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  • maxdaddyo maxdaddyo Oct 19, 2013 11:29 AM Flag


    In this case I do agree with almost all of what Mikey has posted. My own take is that for reasons we can all only guess at, Barron's article attempted to contort what could easily have been written as a very positive piece about Questcor's Philanthropy to those who cannot afford their meds which is the purpose of the organization they're accused of supporting. Further, we know that Q has made it a core value of the firm to provide patient assistance to those who cannot afford Acthar to the tune of hundreds of millions (NOTE---NOT mentioned in the Barrons article AT ALL!!!).

    The anecdotal information about cancelling some attendees of the meeting is not only suspect (I'm not suggesting that they didn't do that) as it appears those parties were considered to be SHORT THREATS that we have seen periodically plaguing Q for at least the last year. And many here have argued that Q should be far more aggressive in dealing with these people...and apparently they HAVE !!! Nothing illegal in my opinion, but perhaps a bit untoward...But if you were the CEO of a company that had known attackers wouldn't you attempt to do what Q management appears to have done to protect the reputation of the firm???

    Yes, I read the full article and my opinion is that it demonstrates the continued frustration of those hard core shorts who have only periodically and temporarily succeeded in driving Q's share price down only to be totally thwarted by the ONLY THING THAT COUNTS which is company performance. And apparently with all the positive press of late it sure seems like they are (and SHOULD BE) seriously nervous about what's in store for the earnings report in just a few days.

    PS. I posted this recently but worth reiterating...If anything I now believe (based on research done by our group and some of my own) that Mizuho was not only right (Q to have BIG BEAT in Q2) but that the EPS will BEAT MY OWN ESTIMATE OF $1.65 non-gaap. Probably by enough to sandbag some for the future too.

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    • waste management, buffalo wings, .... long list of those they attack and recovered well, IMO.

    • The earnings are what matters, not the Barron's article. They shorts may attack this week but I'm focused on the big picture. :)

      Sentiment: Strong Buy

    • My guess is that Alpert sent the shorts in to the meeting and when he got pinched, he threw a hissy fit and wrote the lameass article.

    • Ps. Just FYI on two points. The article does mention the amount of free drugs given away and you seem to assert that you question whether folks were turned away. From our past knowledge, you know they have been turning away shorts at patient education seminars, investors conferences, etc.

      For what it is worth, I had already heard they did this time too, by two reliable sources. One benign and the other a bit if a short but not the activist type of short.

      The bigger headline is really that those shorts turned away got a letter saying expect litigation.

      Surprised no one picked up on that! That was the glaring headline to me. Like I told the shorts last February/march, their moves are being tracked for litigation.

    • Lol. Can't help but wonder which part of what I posted you don't agree with

      A. A factual quick synopsis of what the article said
      B. That hardcore short wouldn't just give up and they would try something silly like this.
      C. That Cramer tweeted a veiled threat at us yahoos after my last article that got pulled.
      D. That the author misinterpreted or at least did not provide the other side of the equation with regard to the Tricare, Medicaid, and Medicare data that you know I study and use all the time.

      'Agree with almost all of what Mikey said'


    • Too Close for Comfort?

      Drug company Questcor is both a donor and a beneficiary of a fast-growing medical charity. That could give investors aches and pains.

      Off-duty cops secured the meeting rooms at the Gaylord Texan Resort last month, as the Chronic Disease Fund held its yearly conference at the Dallas-area hotel. Days before, the medical charity had canceled the registrations of some would-be attendees and refunded their $1,500 donations. The uninvited then got threatening lawyers' letters from Questcor Pharmaceuticals, a drug company that's been a backer of the charity and a bug zapper for short sellers.
      Questcor's letters said the barred guests must have bought tickets for the charity's fundraiser and conference to get nonpublic information and manipulate Questcor stock (ticker: QCOR). Those letters, which several Wall Street recipients showed to Barron's, told the interlopers to prepare for litigation and to stop contacting the Chronic Disease Fund and its affiliates.
      How Questcor learned the registrants' identities is a mystery that neither it nor the charity would explain. The Plano, Texas-based CDF has quickly become one of the country's largest medical charities, its annual receipts surpassing those of better-known groups such as the Susan G. Komen Foundation, which is dedicated to the treatment of breast cancer, or the March of Dimes, which focuses on preventing birth defects. Regulatory filings suggest that Questcor and the CDF owe some of their success to one another.
      From 2007 through 2012, the Chronic Disease Fund's tax returns show that it pulled in donations of more than $900 million, mostly from drug companies like Questcor. The CDF has made a rich man of the charity's founder and president—46-year-old Mike Banigan. Over the same stretch, the CDF paid more than $35 million for "data-processing" services to a firm that's one of many health-care companies that share offices with the charity and are owned by Banigan.

      • 1 Reply to goldtean
      • In a section of its 2012 return not shown on its Website, the charity says that last year it bought the data-processing business outright from a Banigan-related trust, for an $18 million lump sum, plus monthly payments of $1 million that could add significantly to his take.
        The Chronic Disease Fund is the largest of a half-dozen nonprofit "patient-assistance programs" that have emerged in recent years to help patients meet the steep co-payments that insurers require for some expensive drugs. President Obama's health-care law will expand the ranks of those with health insurance, but that may also increase the number of those enrolled in high-deductible health plans. Co-pay-assistance programs were pioneered by charities like the National Organization for Rare Disorders to improve access to expensive new therapies that can be the only effective treatments for some rare cancers and other dire illnesses.
        CDF's Website shows that it works with numerous drug makers, from Roche's (ROG.Switzerland) Genentech to Novartis (NVS), but few companies would seem to need its co-pay programs as much as Questcor. The Anaheim, Calif., company's only marketed product, Acthar, is a 60-year-old, naturally derived substance that it acquired in 2001, raised in price by 1,000% and now sells mostly for illnesses that can also be treated with synthetic steroids like prednisone at 1/100th the price of a $6,000 Acthar injection. A risk for Questcor is that doctors and patients would abandon Acthar for generic alternatives without the CDF programs that defray the thousand-dollar co-pays.
        Questcor spokesperson Janine McCargo said in an e-mail that the company's management is "disinclined to do interviews" and prefers to "let results themselves prove or disprove theories."

    • Disagree with you only on one point, Max, they do mention they've donated hundreds of millions of dollars worth of drugs. I'm going to try and copy and paste the whole article for everyone. I'll do it in pieces - if you can't see it its because yahoo deleted it or something.

    • Congrats Max. You are absolutely right. After such a message what can we add ? I am pleased to see that you are not very far from our MB and you follow ALL the news. Have a good day sir.

      Long and strong QCOR

      Sentiment: Strong Buy

    • Thanks You Max. As I said previously, We always need you here.

      Sentiment: Strong Buy

    • it is indeed a good sign that QCOR management is aware of the shorts and doing something about it.

      I wonder though, do they monitor these kind of attacks on a daily basis? Like patty from IR for example, does she read everything on the internet (i'm not sure if thats her job as well).

      If i had a company i would check daily but i'm not sure if this is the case with companies in general.
      My next thought is: should we make QCOR aware of such an bash article so that they (if they think its nessecary) respond to it right away with a press release, to stop the attack right in its tracks.

      Just a thought i had.

      Any opinion or thoughts/knowledge anyone has about the subject?

      Sentiment: Strong Buy

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