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TOPIC: John Townsend's departure

John Townsend's departure 07 Jul 2015 16:47 #4794

  • franshei
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I think John Townsend was bypassed for promotion to CFO, when Tiago Girao was hired. Townsend is probably Saad's man with a CPA, while Saad the CFO does not.

Now, we have a CFO with a real track record in finance and auditing (a real CPA), I think Townsend's vacancy does not need to be filled. The function can be filled by more junior CPAs, under the supervision of the current CFO. Why spend the unnecessary money now to hire a new CAO for a small company?

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John Townsend's departure 07 Jul 2015 18:50 #4795

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Not like there is much to count....LOLOLOL !!!!
Thank goodness for a lack of sales, eh ? :grin: :bash: :evil:

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John Townsend's departure 08 Jul 2015 03:05 #4796

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Not like there is much to count....LOLOLOL !!!!
Thank goodness for a lack of sales, eh


Hedge- believe it or not, chief accountants do not have to count sales- there are ERP systems that take care of that. :bye:

Anyway- I think Franshei is almost 100% correct in his assumptions. John Townsend even was a rule 16 employee for one year (a top 5 one) and probably did a good job with some of the tricky "management judgment" accounting issues that existed at Cytori for about 10 years.

The deferred revenue issues in respect of Olympus and Senko were two, the Olympus put option was one and the warrant accounting is not a pussycat either (although there are models for that). Actually Girao re-solved i.e.eliminated most of that "inheritance" and is perfectly capable in handling future accounting challenges himself- Saad on the contrary was useless in this field- as a former CFO myself and having talked with him in the beginning, this was quite clear. :yep:

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

John Townsend's departure 08 Jul 2015 07:03 #4797

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Just a Joke Fas, Just a joke, as we wait to see if we hit the over or under on the approx. 2.5 million in sales expected for the quarter.

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John Townsend's departure 08 Jul 2015 10:24 #4798

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Fas, I don't see how you could say he "probably did a good job" when the auditors opinion during Saad's reign noted operational deficiencies in 2013:

The Board of Directors

Cytori Therapeutics, Inc.:

We consent to the use of our reports with respect to the consolidated financial statements, the accompanying schedule of valuation and qualifying accounts and the effectiveness of internal control over financial reporting incorporated by reference herein and to the reference to our firm under the heading “Experts” in the prospectus.

Our report dated March 14, 2014, on the effectiveness of internal control over financial reporting as of December 31, 2013, expresses our opinion that Cytori Therapeutics, Inc. did not maintain effective internal control over financial reporting as of December 31, 2013 because of the effect of a material weakness on the achievement of the objectives of the control criteria and contains an explanatory paragraph that states a material weakness has been identified related to the recognition and measurement of revenue and is included in management’s assessment.
/s/ KPMG LLP

This was an embarrassment!
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John Townsend's departure 08 Jul 2015 11:41 #4799

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I think John Townsend followed Saad's directives to do "his job". Obviously from hind sight, CYTX was a financial disaster under Saad/Calhoun. And of course John Townsend was blamed as a part of the old problem. The board of directors under Rickey might not put the entire blame on John Townsend, as Townsend was awarded some stock option during the transition. He might be given a retention package of one year, which is due to expire (one year into Girao's hiring).

I think John Townsend's departure is appropriate for his own good and for the company, particularly for Girao.

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John Townsend's departure 08 Jul 2015 12:22 #4800

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franshei
Don't forget Lloyd Dean's role in allowing the farce to go on for 2 more years !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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John Townsend's departure 08 Jul 2015 13:12 #4801

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Lloyd Dean was totally useless as a CEO. I think he bought Calhoun's thesis that big spending would do no harm, because a big partnership would soon come for the cardio indication. I think Calhoun told DOV that CYTX has more convincing clinical data than any other stem cells r/d companies. Obviously, this assumption is wrong and deadly.

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John Townsend's departure 08 Jul 2015 14:04 #4802

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This was an embarrassment!


Yes- the AR qualification was more than an embarrassment. I must say, I didnt think about that when I wrote my post, but thinking a bit more on that- that whole situation was more a desperate effort by top management to generate sales in Japan with "loaning" and "trying out" Celution with rights to return, for which some sales even should not have been recorded.

This was unlikely Townsend´s thing- more likely Saad or maybe even "suggested" by CC out of desperation. :whistle:

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

John Townsend's departure 08 Jul 2015 15:27 #4803

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Well Fas, I've been on CYTX for over 7 years now. Still 75k shares but I'll tell Ya I am NOT Real confidant in this deal. I will take my medicine and run this all the way down to .001 It just might teach me a lesson I can use later in life. :bash: :bang:

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John Townsend's departure 08 Jul 2015 15:27 #4804

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Although Saad was ultimately responsible, he was a corporate finance guy and relied on staff for financial controls. In the end they all failed as did the investors who ignored all the warnings, myself included. Not to mention the ridiculous bad debt write-offs of previously booked sales that never got paid, that's Calhoun failure. We can only hope the osteo knee results show efficacy so we can start to dig out of this abyss.
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