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Savient Pharmaceuticals, Inc. Message Board

  • tbenzion tbenzion Oct 22, 2003 1:44 PM Flag

    At 6.14, the SVNT MGMT team

    is still getting very rich so 6.14 might just stay 6.14.

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    • < At 6.14, the SVNT MGMT team is still getting very rich so >

      How so? I justed checked total insider ownership (as of 9/03) and all the insiders owned a whopping 354,139 shares, or 0.6% (yes, that's 6 tenths of 1 percent) of the company. Fass owns 273,000 of those shares. Of those he bought 65,000 between $4.48 and $4.58. He has another 150,000 at $4.25. So IF the deal went through at $6.14 he'd make less than $2/share ... or a little over $500,000 per the numbers published. I hardly think that would be seen as "getting rich" for him and/or the board. And if he owns 273K of the 354K then the others own 81K shares TOTAL. I seriously doubt they'd make enough to head off into the sunset and have no worries.

    • Who has the majority vote? Shareholders (all - institutional included) or the company? (I think you know how this little shareholder will vote)

      I think shareholders should be following somasetboulevard's advice and the other poster suggesting an offline website and act quickly if we're going to seriously discuss and pursue legal options. This whole thing needs to be derailed ASAP. We're not going to get a decent price from any co now no matter what and it's going to drag out for months or longer holding the share price captive along with it.

      • 1 Reply to kg2931
      • < We're not going to get a decent price from any co now no matter what and it's going to drag out for months or longer holding the share price captive along with it. >

        I understand your position, having a higher cost basis. But, how do you or I know what is "fair"? Unfortunately this is 2003 and not 1997 or 2000 ... when the stock traded at much higher levels. The landscape has changed ... there have been some good things and bad things that have happened over the past few years at BTGC/SVNT.

        I don't know that it'll drag out for months. Two reasons I feel that way (1) per published reports, the companies had been talking for 6 months prior to the early October announcement confirming negotiations. Thus, I suspect they should be moving along with their evaluation and analysis of SVNT. (2) TEVA reports shortly, on 11/3 I think, and I wouldn't be surprised if they have more to say about things during their conference call. Just speculation on my part ... but I suspect analysts will ask their management about both SVNT and Sicor (who TEVA apparently has some interest in per today's news).

        And yes, the price for SVNT might stay in a very tight range ... but on days like today, with the NASDAQ down 40 points it's nice to see SVNT only down a nickel or so.

    • Don't see that. They don't own a lot of shares that are vested. The board doesn't own much. The only one that has a good number of shares (but less than 300K) is the Chairman. He bought these shares over $4 during the past year and a half.

      With an all cash deal they don't get much. The board and some of the executives won't have a job after this.

 
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