Well now that QCOR is MNK... gotta love the shorts like Einhorn saying that MNK is now an attractive short because of the "risk" surrounding Acthar... Must have missed math class in grad school... Because now in the combined company Acthar represents 1/3 of the revenue and 1/2 of the earnings... so using simple math means the short thesis is somewhere between 33% and 50% as strong as it was before...
Now I do not believe for a second that anything the shorts have spouted over the last 2 years (yes its been that long) Assuming that we get some news on the synergies (like using MNK sales force to begin marketing Synathen Depot in Europe), the studies in Lupus and ALS, Paulson ramping purchases to 20%, SP500 add... I am rather enjoying the fact that we have so many short friends.
Just wanted to say congrats to all QCOR believers.... Now on the the combined company... of which QCOR revenue will be about 1/3, and the EPS will be around 1/2... and growing!! Not forgetting about sinergies with the generic in europe and ALS and Lupus... cool stuff going forward... remaining long... my .897 shares of MNK... I will diversify the cash component.
And a shout out to Don Bailey, who probably didn't want the fight, probably didn't realize he was even in one... but once he did it was so sweet and savvy to watch the Pittsburgh Kid kick some Goldman #$%$...
But really the purpose of this post is to say Thank You to Mikey, MyHonhest, Nomad, PharmaMan, and many more for your insightful and short debunking posts...
I hope to see you all on the MNK Board... where maybe the Tsunami will actually occur!!
I think it is fantastic... here were my comments on the seeking alpha article discussing the relationship termination:
Personally, This is fabulous, as Seeking Alpha has become a soap box for Short and Distort "analysts" using half truths and innuendo. Somehow I believe that Yahoo finally realized the fact that they were being exploited and decided to put Seeking Alpha where it belongs... invisible.
Really.... I wonder when he is going to realize that he is officially "noise"
And for the longtermers here there have been some dozies.
First Oppenheimer does some ridiculous math based upon their own upgrade of MNK.... then fly on the wall reiterates it... then Zack comes out and says that QCOR missed earnings.... huh? Then the Bloomberg report essentially saying what an idiot Einhorn is... ever hear of a stop loss? Then Einhorn letter rebroadcast by.... yep fly on the wall....
Meanwhile QCOR delivers amazing earnings.... Lupus Progress and Proxy is out...
Talk about absolute Craziness.
Paulson on CNBC in 2 minutes.
I'd like him to clearly state:
He for the Merger, Like's the synergies and sees the combined company growing to $20 Billion or more in the near future.
After Googling I found this excerpt about Gretchen:
Morgenson said her three years as a stock broker with Dean Witter Reynolds prepared her to cover the financial industry, first as a reporter for Forbes magazine and the last 14 years with the New York Times. Morgenson actually married into Wall Street, tying the knot in 1992 with John J. Devlin, then a managing director of the Bear Stearns investment banking firm, which has since merged with other firms and no longer exists.
“He always eggs me on,” she said of her husband. “He tells me to go get ’em. He works for a small money management firm (Glickenhaus & Co.) and has a long history of working for large firms that I have written about.
“He is in there saying go get ’em because he is an honest guy, and he doesn’t like the fact that there are dishonest people who give Wall Street a bad name.”
Morgenson said she believes that young journalists should be just as vigilant as she tries to be. “Journalism is always about the truth,” she said. “Don’t try to be friends with the people you are covering. You only have one reputation, and you can’t afford to lose it.”
HA HA HA HA HA HA HA HA
Reminds me of Summer Football Practice...
2 Short Articles per Day....
16 million shares short who owe upon closing owe $480,000,000.... just for the privilege of staying short.
The only possible scenario in my opinion is for the deal not to close.... do they really think their articles are going to change Paulson's mind? (rumor has it he engineered the deal) or Janus? or Blackrock? Really...
Maybe they should go to 3 per day... or as my high school coach finally discovered that practicing longer doesn't necessarily improve performance.
Listening to CNBC and found out that he will be at the Delivering Alpha conference Wednesday as a large owner of KOG (which I own also) which just got bought/merged with Whiting Petro. I think this will give him a nice chance to discuss our QCOR/MNK merger.
PS I just realized thru the KOG situation... Paulson is pretty savvy!!!
This is when the Shorts are moving the King back and forth between 2 spots guarding 2 pawns.... and Bailey has not moved his Rook or Queen into action yet.
Not for the company... FOR THE PATENTS... and yes 1.7 B is too much... but 1 dollar per share has a nice ring to it.... no?
Another Observation... Market Cap comparison... even though MNK is technically acquiring QCOR... even with the spread still wide and actually getting wider in the last few days, QCOR market cap is 1/2 billion more than MNK...
I cannot seem to figure out if this is significant and perhaps in the short run keeping the spread wider than it should be in my opinion.... also how does the 30.00 cash changing hands affect this market cap weirdness?
I wonder if there is some sort of tax inversion strategy he is employing at the hedge fund level on his holdings...
Any International Tax Law Experts out there?