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Optimer Pharmaceuticals, AŞ Message Board

jdive17 34 posts  |  Last Activity: Jan 28, 2016 2:11 PM Member since: Apr 2, 2008
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  • Quick summary: Judge, please help. We as shareholders know that as soon as this plan is confirmed, our stock is going to be worthless due to the subsequent acts of the company's directors and officers!

    Objection to Debtor's Proposed Plan filed by SIGA Shrhldr Esopus Creek Value Fund - Para.1 (Prelim. Stmt.)

    "The Plan proposed by the Debtor is not a confirmable plan of reorganization; it is
    a bid to use the benefits of the Bankruptcy Code while ignoring its safeguards. Under the Plan,
    the Debtor exits bankruptcy granting broad releases to directors and officers, while leaving the
    treatment of creditors and shareholders TBD: the treatment of all significant constituencies
    under the Plan will be determined at a later date by the directors and officers in their sole
    discretion. The TBD Plan makes a mockery of the bankruptcy process at great financial expense
    to all constituents. Post-confirmation, and without any further review of this Court whatsoever,
    the Plan purports to grant the directors and officers and a single creditor powers that are far
    beyond what are available both in bankruptcy or under Delaware corporate law. Indeed, at its
    option, the directors and officers can hand all the equity to one creditor, PharmAthene, without a
    valuation or further review of this Court. In effect, the fate of Esopus and its fellow shareholders
    is left to the whim of the directors and officers-all of whom are released and exculpated under
    the Plan from all accountability or legal consequence. Adding insult to injury, this grant of
    immunity is accomplished without a single determination by this Court on the treatment of
    PharmAthene or equity interests and without so much as a vote by shareholders. The
    shareholder constituents are entitled to the confirmation protections that are fundamental to the
    bankruptcy process."

    Sentiment: Strong Sell

  • jdive17 jdive17 Jan 27, 2016 1:32 PM Flag

    Justice did prevail. Did you not see the most recent Delaware Supreme Court decision?

    Sentiment: Strong Buy

  • jdive17 jdive17 Jan 13, 2016 12:01 PM Flag

    Hmmmmm. Glad I didn't take his advice on this sure thing of an investment!

  • jdive17 jdive17 Jan 7, 2016 2:05 PM Flag

    So if the stock jumps to $5/share, the fact that you own a right to buy shares at $1.42/share has no value?

    Are you seriously this dense, or are you being sarcastic?

    Sentiment: Strong Sell

  • jdive17 jdive17 Jan 7, 2016 2:03 PM Flag

    So, according to your rationale, not being listed on an exchange = no value. SMH

    You know there are plenty of investments that are made privately, right?

    Sentiment: Strong Sell

  • jdive17 jdive17 Jan 7, 2016 12:39 PM Flag

    Your missing the forest for the trees.
    The warrants contain valuable rights. Each unit is comprised of two valuable rights. 1. a share and 2. a warrant. The value of 1 plus the value of 2 = $1.10; ergo, the value of 1 is less than $1.10 unless you claim the warrant has no value. If that is the case, I will gladly take 50M warrants to purchase stock for $1.42/share for the next 5 years. Don't worry, you'll get it eventually. Keep trying little fella.

    Sentiment: Strong Sell

  • jdive17 jdive17 Jan 7, 2016 11:28 AM Flag

    This is nonsensical.

    First, you are claiming that the right to purchase in the future not only has no value currently, but that it actually has a negative value? Seriously?

    You must value the two elements of the unit. The first element is a share of stock. The second element is a right to purchase .6 of share of stock @ $1.42 per share for up to five years. This is akin to a 5 year option with a $1.42 strike price (the difference being that an option is for issued shares bought from a shareholder v. a warrant being newly issued stock bought from the corporation). You need to value the warrant first and then back into the imputed stock price. Claiming that "the per share price of todays [sic] offering is... $1.22" when the purchase price per unit is $1.10 is idiotic.

    These bag holders thumbing up this "calculation" are just as idiotic. Ya'll should have gotten out with the "Dream Team" scandal... that was the writing on the wall.

    Sentiment: Strong Sell

  • jdive17 jdive17 Jan 6, 2016 10:33 AM Flag

    The empty bag is that management and M&F will do all they can to look out for their best interests. The need for the additional $ to pay PIP will lead to a significantly dilutive private offering to one or more institutional investors and current common will own little to nothing of SIGA.

  • Reply to

    Did Siga do a reverse split effective today?

    by math291hall Jan 4, 2016 10:34 AM
    jdive17 jdive17 Jan 4, 2016 10:51 AM Flag

    The bankruptcy plan requires a 1-15 stock split, but the plan has not been approved, so that should have no bearing on today's move. I think today's move is just hollow optimism on a small number of shares. I expect the existing common to be all but wiped out by a M&F funding to satisfy the PIP judgment, which will be used to justify obtaining a substantially increased equity position.

    Sentiment: Strong Sell

  • jdive17 by jdive17 Dec 30, 2015 2:19 PM Flag

    $194M judgment against SIGA Technologies affirmed by the Delaware Supreme Court before Christmas but the market hasn't accounted for it yet. After interest, PIP is likely owed $220M and will get paid out within 210 days under the bankruptcy exit plan for SIGA, or else all existing SIGA shares get cancelled and PIP becomes the sole shareholder of SIGA, which owns a smallpox vaccine valued in the billions and has already obtained a $400M+ contract from BARDA... Despite $220M owed, PIP market cap is currently around $125M... do your own due diligence, but huge upside over the next 7 months for PIP!

    Sentiment: Hold

  • Reply to

    Can we take a poll?

    by calculatedriskiv Dec 29, 2015 9:25 AM
    jdive17 jdive17 Dec 29, 2015 10:27 AM Flag

    I anticipate today's announcement being that M&F is financing the payoff to the detriment of the existing shareholders. I would not hold SIGAQ today.

    Sentiment: Strong Buy

  • Reply to

    SIGA's next moves

    by csmclemore Dec 26, 2015 10:56 AM
    jdive17 jdive17 Dec 26, 2015 11:47 PM Flag

    SIGA stock is all but worthless, there are just uninformed holders (like you) currently that will not realize it and sell it down to where it should be. The fact is that there is a need to raise funds now due to the self imposed obligations under the bankruptcy plan to pay the full PIP award within 210 days, plus 9% interest, or PIP becomes the owner of SIGA and its assets. M&F will use this (or any other colorable argument to justify wiping out existing shareholders) through an offering to generate these much needed funds.

    Query: How have SIGA management and substantial shareholders done so far at looking out for your best interests and maximizing the value of your shares? What makes you think they give two #$%$ about you or your few thousand shares?

    Sentiment: Strong Buy

  • 1. The average trader will see the headline "Delaware Supreme Court has affirmed a prior award to Pharmathene, for the lump sum payment of $113 million" and think that is it. In fact, the award with costs was $194M, plus post-judgment interest for a total debt from SIGA to PIP of around $205M.

    2. The average trader will see that SIGA is in bankruptcy and assume that PIP will receive a fraction of its $113M/$205M judgment. In fact, SIGA's bankruptcy filing was strategical in the litigation to avoid paying a bond for the DSC appeal. Everybody knows that SIGA's assets (including future value of ST-246 revenue, payments owed on the BARDA contract, $20M milestone for filing FDA approval application and $100M milestone upon approval, which has been designated for fast-track approval) far exceed the PIP judgment amount and other minor creditors that exist. PIP will receive 100% of what it is owed by SIGA.

    3. The average trader will take a cursory glance at the 158 page bankruptcy plan for SIGA and get bogged down in the details. The fact is, now that the judgment is final, SIGA has 2 real options (see my prior post with key provisions of the bankruptcy plan): pay the entirety of the claim within 210 days or cancel all of its existing stock and issue 100% of its new shares to PIP in satisfaction of the judgment. M&F (main shareholder of SIGA) knows that ST-246 is worth far mare than the $220M or so that it will take to pay off PIP, so they will do a private equity offering with SIGNIFICANT dilution to existing shareholders, or else they take the company private and pay the current shareholders the current $17M valuation for the company maybe even kick in a 50-70% or 10M - 13M premium to sweeten the deal. Until this happens, PIP is entitled to 9% interest on the judgment, or roughly $1.6M per month in additional income.

    The bottom line, within 210 days, PIP will be paid approximately $220M and the PPS of PIP by then will be $3.50+.

    Patience young grasshopper.

    Sentiment: Strong Buy

  • M&F knows that ST-246 is worth far mare than the $220M or so that it will take to payoff PIP, so they will do a private equity offering with SIGNIFICANT dilution to existing shareholders, or else they take the company private and pay the current shareholders the current $20M valuation for the company maybe even kick in a 50% 10M premium to sweeten the deal. Either way, the current price is about as good as it gets for current shareholders. SIGA gets out of the PIP merger for $240M-$250M and M&F gets all upside of their $5B valuation of ST-246... actually, a genius move to breach the PIP agreement... for them, not you. IMHO.

    Sentiment: Strong Sell

  • jdive17 jdive17 Dec 24, 2015 10:29 AM Flag

    I don't think that happens. I think M&F knows that ST-246 is worth far mare than the $220M or so that it will take to payoff PIP, so they will do a private equity offering with SIGNIFICANT dilution to existing shareholders, or else they take the company private and pay the current shareholders the current $20M valuation for the company. Either way, the current price is about as good as it gets for current shareholders. SIGA gets out of the PIP merger for $240M and M&F gets all upside of their $5B valuation of ST-246... actually, a genius move to breach the PIP agreement... for them, not you. IMHO.

    Sentiment: Strong Sell

  • Reply to

    Congrats to PIP shareholders

    by csmclemore Dec 23, 2015 4:48 PM
    jdive17 jdive17 Dec 23, 2015 5:01 PM Flag

    Unless SIGA comes up with $220M+ in the next 210 days, we will own SIGA and ST-246 in their entirety per the bankruptcy plan. That would be pure poetic justice.

    Now that collecting money is important, watch how miraculously SIGA is able to generate cashflow.

    Sentiment: Strong Buy

  • Reply to

    DECISION ISSUED!

    by jdive17 Dec 23, 2015 1:26 PM
    jdive17 jdive17 Dec 23, 2015 4:36 PM Flag

    Nope, just extra spending money for Christmas. Assuming a $220M payment from SIGAQ and 64M shares of PIP outstanding, PIP should be trading at $4.50 based on the judgment alone. Get in now, plenty of upside. You can try to recoup some of your SIGA losses.

    Sentiment: Strong Buy

  • Reply to

    AWARD ALONE WORTH OVER $3.00/SHARE

    by coveman2000 Dec 23, 2015 4:21 PM
    jdive17 jdive17 Dec 23, 2015 4:27 PM Flag

    Totally agree. I would be buying hand over fist at this level had I not used up all of my dry powder when the stock fell to $1.29 a few months back... but hey, nothing wrong with that investment either!

    Assuming SIGAQ cannot come up with $200M+ in the next 210 days, I invite all SIGAQ shareholders to purchase shares in PIP considering SIGAQ will become a wholly owned subsidiary of PIP, and their existing shares will be cancelled without compensation, pursuant to the bankruptcy plan for SIGAQ.

    Think of the value of ST-246 if a competent team looking out for the best interests of ALL shareholders is in place! I hope PIP gets a shot!

    Sentiment: Strong Buy

  • Reply to

    DECISION ISSUED!

    by jdive17 Dec 23, 2015 1:26 PM
    jdive17 jdive17 Dec 23, 2015 4:20 PM Flag

    Justice served. Merry Christmas to all and to all a good night. Assuming SIGAQ cannot come up with $200M+ in the next 210 days, I and the other PIP shareholders invite you to purchase shares in PIP considering SIGAQ will become a wholly owned subsidiary of PIP, and your existing shares will be cancelled without compensation, pursuant to the bankruptcy plan for SIGAQ.

    Sentiment: Strong Sell

  • Reply to

    Key Portions of the Bankruptcy Plan

    by jdive17 Dec 16, 2015 11:10 AM
    jdive17 jdive17 Dec 23, 2015 4:11 PM Flag

    This becomes very important now that PIP decision was affirmed.

    No reason this stock is under $3 other than it is a micro cap that hasn't received attention yet.

    Sentiment: Strong Buy