You should read what Brenner group does. Many options for Affy.
This could be a restructuring for a turn-around(our best option), wind down and sale of assets and intellectual property and bankruptcy. if it's a buyout, say Takeda, the Brenner group would sell assets not needed, negotiate leases and other related things that the new owner does not need.
fog: they hired them for accounting services and orderly winding down operations and JUST KEEP A SHELL?
In the event the product is introduced which IMHO 99.998%, AFFYMAX will just be a SHELL company, having 37-38 MLN Outstanding shares and receiving payments from Takeda and just distributing to shareholders.
Brenner can operate AFFY from their own office, just one room and maintain the accounting records and shareholder info. Why keep the staff and pay manager after manager when what you need is a Full time accountant 50 - 200K max per year expenses.
Jagan. I am inclining towards a Tekeda buy out. To me it's a matter of math. Why pay millions in royalties for whenever, when you can just buy the company. Why not have your own cake and eat it. With the size and clout of Takeda, I am as certain as you that O will be back. Takeda has the resources to carry on a long investigation. Affy can't afford to have this drug off the market for too long. It's in a weak position and Takeda knows it and will want to take advantage of the situation. Buyout figure, I would say 5-7 dollars per share. I think that is the most we will get. If it's a lottery day for us, then 10. Anything more belongs in the dream world. JMHO.
You keep forgetting to mention how the products liability and securities class action litigations are to be resolved. Affymax disclosed that its insurance may be inadequate. How would The Brenner Group choose to dispose of the litigation claims? Do you think anybody wants to buy or merge with Affymax and share the liability? I don't think so. A Chapter 11 reorganization, of course, solves the litigation problems. Affymax can still sell its only asset, the Takeda licensing agreement, and the AFFY bagholders, oops I mean shareholders, will share the sales proceeds along with the lawyers and litigants.
This part in the 8k gives hints of restructuring for turn around or buyout "appointment of a Chief Restructuring Officer who will remain an employee of TBG and negotiation of existing creditor obligations, including our lease commitments, in an effort to structure the company appropriately to support the continuing investigation by Takeda Pharmaceutical Company Ltd. of the OMONTYS product safety issues, which we have previously announced. The representatives of TBG will report to our Board of Directors in the undertaking of the engagement." IMHO