Jeff Eiseman new Seeking Alpha article interesting and
updates the legal situation with his opinion concerning outcome---
IMHO Siga (and also Pip) should work hard to work out an
equitable "out of court" solution---I am not wedded to the
"SIGAPHARMA" solution proposed earlier (although that proposal
only encompassed what the "market is currently saying".
There are 20 taleted, smart members on the Board of Directors (combined)
in Siga and Pip. Someone in this group should be able to come up with an
solution that (finally) gets this out of the court system and positions
both companies to prosper in the months and years ahead,
to the benefit of their shareholders---it should take only a few (ok. several)
hours to accomplish this.
Jeff Assman is full of it. particularly when he touts Pip's expertise with regulatory authorities. The FDS has already admonished them for lying in a document they submitted. And now Pip breaks off a merger with Theraclone after they get the results of the failed trial. Just like they would have backed out on Siga if ST246 had bad results. They keep playing heads I win tails you lose and getting away with it. Pip is guilty of bad faith as much or more than Siga, The mystery is; why does Parsons let Pip get away with it? I sure would like to see that investigated!
"And now PIP breaks off a merger with Theraclone...." The "break off" to which you refer was not PIP Board's decision; its hand was forced by the absence of shareholder support. Your take on who was guilty of bad faith is not supported by the evidence at trial, Parson's decision, or the decision of the Delaware Supreme Court, which "investigated" Parson's decision to the nth degree. Get over it, your side cheated, got caught and are now having to pay the price. End of story.
Interesting article although I see it as terribly one sided. Obviously Eiseman is long PIP and has a slant that favours his position. Most is debateable which is what the Lawyers and Judges do but some of his assumptions are extremely weak. For example, he attests that SIGA is attributing R&D expenses to Arestevyr which are for other programs and this is a deliberate tactic by SIGA. Then is that were true I would be expanding all R&D efforts and putting as much money as possible into it. However, SIGA has stated on the last CC they plan to do the opposite, partnering Dengue, downsizing and divesting all early stage R&D. Just an example of one "hole" in his interpretation and logic - there are many. I think SIGA should acquire PIP, strip the cash, fire all the staff and sell off the Assets.
Eiseman ably states the case for PIP...And Glenn Hudson is his equal stating SIGA's case. I am glad that we have these two able advocates available to us. In this case Seeking Alpha is doing all of us with a PIP\SIGA interest, an enormous service. I look forward to these Eiseman v. Hudson exchanges . I hold both companies and believe, like Hudson that the most likely outcome is one that will enrich both companies.