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Arena Pharmaceuticals, Inc. Message Board

  • surfer50st surfer50st Feb 24, 2013 12:00 PM Flag

    Form 15

    Getting rid of preferred shares means it eliminates a piece of the poison pill. It means that in a shareholder deritive suit (ala Einhorn and Apple) a shareholder (owner) can't compel the issuance of the shares to prevent a takeover.

    Those of you who think this is merely procedural are incorrect. Its just a couple of more boxes to check on SEC filings no one owns these shares and they aren't using them...check the box, etc.

    They are part of the poison pill and I can only think of ONE reason to get rid of them. As much as I would like to see this develop into a nice company I believe we are seeing the beginning of the end.

    Sentiment: Strong Buy

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