This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cell Therapeutics CEO Should Resign: Opinion

SEATTLE ( TheStreet) -- Dear Jim:

You want to sue me? Really?

During Friday afternoon's conference call, you said Cell Therapeutics (CTIC - Get Report) was considering a lawsuit against my employer,, and me because, "It is time we take action to stand up for retail shareholders across all such fronts, especially when misstatements are made with malicious intent or a reckless disregard for the truth."
Cell Therapeutics
Cell Therapeutics CEO Jim Bianco

Jim Bianco, if you really want to protect the interests of your shareholders, retail or otherwise, you should resign from your post as CEO of Cell Therapeutics immediately.

Seriously, Jim. Resign now. Leave and take your entire management team with you. Instruct your board of directors to appoint a caretaker executive as interim CEO whose primary task will be to sell off whatever assets the company has left. Use the proceeds to pay off the debt on Cell Therapeutics' balance sheet. If there's any money remaining, return it to shareholders as a small token compensation for the years of losses they've endured under your incompetent and wasteful reign as Cell Therapeutics' chief executive.

Listening to you suggest that you're safeguarding the financial interests of shareholders would be laughable if it weren't such a pathetic misrepresentation of the facts.

Since 2005, Cell Therapeutics' shares have lost 99.9% of their value.

I ran a screen for the worst performing biotech stocks over the past five years. Congratulations Jim, Cell Therapeutics is ranked No. 1. The only biotech firms that lost more value since 2005 than Cell Therapeutics are those that went belly up.

While shareholders have been wiped out, you've become a very wealthy man. You could say Cell Therapeutics is your personal ATM. It's a great system (for you), shareholders make the deposits and you make the withdrawals.

Since 2005, you've collected well more than $20 million in total compensation, which includes salary, bonuses, stock awards and perks like private jet travel, "personal protective services" for you and your family and health club membership dues. (You can't pay for your own gym membership?)

In 2009, you earned $12 million in total compensation. The top five executives of your management team earned $32 million in total compensation. Cell Therapeutics reported an operating loss of more than $81 million. Meantime, under your direction, Cell Therapeutics' total share count has now ballooned to almost 700 million, if it's not past that already.
1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CTIC $0.44 -5.60%
NVS $74.33 -2.34%
AAPL $94.19 -1.04%
FB $118.06 0.54%
GOOG $695.81 0.50%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs