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Cirrus Logic Inc. Message Board

cash2go 119 posts  |  Last Activity: Aug 24, 2014 11:46 PM Member since: Feb 8, 2006
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  • Reply to

    Delaware Supreme: Court May 28 2013

    by cash2go Aug 24, 2014 1:33 AM
    cash2go cash2go Aug 24, 2014 11:46 PM Flag

    profit, looks like the only thing left is the math and how willing the "bad faith" boyz are to hide cash on the books, COG...and risk really pizzing of the courts.

  • Reply to

    Delaware Supreme: Court May 28 2013

    by cash2go Aug 24, 2014 1:33 AM
    cash2go cash2go Aug 24, 2014 11:42 PM Flag

    Chapter 11?
    I'm thinking that would only be a concern if you are long Siga shares.

    Looking at Siga's 7-31-2014 10Q
    page 2
    June 30, 2014
    Cash and cash equivalents $99,029,327
    Total current assets.............$129,734,471
    Deferred revenue................$188,081,857

    page 6
    The Company received approximately $15.3 million for the delivery and acceptance in July of 115,000 courses.
    * Also
    Completion of initial BARDA contract for $433 million to be completed by first quarter 2015

    Milestone for FDA approval will be worth $50 to $100 million more

    Settle out of court so that there is not a "guilty of bad faith" will only help in pursuing further final BARDA contracts. Remember the Dealware definition of "bad faith".

    Milestone and further contracts I see much more likely following the March 14 approval by FDA for compassionate use in monkeypox, smallpox & adverse reactions to smallpox vaccine (Vaccinia). CMX-001 is the only complication and they are jumping through hoops to design a trial so that they can recover from the monkepox trial where all the monkeys died. CMX-001 in actual smallpox trial with primates? My guess is never and at best would be years away. Tecovirimat has the potential for hundreds of millions of more in BARDA payouts. Siga needs to clear the air and put in their full effort at a prosperous future. I really think ASAP makes sense. Chapter 11? For Siga shareholder I hope not.

  • Reply to

    Delaware Supreme: Court May 28 2013

    by cash2go Aug 24, 2014 1:33 AM
    cash2go cash2go Aug 24, 2014 2:04 AM Flag

    page 28

    Under Delaware law, “bad faith is not simply bad judgment or negligence, but rather it implies the conscious doing of a wrong because of dishonest purpose or moral obliquity; it is different from the negative idea of negligence in that it contemplates a state of mind affirmatively operating with furtive design or ill will.

    * Siga needs to settle this case out of court ASAP. "bad faith" negotiations this time....

  • page 42

    PharmAthene also contends that the Vice Chancellor erroneously failed to award PharmAthene its lump­sum expectation damages on the basis that they would be too speculative.114 We do not reach this claim either, because we reverse the Vice Chancellor’s damages award and remand for him to reconsider it in light of this opinion.

    * (bad faith) got Siga slapped with the interest payment. I suspect the negotiations on terms laid out by Parson's will be taken seriously by Siga. "bad faith" again could come with a harsh penalty?

  • cash2go cash2go Aug 21, 2014 11:42 PM Flag

    Tecovirimat must be getting close to FDA approval and a big milestone payment? Siga is going to see another huge payday upon reaching this milestone. This path was well known after the primate trial in 2006, that's why Siga went with the "bad faith" attempt

  • cash2go cash2go Aug 21, 2014 11:37 PM Flag

    more:
    Inclusion Criteria:

    * DoD-affiliated personnel (including US civilian employees, contractors and other US personnel and dependents, as well as allied military forces and local nationals) of any age, not breastfeeding
    * Has been exposed to or infected with orthodox viruses (i.e., variola (smallpox), vaccinia, monkeypox, or cowpox) OR Has developed serious complications from vaccinia vaccination (eg, eczema vaccinatum, progressive vaccinia, generalized vaccinia that is severe or persistent, and select cases of inadvertent inoculation due to severe pain related to mucosal involvement, ocular involvement) resulting from vaccination, secondary transmission, or other exposure
    * Is available for clinical follow-up for duration of the treatment and follow-up period
    * Must be able to swallow capsules

  • found under clinical trials:

    Expanded access is currently available for this treatment.

    ClinicalTrials.gov Identifier:
    NCT02080767
    ((First received: March 4, 2014))

    The purpose of this clinical protocol is to treat individuals with Tecovirimat after exposure to orthodox viruses. Monkey Pox or Smallpox

  • Reply to

    Delaware Supreme Court - notes from appeal decision

    by cash2go Aug 21, 2014 2:27 AM
    cash2go cash2go Aug 21, 2014 11:21 PM Flag

    alpha, I have to agree when the DSC used the word furtive along with ill will.

    furtive, I had to look it up:
    adjective
    attempting to avoid notice or attention, typically because of guilt or a belief that discovery would lead to trouble; secretive.

    BARDA did the first deal with Siga because of the extraordinary potency with lack of side effects shown in the antiviral trials for Tecovirimat. BARDA would likely have confirmed more than the $450 million if not for the furtive taste Siga comes with. The ONLY competition is CMX-001 failed to prevent death in a primate trial against (monkey pox), I think it is a stretch to think they will even be allowed an actual smallpox/primate trial. All the above makes me think BARDA will add to the Tecovirimat order somewhere near the original 14 million courses as planned and canceled.

    "Siga's" ill will precedes it and is very well known, no doubt it hampers BARDA dealing with them. Maybe it would be smart to try for a discounted lump sum and handover of Tecovirimat rights to Pharmathene? More wild guessing on my part. More likely, thinking Tecovirimat has millions of more doses coming from BARDA and Siga will not part with it.

  • Reply to

    Looking at Siga's 7-31-2014 10Q

    by cash2go Aug 19, 2014 3:52 PM
    cash2go cash2go Aug 21, 2014 11:52 AM Flag

    Another $60 to $70 million in the pipeline to be delivered by first quarter '15. I think the actual total was mentioned in the yearly or last quarterly.

    Siga should have no problem with a $250 to $300 million lump sum payment. More "bad faith" negotiations would be a disaster for them. Siga & PIP shareholders would have done much better but for the "bad faith" fiasco."The contract award is worth $433 million and includes options that would raise the contract's total value to approximately $2.8 billion, if exercised"

    GLTA

  • Reply to

    Delaware Supreme Court - notes from appeal decision

    by cash2go Aug 21, 2014 2:27 AM
    cash2go cash2go Aug 21, 2014 11:39 AM Flag

    DAMAGES: The Delaware Supreme Court announces new law in this opinion: When the parties have a Type II agreement to negotiate in good faith, and the record supports the trial court’s finding that the parties would have reached an agreement but for the defendant’s bad faith negotiations, the plaintiff is “entitled to recover contract expectation damages.” Slip op. at 37. Expectation damages presuppose that “the plaintiff can prove damages with reasonable certainty.” See footnote 99. Because this is the first time the Delaware Supreme Court clarified this issue of damages, it reversed and remanded for Chancery to reconsider the award of damages in light of this opinion.

    * This is where the lump payment becomes an acceptable solution? Siga really needs to settle out of court and avoid looking worse than they are. There are more BARDA orders coming for a smallpox antiviral and Siga doesn't need a guilty verdict on their record. Siga and PIP are likely having some serious discussions after Parson's last verdict laid out the process for calculating an award. Getting past this stage ASAP and not looking like a shady company should be Siga's goal. And, to do it ASAP as BARDA has been refunded and there is a limited time to fund the next round of orders.

  • Reply to

    Delaware Supreme Court - notes from appeal decision

    by cash2go Aug 21, 2014 2:27 AM
    cash2go cash2go Aug 21, 2014 3:32 AM Flag

    In 2004, Congress passed the Project BioShield Act—a ten-year, $5.6 billion fund .Bioshield would address each of the 4 threat agents, including Bacillus anthraces (anthrax), smallpox virus, botulinum toxins, and radiological/nuclear agents
    2 category A threats, anthrax and smallpox

    There were very high hopes after it was announced ST-246 (an antiviral) in Sept 2006 had stellar results. That was the moment Siga got sellers remorse and ....

  • * ...the court affirmed the trial court’s finding that SIGA acted in bad faith, noting that bad faith “contemplates a state of mind affirmatively operating with furtive design or ill will.”

    * the aggrieved party is entitled to “expectation” or “benefit of the bargain” damages (e.g., lost profits)

  • Reply to

    Best analyst following PharmAthene?

    by cash2go Aug 19, 2014 4:34 PM
    cash2go cash2go Aug 20, 2014 1:01 AM Flag

    " Shouldn't be long folks"? Could be 2 weeks or 6 months is my guess with it being an out of court settlement. The interest cost on $100 million or $500 million....

  • Reply to

    Best analyst following PharmAthene?

    by cash2go Aug 19, 2014 4:34 PM
    cash2go cash2go Aug 19, 2014 5:04 PM Flag

    Looking for an analyst that follows Siga? Haven't seen any, nor any upgrades despite all the cash flowing into their coffers. Strange for Wall Street to miss pumping Siga

    GLTA

  • I'm impressed with Andrew Fein, H.C. Wainright

    Has a conservative target of $4

    Lays out his argument for valuation and concludes:

    "The Court also noted that PIP is entitled to “pre and post-judgement interest at the legal rate, compounded quarterly.” We understand this presumed interest rate to be equal to approximately 11.25%. When all of these assumptions are taken in totality, we believe the lump sum payment to PIP has the potential to near $350M, or in excess of $6/share.”

    *not sure about his 11.25% interest rate, I am sure the interest rate is going to be painful and Siga shareholders (including Perelman) want the bad faith penalty they are paying to cease. Shouldn't be long folks.

  • Reply to

    Looking at Siga's 7-31-2014 10Q

    by cash2go Aug 19, 2014 3:52 PM
    cash2go cash2go Aug 19, 2014 4:01 PM Flag

    (pay prejudgment interest)

    Parson's telling Siga to think hard about appealing on the bad faith the Supreme Court and he agree upon.

  • page 2
    June 30, 2014
    Cash and cash equivalents $99,029,327
    Total current assets.............$129,734,471
    Deferred revenue................$188,081,857

    page 6
    The Company received approximately $15.3 million for the delivery and acceptance in July of 115,000 courses.

  • By Jen Christensen, CNN
    updated 3:07 PM EDT, Fri July 11, 2014

    (CNN) -- At least two of the vials employees at the National Institutes of Health found in an unused storage room earlier this month contain viable samples of the deadly smallpox virus, the Centers for Disease Control and Prevention said Friday.
    Employees found six forgotten vials when they were preparing to move a lab from the Food and Drug Administration's Bethesda, Maryland, campus to a different location. The laboratory had been used by the NIH but was transferred to the FDA in 1972.

    (and from CDC -)
    CDC Media Statement on Newly Discovered Smallpox Specimens
    On July 1, 2014, the National Institutes of Health (NIH) notified the appropriate regulatory agency, the Division of Select Agents and Toxins (DSAT) of the Centers for Disease Control and Prevention (CDC), that employees discovered vials labeled ”variola,” commonly known as smallpox, in an unused portion of a storage room in a Food and Drug Administration (FDA) laboratory located on the NIH Bethesda campus.

    ...The vials appear to date from the 1950s. Upon discovery, the vials were immediately secured in a CDC-registered select agent containment laboratory in Bethesda.

    (((1950's))) - Looks like keeping the Tecovirimat, which is a cure not a vaccine, in stock for a few more decades does make sense. I suspect the security of the old USSR smallpox vials are in doubt also.

  • Reply to

    Prescott upped their stake

    by teebrane Aug 14, 2014 5:30 PM
    cash2go cash2go Aug 15, 2014 3:02 PM Flag

    Thanks for sharing the news on Prescott. They did a lot of the hard work in preventing PIP management from screwing shareholders.
    "Prescott Group Urges All PharmAthene Shareholders to Vote AGAINST Proposed Theraclone Merger
    Special Meeting Scheduled to Take Place December 3rd, 2013"
    They also had a keen insight on how PharmAthene may be heading for a payoff and possibly dissolving the company if the Siga has enough cash:

    "The management of PharmAthene is also voting…with their feet: Although the transaction purports to be a “merger of equals,” in reality Theraclone will run the show after PharmAthene’s management team receives a multi-million dollar payment to abruptly exit."

    Good to have Prescott on board in a bigger way. Siga, Perelman and MacAndrews & Forbes should be able to come up with the lump sum and hang onto Arestvyr.

  • cash2go cash2go Aug 14, 2014 11:14 PM Flag

    Actual smallpox trials after recent CDC safety problems were exposed in press seem doubtful when you already have a smallpox antiviral pill. The Ebola hysteria being the last nail in the coffin to prevent any more testing with the smallpox virus stored at the CDC in Atlanta.

    So, Siga please quit the never ending warning that you may not get future contracts BARDA intends to award.

CRUS
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