Probably actually all about shorty's little bear raid yesterday (which I'm viewing as a come-to-poppa buying opp), but that is of course not what the 13D says. The gist is "hey BOD - did you consider the effect of the merger on $134M tax net operating loss carryforwards? WhAAT - you think we're a buncha jamokes?" Go read it - see what y'all think.
Can you explain a little more? If I am reading correctly, the 134M tax loss carryforward is going to be limited my the merger? why?
Nevertheless, I loaded more yesterday at 1.87. almost 25% of my portfolio is now PIP in addition to some dec21 2.50 calls. Hope Christmas is merrier.
That was about the most obvious broad-based head fake I've ever seen in the general market yesterday ("oh noes! the crazy Republicans want to burn down the free world out of pure petulance! SELL EVERYTHING!" Riiight....). No clue why merged PIP would have to forgo any caryyover - perhaps some tax law arcana. If Theraclone is worth more than that $134M stuff (and I think it easily is), with an upside of Lawd-noes-whut, I think this whole letter/shareholder meeting thing is really more about reminding the shorts as well as PIP's Board that Prescott Clan ain't nothing to eff wit, and that they think PIP v SIGA alone makes the stock a multibag no-brainer. And it's very good that they have no intention of letting the BOD try to pull a fast one on us for MPM's sole benefit, even though that doesn't seem to me to be what MPM/PIP/Theraclone are trying to do (value creation and synergy is how I see it). EVERYONE (especially shorty and his unlimited, and apparently not very well hedged risk) should be on their toes, and be aware of the dangers inherent in trying to swindle the shrewd, especially as the clown car race is approaching the finish line.