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edged

on September 08, 2023

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stans

The treasury manager at Pilatus SA left the meeting in Stans, Switzerland and instructed the Union Bank of Switzerland to wire one million swiss francs into the account of Offset India Solutions that would cause the Indian bank manager to spill his morning tea. The challenge for the branch manager in the India of 2009 was to find a way to move cash generated by small business owners through banking regulations to the destination of suppliers without troubling regulators. A challenge might be thousands of the local currency not swiss francs in the millions and not from the sleepy Canton of Nilwaden The Indian Air Force was in the market for 75 trainer aircraft or about as many as Pilatus SA could make in one year. The order was worth 500 million Swiss Francs before adding the cost of thirty years of maintenance and spares. Pilatus decided in the Stans meeting that it was better to cheat than compete. The branch manager watched another ten million francs go through the OIS account i...

boards and benign neglect

The Board of Director's ran navies, insurance companies, and aerospace suppliers. They earn $500,000 a year, $6 million as the crow flies through line items of corporate expense, before considering other opportunities that befall them for having their hindquarters rest in board chairs as shepherds of Big Air. In 2014 the rocket scientists at Big Air identified a design flaw in a new plane ignored by management because it would make the new plane more expensive than the competition and customers would be required to train pilots on the new software. In 2018 that plane crashed twice taking souls from 349 families over two continents. The crashes were six months apart. Managements' attempt to cover up the reasons for the first crash resulted in the second. The Board dithered. The General Counsel retired. The CEO was handed $60 million on the way out the door plus a $200 million blank check company. $50 million was budgeted for the victim's fa...

Iguana

Iguana NASDAQ listed Oramed, then named Iguana Ventures Limited, prospected for minerals in the 2002 Nevada desert, under a cactus found a 2015 Chinese investor, Sinopharm 13% shareholder, and raised $50 million to go along with the $2 million kicked in by the Israeli Government to pursue a ten-year journey in search of oral insulin. What could go wrong? Drug development takes time, ten years, $100 hundred million, and a fair amount of luck. Along the way to oral insulin the world locked down for Covid 19 in 2020. Sinopharm was one of the first in science to launch human trials for a Covid 19 vaccine, starting with the Chinese military, in the spring of 2020 so it would appear that CEO Mr Nadav Kidron and Oramed had the great good fortune to be partnered right. Then it was more than a little curious that Mr Kidron chose March of 2020 to become a shareholder in a shell company, Cystron Biotech LLC, along with underwriters from HC Wainright and Premas Biotech. Cystron would live a ...

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