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SIGA Technologies Inc. Message Board

  • tla_usa tla_usa Jun 23, 2013 5:24 PM Flag

    Would Perelman mislead shareholders?

    VIA : Antonia Chion,
    an Associate Director in the SEC’s division of enforcement in connection with the settlement:
    “Going-private transactions create opportunities for shareholder abuse and can have coercive effects on minority shareholders,”…. “By erecting informational barriers, Revlon kept critically important information from its board and, in turn, misled investors.”

    --------------------------From SEC Press Release June 13, 2013
    SEC Charges Revlon with Misleading Shareholders in Going Private Transaction
    The Securities and Exchange Commission today charged cosmetics and beauty care manufacturer Revlon with violating federal securities laws when the company misled shareholders during a "going private transaction."
    U R L : XXX.sec.gov/news/press/2013/2013-110.htm (replace X’s with W’s)

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Could threat of that order be what they held over RP's head forcing him to "contribute" $60K to Obama's
      Inauguration or to name Obama's croney, the "persuasion of power" Socialist (who terrorized the children of a D.C. banker) to the BOD?
      After what was disclosed via the IRS & DOJ plus scandals, it's possible,NWJ?
      "NO MAS" & the thugs issue the order?
      What will it take to get that order cancelled?
      Watch & learn.

      But The CURE IS!
      The NEED IS!
      The CONTRACT IS!
      and they TRUMP all!

      IMO

      Sentiment: Strong Buy

    • Looks like he would not contribute to the new Obama et al SUPERPAC or plug another Obama croney
      on the BOD(if we have have learned anything from the IRS plus scandals),NWJ?
      Will the Order be cancelled?
      Watch & learn.

      IMO

      But The CURE IS!
      The NEED IS!
      The CONTRACT IS!
      And they TRUMP all,NWJ?

      Sentiment: Strong Buy

      • 1 Reply to evenu2canexcel
      • Poster above writes: " Will the SEC Order be cancelled?"

        Well, Revlon (ihe Perelman team) has agreed to not proceed with the practice that would operate as a fraud or deceit of the minority stockholders, And Revlon (via Perelman) has agreed to pay a financial penalty.

        How did the SEC discover the plan that constitued this practice? Is there a Perelman insider-enemy? Is Darpkin involved? --

        Perhaps it is all just an innocent confusion arising from a complex situation.

    • via SEC ORDER INSTITUTING CEASE-AND DESIST
      PROCEEDINGS PURSUANT TO
      SECTION 21C OF THE SECURITIES
      EXCHANGE ACT OF 1934, MAKING
      FINDINGS AND IMPOSING CIVIL
      PENALTIES AND A CEASE-AND-DESIST
      ORDER

      9. Revlon made a number of disclosures to minority shareholders concerning the Board’s
      fairness determination and ultimate approval of the exchange offer – and the process the Board
      engaged in to reach its determinations.

      Revlon’s disclosures concerning the Board’s process
      were materially misleading because Revlon had concealed from both its Board and minority
      shareholders that it had engaged in “ring-fencing.”

      In addition, Revlon’s “ring-fencing”
      deprived minority shareholders of the opportunity to receive revised, qualified, or supplemental
      disclosures, including any that might have informed them of the adviser’s ultimate determination
      that the voluntary exchange offer did not provide adequate consideration for 401(k) members
      under ERISA.

      U R L XXX.sec.gov/litigation/admin/2013/34-69750.pdf (replace X's with W's) -- Access to ADMINISTRATIVE File No. 3-15356
      In the Matter of
      REVLON, INC.,
      Respondent.
      File No. 3-15356

 
SIGA
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