Nothing satisfying as Dyadic epic continues
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By Jim Turner
Posted at 11:52 AM on September 26, 2007
I don't expect to hear anyone emulating Russell Crowe in Gladiator, when after single-handedly quickly dispatching a number of opponents he admonishes the crowd for not cheering widely for his lethal deed.
He demands to know if they are "not entertained?" Basically, if the killings have been to their satisfaction?
Let's hope 51 percent of the stockholders of Jupiter-based Dyadic International Inc. have been equally satiated and the company can get back to the technical gene discovery stuff it does. Let's hope they have received their bloodlust in the symbolic form of Mark Emalfarb being severed from the head of the biotechnology company he founded nearly three decades ago.
The offering was an appeasement to the U.S. Securities and Exchange Commission as trading on the company stock has been on hold since Ernst & Young was brought in to begin an independent inquiry into Dyadic's Asian operations in April.
Emalfarb supposedly did the fatal sin of covering up information. Regardless if he knew the transgressions or not, he "willfully concealed facts relating to material operational and financial improprieties by the company's Asia subsidiaries," a release from Dyadic stated Monday.
The inquiry supposedly didn't find anyone else to blame, at least not on the Jupiter board. No other heads rolled.
The company wants to refocus itself back on supplying enzymes and other proteins to those in the bioenergy and pharmaceutical industries, and to finding an economically way to produce ethanol from ag waste.
The investigation has been closed.
The subsidiary has been abandoned by the parent company, which was an ocean and continent away.
Oh, the managing director of the Asian operations is still dead.
Somewhere along the line the largest customer of the Asian subsidiary was secretly moved under the control of the management of the Asian subsidiary.
Shortly after the managing director died - of causes unknown - it was found that this largest customer was buying products from the subsidiary and then reselling the products for cash to businesses in mainland China, enabling those businesses to avoid Chinese tax requirements and reporting.
Emalfarb with 49 percent of the company's stock is its largest shareholder. He was asked to give up his seat on the board of directors after being removed as presidents and chief operating officer.
He says he isn't going anywhere and alludes to "possible management misconduct" during the time he stepped aside for the investigation.
So it's not over.
The board would like this to all go away, as it would like Emalfarb, quietly.
But all that will depend if enough blood has been spilled to the satisfaction of the other stockholders.
Posted at 11:52 AM on September 26, 2007
I don't expect to hear anyone emulating Russell Crowe in Gladiator, when after single-handedly quickly dispatching a number of opponents he admonishes the crowd for not cheering widely for his lethal deed.
He demands to know if they are "not entertained?" Basically, if the killings have been to their satisfaction?
Let's hope 51 percent of the stockholders of Jupiter-based Dyadic International Inc. have been equally satiated and the company can get back to the technical gene discovery stuff it does. Let's hope they have received their bloodlust in the symbolic form of Mark Emalfarb being severed from the head of the biotechnology company he founded nearly three decades ago.
The offering was an appeasement to the U.S. Securities and Exchange Commission as trading on the company stock has been on hold since Ernst & Young was brought in to begin an independent inquiry into Dyadic's Asian operations in April.
Emalfarb supposedly did the fatal sin of covering up information. Regardless if he knew the transgressions or not, he "willfully concealed facts relating to material operational and financial improprieties by the company's Asia subsidiaries," a release from Dyadic stated Monday.
The inquiry supposedly didn't find anyone else to blame, at least not on the Jupiter board. No other heads rolled.
The company wants to refocus itself back on supplying enzymes and other proteins to those in the bioenergy and pharmaceutical industries, and to finding an economically way to produce ethanol from ag waste.
The investigation has been closed.
The subsidiary has been abandoned by the parent company, which was an ocean and continent away.
Oh, the managing director of the Asian operations is still dead.
Somewhere along the line the largest customer of the Asian subsidiary was secretly moved under the control of the management of the Asian subsidiary.
Shortly after the managing director died - of causes unknown - it was found that this largest customer was buying products from the subsidiary and then reselling the products for cash to businesses in mainland China, enabling those businesses to avoid Chinese tax requirements and reporting.
Emalfarb with 49 percent of the company's stock is its largest shareholder. He was asked to give up his seat on the board of directors after being removed as presidents and chief operating officer.
He says he isn't going anywhere and alludes to "possible management misconduct" during the time he stepped aside for the investigation.
So it's not over.
The board would like this to all go away, as it would like Emalfarb, quietly.
But all that will depend if enough blood has been spilled to the satisfaction of the other stockholders.
