How much is NASDAQ biotech shell company worth to connected individual investor?
I am somewhat familiar with PCYC history. Their main drug went down the toilet and stock was under a dollar for (I think) years. Virtually nobody paid any attention while current Scientology dude scooped up controlling interest of what was then skeleton operation.
I do not know why the guy did not just start a new biotech company, since he ended up purchasing new drugs for the company (another story in itself). I have to believe that it was somehow better or cheaper for PCYC guy to buy up cheap PCYC shares instead of starting a new company. Maybe it has to do with regulations, time, hassle, getting NASDAQ listing? This indicates to me that there is value to some for an existing shell NASDAQ company.
I am thinking somewhere around 40 cents and after many have walked away, this could have another chapter. Laporte and the Good Old Girls Network of angry Affy broads can be re-assembled without much trouble. They may have one more go-around left in them.