What's a shame is its clear from the comments below they tried to negotiate with Cooper and Tarriff to no avail and now its come to this. This feels like part 1 to me - if these dummies don't agree in the next couple of weeks this could get ugly imo. The total disrespect to large and small shareholders I have never really seen before - especially the way they literally ignored and turned on their largest shareholders.
Question is why would Tarriff not just leave after the public twitter humiliation and this. Is he hiding something? Hopefully the ex Auditor and CFO Weiss gets in there and does some digging into the many things agreed to without fairness opinions that ended up being negative for ZIOP and the agreement to sell so much of the 3.25 secondary so discounted that ended up being a huge short cover.
We are long-term shareholders of Ziopharm who firmly believe that the Company has the potential to be a leader in immuno-oncology by leveraging its multi-platform approach in developing cell and gene therapies to effectively access and treat patients with cancer. Unfortunately, however, Ziopharm shareholders have suffered deep and sustained diminution in share value despite this potential, in our view, because of poor decision making and strategies adopted by a Board and management team that lack an appropriate sense of urgency and awareness of the cost of capital. We believe that the current Board and management team have failed to generate significant value for shareholders through a lack of focus on the Company’s core mission, an adherence to shareholder-unfriendly corporate governance practices and an inadequate response to shareholder engagement. The Board’s apparent inability or unwillingness to address these persistent issues plaguing the Company make it clear, in our view, that the Board must be immediately reconstituted to restore shareholder confidence that directors will provide the critical oversight function needed to foster success in an early clinical stage immunotherapy company.
We have attempted to engage with the Company on numerous occasions over the past several years, and throughout our engagement, we have become disheartened by Chairman Scott Tarriff’s and the Board’s lack of urgency in tackling the issues causing the Company’s persistent stock price underperformance, and by the Company’s reluctance to commit to actions that we believe would enhance value for all shareholders. We question whether this is because no director other than Dr. Cooper has purchased shares of Ziopharm common stock in the open market, and that the directors therefore lack the appropriate level of “skin in the game” to align their interests with shareholders.
As a result of Ziopharm’s dismissive attitude in response to our concerns and the concerns of other shareholders, we believe we are left with no choice but to seek the removal of existing Board members and the election of our three Nominees, who possess the requisite skills and experience to drive the Company forward and bring much-needed and long overdue shareholder representation in the boardroom.