I don't think the 800k is the end of that story. Remember, we are still in front of the convertible issue and the dividend. I'd say call the compamy for clarification but they don't appear to be answering the phone or responding to emails.
ENZN represents .13 percent of his holdings. Major position in CVI which he bought into in the low twenties and offered to take private at 30 a share. Those that held were rewarded---currently 58 a share. He has major positions in Dell and Transocean where he is seeking shareholder support for management changes. I don't see him commiting piracy on little ENZN's holdings, let alone forming a cabal of unrelated investment groups to do the same.
Ok, no problem. Just note that you have an agenda posting in the ENZN board that the the stock is going to to zero. No need for subterfuge.
I have another question though. Yesterday at 1:11 am you posted, "I do not have anything invested. If nothing changes I am going to buy puts."
But later on you write, "If there is not a miracle announcement from Enzon soon, I will make a sizable investment that the stock price collapses. I have started to build a position."
When could you have built a position between 1:11 am saturday morning and later on that morning.
Perhaps you missed my question. I didn't ask you to reiterate your negative view. I inquired why this is the only Yahoo board that there is a record of you ever posting on.
Further, most boards do not have a badbilly who will parse the filings with someone. Posters have opinions, post them briefly. Can you point me to where you have had stock debates on these boards before?
You write some detailed posts and have been doing some reading. A Yahoo search shows you have posted only 15 times total, all on the ENZN board, including 7 in the last 24 hours. Yet you say you are neither long nor short here. Just curious, why the focus of posts on little ENZN and no other posts elsewhere?
Not seeing a conspiracy or proxy fight. Just setting things up for the plan to move forward. I fault the company for not communicating why choices are made. No press, no conference, no IR. I'm holding. Not thrilled, just patient.
All they have announced so far is that the sharks who buy royalty streams want too big of a discount and too large a margin of safety. For the time being the sharks at Enzon will retain those streams. Sounds reasonable.
I think it was the way to go. We are all nonplussed (good word?) with the results of the review here and the market reaction but I think it looks a lot like the model that was done at PDL. There is more value here but no one is promoting it.
I'm thinking the date passes without much upward movement here. It feels bad in the short term but to a group who has gone to work over all the details, I am assuming they gave a lot of thought to how each moving part is handled.
They separated the royalty assets from the IP and clinical programs very successfully. Klarman was an investor before the spinoff and later bought a position in the royalty entity PDLI which is still going strong. No one is promoting or touting the opportunties here. No news releases or conferences. After the convertible is settled we may get a little positive info. Thanks to those parsing the filings for sifting through the tea leaves.
I don't see Klarman and Icahn as two heads on the same body. Klarman has 4 entities invested in this stock. He also was an investor in PDL Biopharma. They sold the clinical side and retained the royalty side. Is the clinical side worth nothing here? Wasn't Pfizer said to be interested at one time? That was a long strategic review to just say let's abandon the company and just divvy up the cash.
Icahn, Seth Klarman and other knowledgable investors with due diligence staffs see a stock tradIng in the high 4s throughout January and most of February and think "Let's just pull the cash out of this and get the royalty income over the next few years and we can net all of 3.60 to 3.80 a share!"
No direction has benn indicated or value assigned to the clinical programs or the intellectual property. No indication of the monetization of tax issues. This should be revealed. I doubt they have overlooked it.