"adjusted" cash on 9-30 about $23.7 million.....burn rate $5-6 mil per 1/4. Hopefully that number will improve soon with RGI added sales(minus RGI overhead) and organic growth.
Kel.............still PATIENT but getting a little nervous too....
Look at KERX.....lower market cap, product approved and selling, loads of cash. Down a lot from it's highs due to sluggish launch. Things improving now. Also has EU approval and will likely partner before long.
Kel......holding KERX......sold CLVS @ $98
Sounds good but must be aware of CLVS type situations. Maybe just go after companies with already approved drugs. Too many "ifs" when dealing with the FDA.
Convert the $25 million of debt to shares and then do a massive reverse split. Apollo will have to settle for perhaps 25 cents on their $. So issue stock valued @ $6 million......would need to issue 300 mil new shares @ 2 cents each.
Then do a 1 for 50 Reverse split to get the price back up to the $1.00 area.
Of course, all this depends on them actually still bing in business.
Kel.............a past (not recent) holder
One of Response's problems was Accounts Receivable. They were doing some tests with no "upfront" funding and no idea who / how they were going to be reimbursed.
You are probably correct. Right now the NAV is 5.65. It was 6.22 on Aug. 20th, the day of the last declaration. All things feet from the NAV. Possible cut to 5.5 cents?
Look at the deal LINE / LNCO announced after Friday's close. Basically traded $2 bil of existing debt for $1 bil of new debt. The caveat, the new interest rate is almost 2 X the old rate. Net savings, something like $16 mil per year. Did manage to extend maturity dates on some of the debt.
Hold very small positions in CHK and LNCO. Less than 2% of my portfolio each.
Might raise some interesting questions for Saturday night's Democratic "debate." Will see if anyone has the balls to ask a tough question.
S&P 500 was trading down about 15-20 points in afterhours trading at about 6 PM Eastern. Indicates a fall of about 150 DJIA points. Could change a lot by Mon. morning though.
Reduces debt by $1 billion, but almost doubles the interest rate.
**Saves $16 mil a year of interest.
**holders of the old debt were willing to take a 50% principal haircut.
Bought more near the close @ 3.65. My average cost now is $5.76. Maybe some tax loss selling today.
Y'all have a good weekend. Nice weather here in WI for the weekend, about 50F and sunny. Perhaps the Packers can get back on the winning track against the Lions (they had better).
Got sick of KMI diving and sold @ 23.90. FEI holds many MLPs, pays monthly, has a 10% yield, and is trading about 10% below its NAV (net asset value).
Both could get a surprise boost of their NAV if there's a reversal in their "Deferred Tax Liability" on the balance sheet. It's a number that provides for POTENTIAL taxes on unrealized gains if those gains were "cashed in"......now, most of them have melted away.
Kel.............holding both again as of the last few days
Question is.........should we buy in the current 5.07 area
(Nov. 12) or wait for the declaration and see if it goes lower if the dist is cut.