases are full of misleading information and ignore the pressing issues on the minds of shareholders.

Key Points:

Further, the Company’s recent press releases are full of misleading information and ignore the pressing issues on the minds of shareholders.
In our view, all shareholders should take note of the following points:
We believe the appointment of Mr. Trujillo as Chairman represents a self-interested entrenchment maneuver and slap in the face to concerned shareholders.
Mr. Trujillo’s unwarranted elevation is yet another slap in the face to Cano shareholders, whose questions regarding conflicts, related-party transactions and oversight of management remain unanswered.
We look forward to continuing to advocate for the best interests of Cano and all of its shareholders.

Murchinson Issues Letter to Fellow Shareholders Regarding the Urgent Need for Boardroom Change at Nano Dimension

Retrieved on:

星期四, 二月 2, 2023

With this context in mind, the urgent need for change at Nano Dimension is as much about future risks as past underperformance.

Key Points:

With this context in mind, the urgent need for change at Nano Dimension is as much about future risks as past underperformance.
In light of investor unrest, we also fear Mr. Stern may try to dilute shareholders in order to place shares in friendly hands.
In our view, it is time to add truly independent directors who are committed to maximizing value for all shareholders.
We are prepared to invest whatever resources and time it will take to catalyze boardroom change for the benefit of all Nano Dimension’s shareholders and stakeholders.

Press release - Swedish Prime Minister outlines priorities to make EU greener, safer and freer

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星期三, 一月 18, 2023

Swedish Council for Higher Education, Crime, Liberal, Council, Corruption, Aggression, Policy, Cronyism, Industry, Investment, Member of the European Parliament, Climate change, Single market, Renewable energy, Swedish, EU

Swedish Prime Minister outlines priorities to make EU greener, safer and freer

Key Points:

Swedish Prime Minister outlines priorities to make EU greener, safer and freer
On Tuesday morning, Swedish Prime Minister Ulf Kristersson discussed the priorities of the Swedish Council Presidency with MEPs in Strasbourg.
Lastly, Prime Minister Kristersson highlighted that another Swedish priority will be to uphold the EU’s common, fundamental values.
(...) Liberal democracy - the combination of popular sovereignty and individual rights - is what separates the EU from other international institutions”, said the Swedish Prime Minister.
Some groups stressed the need to counteract the recent US industry subsidies by boosting EU competitiveness also through trade agreements.

Indaba Capital Issues Letter to Tabula Rasa’s Independent Directors Regarding the Urgent Need for Management Changes and a Board Refresh

Retrieved on:

星期三, 七月 20, 2022

As you know, Indaba is Tabula Rasas largest shareholder and holds nearly five times the number of shares owned by the current Board.

Key Points:

As you know, Indaba is Tabula Rasas largest shareholder and holds nearly five times the number of shares owned by the current Board.
In addition to keeping in place an ineffective husband-and-wife management team, you have tolerated a so-called Lead Independent Director with lengthy ties to the Knowltons.
Working with us to appoint to the Board at least two new and independent directors with governance credibility and relevant skillsets, including a principal of Indaba.
Forming a committee entirely comprised of truly independent directors to run a viable and well-disclosed review of strategic alternatives.