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  • kevinmik kevinmik Jul 24, 2012 3:01 PM Flag

    Icahn Did Very Little For Amylin Shareholders !

    Icahn continues to improperly take credit for turning Amylin around and for helping the stock price increase by as much as 147%. The fact is when Ichan first showed up on the seen in early 2008, he actually bought 6,339,653 shares of Amylin stock between $25.1 - $36.46, for a cost average of $29.90. After that Icahn was lucky enough to be able to buy additional shares of Amylin at much lower prices because of two major regulatory events that impacted Amylin stock price and those were the FDA bogus Byetta pancreatitis safety alerts and the delay in getting Bydureon approved. The fact is by the time Icahn was able to successfully get rid of Joe Cook and get one of his own people on Amylin's Board of Directors in early 2009, the damage was already done. IMO the one postive thing thing Icahn brought to Amylin was fiscal discipline on the expense side, but he did nothing to help the company improve its ability to grow revenues. Icahn also did nothing to force Amylin's Board of Directors to replace the company's incompetent management and bring in new leadership. The bottom-line is, Ichan sat back and just waited for Bydureon to eventually get approved before putting the squeeze on Amylin to sell the company. It was Bydureon's approval that enabled the stock price to finally start moving up in the right direction and it gave Icahn the green light to push the company to sell itself. Icahn was never in it for the long term and he just got stuck holding as long as he did because Bydureon took so long to get approve. He did nothing to improve the stock price and it was Bydureon's approval that was the catalyst. Unfortunately Icahn had no intentions of allowing Amylin's shareholders to recognize any long term growth that would have been seen from Bydureon and settled for a much smaller short term gain. Here is another article that came out today, whereby Icahn is patting himself of the back for doing such a great job with Amylin, which I say is ridiculous.

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