Did you read these bits further down in the letter?!?
PETER FELD'S HISTORY OF PROBLEMATIC ACTIONS
Peter Feld has a history with Tessera, having attempted to gain board seats in the prior year with minimal ownership. This time he has launched a proxy fight to take majority control of Tessera without paying a premium and without any concrete details of a new plan or a management team that will drive increased stockholder value. Moreover, Feld has launched this proxy fight despite his clear conflicts of interest, poor track record as the chairman of an IP competitor, Unwired Planet, and troubling, undisclosed and unanswered questions about allegations of conflicts of interest and ethics violations raised about one of his nominees.
Feld's history of problematic actions raises questions about his true agenda:
1. Appallingly poor track record as chairman of ailing IP competitor Unwired Planet.
Since becoming chairman at IP competitor Unwired Planet on September 9, 2011, Feld has overseen a company that has generated a paltry $35,000 in total revenues from the fourth quarter of 2011 to the fourth quarter of 2012, while licensing and litigation expenses have totaled nearly $20 million and cash loss from operations have totaled over $56 million in the same period.
Additionally, Feld has effectively put in place a "poison pill" at Unwired Planet by establishing a potential $1 billion payment to Ericsson should a change of control of Unwired Planet occur in the first three years.
2. Troubling questions about one of his nominees.
Feld failed to disclose that one of his nominees, attorney Donald Stout, has a history of questionable ethical practices. Courts that examined how Stout came to control the patents underlying the Blackberry suit found that actions Mr. Stout was alleged to have engaged in would constitute "a clear case of conflict of interest" and would violate "any number of Virginia professional ethics rules."
Same thing happened to another stock I own, AMRN - great news from the FDA, and the stock go slaughtered today - the shorts and hedgies have a stranglehold on these stocks, plus some others I own. Really stinks!
"In a 2-4 yr pull, POZN (assuming its still independent) will trade far above $20."
"PA is phase-I."
What are you smoking? POZN has never traded at $20, peak all time was around $18 - and the PA drugs (325 and 810) are currently in the FDA review process - application was submitted 3/27/13 but hasn't officially been accepted yet. Just a matter of time though, then we'll know the PDUFA date - should be in Q4 of this year unless it's expedited (not likely).
Puzzling drop in pps since they've submitted the NDA for PA325/PA810....and Krammer's computers are ganging up to push the price lower - why, I have no clue, very small short interest in this stock:
POZEN Inc. Stock Downgraded (POZN)
By TheStreet Wire 04/03/13 - 05:00 AM EDT
Find out if (POZN) is in Cramer's Portfolio.
Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.
NEW YORK (TheStreet) -- POZEN (Nasdaq:POZN) has been downgraded by TheStreet Ratings from hold to sell. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
They do have a point, something is not well here:
Company RF Micro Devices
Short Volume Mar 15 2013 18,127,888
Short Volume Feb. 28 2013 12,970,633
% Change 39.8
That's a MASSIVE change in short volume in less than a month - I swear, every company I've ever owned stock in that became a short target has either been crushed or got so volatile the swings would make me dizzy - do not like this. Hold on a sec.....ok, 18M short out of 280M shrs is peanuts, only 6%, and 'tutes own 73%......not to worry, with 'tute ownership that high the volatility will be dampened.....just don't put a stop loss on your shares, expect some bear raids to cover those shorts.
About darn time they resubmitted after being ambushed by the FDA last time - any guesses to the partner? The big 3 are all losing big money making patents, assume they won't go with the AZN clowns again. Which BP is heavy into cardio drugs?
New form 4 out,
1. Name and Address of Reporting Person *
MUSELES STEVEN A
Exercised options to purchase 100,000 shares at $2.99 and sold them for an average of $9.75, pocketing a profit of over $600,000. Can't post the link, but you can find it on the Yahoo SEC filings page.
I calculated distributions through Q3/15 differently - took the numbers from the prospectus and discounted them by 20%, the avg miss from the last three quarters - and used actual #'s for Q4/11 through Q4/12, came up with total distributions of $10.78, 80% return of cash invested at current $13.25 pps. And at this price CHKR is yielding almost 21% - way, way oversold, RSI only 17.
Darnit, wish I wouldn't have bought what I thought was my final lot on 3/7 - almost can't resist adding more at these panic prices, but don't want to try to catch the proverbial falling knife either - may wait to see a convincing bottom and upturn if I decide to add a bit more, could drop my basis by a buck or more at this price.
LOL, GNK $21 PT from who, a monkey throwing darts at the wall? Dunno why DSX is up so strong this morning, but hope the recent trend up continues - cannot believe I'm almost back to being green in this after being red since early 2011.
PR's out today, they've cut the float dramatically - Net Assets down big (-31%) but shares out reduced by ~ the same number (30%):
January 31, 2013 October 31, 2012 January 31, 2012
Total Net Assets $376,554,030 $396,093,803 $549,529,381
Net Asset Value $23.63 $24.50 $24.12
Shares Outstanding 15,932,408 16,169,099 22,781,762
Yeah, I know, discovered that later but this board is so dead I didn't bother to correct myself - fund was GCH, not CHN, article showed up on TDA streaming news as a CHN item - TDA streamer is *really* stupid sometimes, algorithm needs tweaked.
"Amarin plans to list this patent in the FDA's Approved Drug Products with Therapeutic Equivalence Evaluations, or Orange Book, after issuance of the patent and the anticipated approval of Vascepa in the ANCHOR indication."
They won't wait to put that patent into the OB after it's issued until ANCHOR indication is approved, which upon first glance that sentence appears to imply - it goes in OB immediately. I'm still scratching my head over the importance of this one though....thoughts?
You and me both - FWLT and FLR were both original investments in my rollover IRA, I needed to sell one, picked the wrong one :-(( I was almost back to even in this on Monday, a mere 5% in the red, stupidly wanted that last few percent to break even and exit, now 4 days later I'm down 25% with no hope of recovering for another year at least. #$%$!!! ARRRGGGHHHH!!!
Good point about the price they received for oil - I had noted that myself, but forgot to mention it - very close to what other O&G trust received in Q4, ~ $85 bbl. During the CC an analyst asked pretty much the same question about the low price received for NG and why, they blew him off, no answer. NOT ACCEPTABLE!!
I've been seeking an answer to the same question, and someone I know who also owns CHKR contacted IR to ask - the response he got was "price diff is due #$%$ differential, transportation and third party deductions", which accounted for a whopping $1.08, ~ 33% less than avg. NG spot prices during the quarter.
Personally, I think that "third party deductions" bit is so ambiguous it could mean anything, a sort of slush fund for expenses that aren't being disclosed. SDT reported something like $3.19 for their Q4 NG - they're also partly hedged, but even that can't make up the huge difference in prices unless they're hedged above $4!
From Starboard's shot across the bow PR today:
"In the case of AOL, we highlighted the value of the company's intellectual property portfolio and urged the company to explore opportunities to monetize these assets. Subsequently, on April 9, 2012, AOL announced the sale of a substantial portion of its portfolio to Microsoft for $1.056 billion and the stock price increased 43.3% on that day alone. In the case of MIPS, we took action to make changes to the board of directors and advised the company to explore strategic options to separate the operating business from the intellectual property assets. On November 5, 2012, MIPS announced a two-part transaction which included the sale of the operating business and the intellectual property assets to two separate entities. From August 21, 2011, the day prior to Starboard's 13D filing, to February 7, 2013, when the transaction closed, MIPS' stock price increased 85.4%. In the case of Unwired Planet (f/k/a Openwave), we: (i) made significant changes to the board of directors, including my appointment as Chairman of the Board; (ii) replaced management, including a new CEO; (iii) exited the company's failing product businesses; and (iv) completed an industry changing transaction with Ericsson that resulted in Ericsson contributing 2,185 US and international patents and patent applications to Unwired Planet's existing portfolio of 200 patent assets. "
I USED to also own MIPS, got stuck with a 35% loss when they were forced to accept a buyout . While I highly doubt TSRA's pps will almost double from Starboard's 13-G price of ~ $16 like MIPS did, if it goes up ~ 50% I can dump this POS and exit break even, at least, been dead money almost from the days I bought it.
Anyone else here up for a buyout if the price is right?
Looks like MIPS will cease to exist as of tomorrow, should be delisted from NASDAQ - no words in the PR about distribution of cash to shareholders though?
Being an ex thermal engineer, I've been interested in their "silent cooling" technology, but was never able to find anything that described it in detail online - anyone know of technical papers or reports that describe how it works? Might be worth passing along to my old employers.....
Not surprisingly, nearly all the 'tutes voted yes, nearly all the retailers failed to vote at all - anyone know when the deal closes and we get the cash in our accounts?