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SIGA Technologies Inc. Message Board

tla_usa 220 posts  |  Last Activity: Nov 15, 2014 5:41 PM Member since: Nov 14, 2010
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  • Reply to

    Ebola response : Bill Maher, October 17, 2014

    by tla_usa Oct 19, 2014 10:33 AM
    tla_usa tla_usa Nov 15, 2014 5:41 PM Flag

    Extracts from the news report : The Con Artist Hired To Clean Ebola
    via Buzzfeed News dated Nov 15, 2014 -
    When New York City officials needed someone to disinfect the apartment of its first Ebola patient, they found someone who seemed to be made for the job. Sal Pane boasted decades of experience cleaning up extremely dangerous materials, including anthrax in 2001.

    .......But when Pane and his Bio-Recovery crew showed up at Dr. Craig Spencer’s home, they brought a truck bearing permit numbers that belonged to a dead man. Pane had duped the dead man’s grieving sister into selling that truck, she said, as well as the company name. Pane then claimed the dead man’s years cleaning up anthrax sites and other danger zones as his own — despite the fact that the dead man’s family, friends, and former co-workers said they had never known him to work with Pane.

    Soon after Spencer’s apartment was first cleaned, BuzzFeed News reported that Pane — who has referred to himself as the “chief safety officer” of the firm New York City hired to clean up a lethal pathogen— is a convicted felon and former mortgage scammer.

    He uses fake names and makes false claims to inflate his credentials, gains credibility from media interviews in which he speaks of lofty ideals and glittering successes,

    “The risks are high if you don’t know what you’re doing,” said Ian Lipkin, a professor of epidemiology at Columbia’s Mailman School of Public Health. “You could become infected and set up a whole new chain of transmission that extends into the community.”

    Well, the consolation is that Pane was not a terrorist, The reality is that a government is unable to stop cons from existing and being effective. So safety plans must take that reality into account. And so: the national stockpiling of critical medicine is a key element. Just my perspective. Go figure,TLA

  • Reply to

    Ebola response : Bill Maher, October 17, 2014

    by tla_usa Oct 19, 2014 10:33 AM
    tla_usa tla_usa Nov 4, 2014 10:45 PM Flag

    via WSJ on Nov 4 2014
    Ebola Crisis Offers Lessons, Warnings on Epidemics, Bill Gates Says
    The [Gates] foundation is considering giving funds to

    Chimerix Inc.

    to help it boost production of brincidofovir, an antiviral drug that has shown potential against Ebola. It has also given funds to GlaxoSmithKline for work on an Ebola vaccine, he said, and is exploring other interventions.

  • Reply to

    Ebola response : Bill Maher, October 17, 2014

    by tla_usa Oct 19, 2014 10:33 AM
    tla_usa tla_usa Oct 28, 2014 8:42 PM Flag

    London Associated Press, Maria Cheng
    Reported a story with the title

    UN: We Botched Response to the Ebola Outbreak

    dated October 17th 2014

    (the following excerpts are from the story)

    In the document obtained by The Associated Press, the agency wrote that experts should have realized that traditional infectious disease containment methods wouldn't work in a region with porous borders and broken health systems.

    "Nearly everyone involved in the outbreak response failed to see some fairly plain writing on the wall," WHO said in the document.

    The U.N. health agency acknowledged that, at times, even its own bureaucracy was a problem. It noted that the heads of WHO country offices in Africa are "politically motivated appointments" made by the WHO regional director for Africa, Dr. Luis Sambo, who does not answer to the agency's chief in Geneva, Dr. Margaret Chan

    The document — a timeline on the Ebola outbreak — was not issued publicly but the AP was told the health agency would be releasing it earlier this week. However, WHO officials said in an email Friday that the timeline would now probably not be released publicly. No official at the agency would comment Friday on the draft report.

    Dr. Peter Piot, the co-discoverer of the Ebola virus, agreed in an interview Friday that WHO acted far too slowly, largely because of its Africa office.

    Go figure. TLA

  • Reply to

    Ebola response : Bill Maher, October 17, 2014

    by tla_usa Oct 19, 2014 10:33 AM
    tla_usa tla_usa Oct 20, 2014 1:58 PM Flag

    The Office of the Inspector General
    Department of Homeland Security
    issued a report with the title

    DHS Has Not Effectively Managed Pandemic Personal Protective Equipment and Antiviral Medical Countermeasures

    dated August 2014.

    (the following excerpt is from the executive summary)

    "DHS did not adequately conduct a needs assessment prior to purchasing pandemic preparedness supplies and then did not effectively manage its stockpile of pandemic personal protective equipment and antiviral medical countermeasures. Specifically, it did not have clear and documented methodologies to determine the types and quantities of personal protective equipment and antiviral medical countermeasures it purchased for workforce protection. The Department also did not develop and implement stockpile replenishment plans, sufficient inventory controls to monitor stockpiles, adequate contract oversight processes, or ensure compliance with Department guidelines. As a result, the Department has no assurance it has sufficient personal protective equipment and antiviral medical countermeasures for a pandemic response. In addition, we identified concerns related to the oversight of antibiotic medical countermeasures

    (no specific mention of Ebola)


    When I ask myself "What are the fundamental causes of these operational failures? I shake my head. Can I short DHS? Go figure, TLA

  • Reply to

    Ebola response : Bill Maher, October 17, 2014

    by tla_usa Oct 19, 2014 10:33 AM
    tla_usa tla_usa Oct 19, 2014 11:05 AM Flag

    "They’re looking for the few, the proud — and the really desperate.

    "For a measly $19 an hour, a government contractor is offering applicants the opportunity to get up close and personal with potential Ebola patients at JFK Airport — including taking their temperatures.

    (Source New York Post)

    "And in another worrisome development, some Ebola experts are questioning the common assumption that screening for fever is a surefire way to detect possible infectious Ebola cases. In the current West Africa outbreak, about 13% of people with the disease never developed fever.

    (Source LA Times)

  • BILL MAHER: I said in the monologue I was #$%$ off about Ebola and I am... People are nervous and I don't blame them for being nervous. There's a lot of talk now about whether we should have travel restrictions from that part of the world...

    We don't really know what the situation is here because the cat got out of the bag about a week ago and it takes more than that time to see if you've got the disease. So, it should have been quashed right away. I thought it was. I thought America had this. I thought this one thing we could do. Because when the first doctor came back, the one who survived it, we saw him get out of the ambulance, he had the suit on. It was like okay, this is not the third world.

    Then one guy comes here from Liberia. One guy. And we couldn't keep that contained because those morons in that #$%$ hospital in Dallas -- sorry. Excuse me. I said I wouldn't get this upset, but I did. Because they love their freedom down in Texas. They don't like rules and regulations and telling us what to do and revenuers and the federal government. What could go wrong? This.

    LEE: We have to understand that this is not a state of emergency, first of all.

    MAHER: But they have no credibility because everything they've told us so far has been wrong. So when you say that, I'm skeptical.

  • via Huffington Post today:
    Thomas Eric Duncan, the first patient to be diagnosed with Ebola in the United States, is now receiving an experimental drug called brincidofovir, according to a statement from Texas Health Presbyterian Hospital Dallas. Duncan had begun to receive the treatment Saturday afternoon and is currently in critical condition.

    Brincidofovir, which is still in the experimental phase, was just approved by the FDA on Monday for use in patients with Ebola, according to a statement by biopharmaceutical company Chimerix. Test tube experiments have revealed that brincidofovir acts against Ebola in the same way the drug fights other viruses like adenovirus and smallpox, according to a statement from the company. Animal testing for Brincidofovir against Ebola is ongoing.

    "Based on in vitro data from work conducted by the CDC and the National Institutes of Health suggesting brincidofovir's activity against Ebola, we are hopeful that brincidofovir may offer a potential treatment for Ebola Virus Disease during this outbreak,” said M. Michelle Berrey, M.D., M.P.H., president and CEO of Chimerix, in a press release about the FDA authorization.

  • tla_usa tla_usa Sep 17, 2014 6:40 PM Flag

    I have invested in common stock positions in companies before Chapter 11 bankruptcy is declared. But I do so only for companies with cash-flow insolvency and not with balance-sheet insolvency.
    In reorganization under chapter 11 the shareholders of companies with balance-sheet insolvency will be wiped out by the reorganization. They will have no interest in the NewCompany that comes out of the re-organization process.

    In reorganization under chapter 11 the shareholders of companies with cash-insolvency (and no balance-sheet insolvanecy) will NEVER be wiped out by the reorganization. These pre-bankruptcy shareholders will become shareholders in the NewCompany that comes out of the re-organization. And such investments can turn out to be extraordinarily profitable. With GGP I made about 30 times my initial investment in a year and half.

    SIGA is clearly a company that faces only a cash-flow insolvency. But SIGA is no GGP. At $1 entry I see reason to except a $2 gain in 3 years or so.

  • tla_usa tla_usa Sep 17, 2014 3:15 PM Flag

    Bankruptcy court has the power in effect -- without discharging a debt --- to make a reasonable estimate of litigated debt, and set up a litigation reserve. Then assets of OldCompany are divided between OldCompany and NewCompany.

    The litigation reserve is an asset of OldCompany. There is no haircut. And OldCompany purses the appeal. And perhaps keeps some of the litigation reserve.

    PIP would fight to get the litgation reserve to be the maximum they could expect in Delaware. But would likely fail.

    Just my perspective for now. Go figure, TLA

  • tla_usa tla_usa Sep 17, 2014 2:59 PM Flag

    I agree with your report. litigation can and will proceed in tandem.

    And I would add the following: In Delaware we can expect a slow process. But the NY Bankruptcy Court. does not have to wait for a decision by the DelSC or ChanceryCourt on the amount of the award before setting up a litigation reserve. And can do so without the consent of PIP or the consent of the DelSC or the consent of Parsons ..And once that is done, the assets of NewCo are out of reach of PIP. And PIP would get the litigation reserve. The Delaware courts may however on second remand decide on less. Hence SIGA
    Oldcompany should purse appeal. But the show may end effectively end in NY bankruptcy court for SIGA NewCompany

    Just my perspective pending more definitive information. Go figure, TLA

  • tla_usa tla_usa Sep 17, 2014 2:33 PM Flag

    Posted above: " .......the only way the BR court gets jurisdiction of the SIGA/PIP litigation is if the Delaware Supreme court reverses or remands the case again...."

    I dont agree. This point is not certain under any scenario -- and indeed in unlikely to be true. What is true is that the court will still have to determinte whether the claims made by SIGA for bankrupcy protection now are legal and factually correct and suffiecient.

    Just my perspective pending more definitive information. Go figure. TLA

  • tla_usa tla_usa Sep 17, 2014 2:15 PM Flag

    Point of clarification to my post above.

    My post about covers the WSJ coverage of the hearing today. From the WSJ I take only this: :"Today's purpose is to preserve the status quo," Judge Lane said

    The rest of that post --- including the "in the drivers seat for a new record" remark --- is my perspective. Not that of the WSJ.

  • tla_usa tla_usa Sep 17, 2014 2:00 PM Flag

    Before anyone gets upset let me say that what I am going to say is just my perspective.

    With Perelman controlling SIGA I don't count on more than a PE of about 4.
    I don't see any value to the pipeline results expected in the next 3 years.
    I feel that a doubling of money in a three year timeframe is within reason.

    The valuation lid is the uncertainty as to whether RP would do a reverse merger with a low PE valuation. Buying both SIGA and PIP for a three or four year hold I see as less profitable then SIGA alone.

    But if SIGA gets delisted and goes on the Pink Sheets the price might get low enough to make these to change my current expectations.

    When the docket activity picks up I may need to revise my thinking again. Go figure. TLA

  • tla_usa tla_usa Sep 17, 2014 1:37 PM Flag

    The WSJ covered the Hearing at 10 am today (9/17.2014)
    "Today's purpose is to preserve the status quo," Judge Lane said
    The rest of the story is merely information from the Rose statement filed in the docket yesterday.

    Significantly there was no mention as to whether PIP would oppose the SIGA arrangement of avoiding the use of a Trustee or the avoiding of PIP becoming a debtor in possession.

    Significantly there was no mention of whether PIP would oppose on the grounds of ripeness.

    Significanltyl there was no mention of whether PIP would challenge to be the debtor in possession.

    Significantly there was no mention whether SIGA would want to stay portions of the appeal to the DelawareSC until after hearings by the bankruptcy court in NY to determine the amount of litigation reserve needed to proceed with an OldCompany NewCompany reorganization.

    This approach could conceivably would have the Bankruptcy Court in the drivers seat for a new record for damage award estimates. And this result would estop the award amount determination process in Delaware. But most critically it would enable SIGA to enter new evidence as to the uncertainty of satisfying the scientific challenges to meeting the FDA animal rule.

    Prior testimony from experts in Delaware did not cover this. Those experts had backgrounds in economics and were not qualified to introduce such evidence (and did not). This evidence would show that the monkey trial served to decrease the uncertainty of probability of success as to scientific challenges from about 1% to about 4%. And without success on the science pertaining to internal validity and external validity of the evidence to satisfy the FDA animal rule there could be no reasonable expectation of selling ST-246. The PIP money helped pay for a monkey trial that was not sufficient in principle to satisfy either internal validity or external validity.

  • tla_usa tla_usa Sep 17, 2014 5:01 AM Flag

    I do not know whether SIGA has the options noted in the top post of this thread.
    If they do then these options could have a major impact on the relative valuations of SIGA and PIP.
    I will be watching the docket activity.
    I am not sure that the price of SIGA will get low enough to please me. And even if it did I might not buy it.
    Go figure, TLA

  • **Alternatively, the bankrupt debtor may
    seek to have the civil action “removed” from
    the nonbankruptcy court, other than a U.S.
    tax court, to the bankruptcy court.46 Procedurally,
    the debtor must file a notice of
    removal with the district court and with the
    state court in which the litigation is pending.
    Once removed, the district court will then
    refer the case to the bankruptcy court. In
    most district courts, however, an order automatically
    refers the matter to the bankruptcy
    court, and the notice of removal can be filed
    directly in the bankruptcy court rather than
    the district court.**

    **If a litigant opposes removal to bankruptcy
    court, it can file a motion to remand
    or abstain in the district court.48 In deciding
    whether to oppose the removal, civil litigants
    should consider its consequences. Once a
    civil lawsuit is removed to the bankruptcy
    court, it becomes an adversarial action subject
    to the Federal Rules of Evidence and the
    Federal Rules of Civil Procedure to the extent
    that they are incorporated by the Bankruptcy
    Rules of Civil Procedure. Therefore, the rules
    governing discovery, evidence, and dispositive
    motions will likely be different than if the case
    were pending in state court and could affect28
    the outcome of the case.**

    **If an objection is made to the proof of claim,
    the bankruptcy court is entitled to have a
    hearing and receive evidence to determine the
    validity and amount of the claim.55 In addition,
    when a claim is contingent or unliquidated, the
    bankruptcy court is entitled to make an estimation
    of the amount of the claim to prevent
    undue delay in the administration of the case.56
    Because the bankruptcy court’s determination
    of the amount of the claim can collaterally
    estop that determination in state court, often
    litigants with pending civil actions will seek
    relief from the automatic stay to have the civil
    trial court liquidate the claim.**

  • tla_usa tla_usa Sep 16, 2014 9:48 PM Flag

    Part - 4
    (from Rose's statement)
    ++++++++The Court of Chancery then compounded its error by ignoring other postbreach evidence that clearly showed the speculative nature of PharmAthene’s damages case and should have led to no damages at all, or at most to a much smaller damages calculation. 

    For example, the Court ignored the fact that the first sale of Tecovirimat did not occur until 2013, instead speculating without any reasonable basis in fact that sales would have begun in 2010. This erroneous conclusion itself more than doubled the damages calculation. 

    Similarly, the Court, while relying on evidence of sales seven years post-breach, ignored the fact that only 2.0 million courses have ever been sold, instead speculating on the basis of a discredited model that 14.9 million courses were reasonably likely to be sold between 2010 and 2014. This utterly speculative conclusion also greatly inflated the calculation of damage+++++++++

    (from another docket document)
    Confirmation of a chapter 11 plan may result in a discharge of debts, which may include all or part of your debt. See Bankruptcy Code § 1141 (d). A discharge means that you may never try to collect the debt from the debtor, except as provided in the plan.

    If you believe that a debt owed to you is not dischargeable under Bankruptcy Code § 1141 (d) (6) (A), you must start a lawsuit by filing a complaint in the bankruptcy clerk’s office by the “Deadline to File a Complaint to Determine Dischargeability of Certain Debts” listed on the front side. The bankruptcy clerk’s office must receive the complaint and any required filing fee by that deadline]

    (more on BC code $1141 (d)(6)(A) in part -5 )

  • tla_usa tla_usa Sep 16, 2014 9:38 PM Flag

    Part -3 (from Rose's statement)
    +++++Although the Court of Chancery has not yet issued a final judgment specifying the dollar amountof such damages, SIGA expects it to be substantial – as much as $232 million (or more with post-judgment interest and attorneys’ and expert fees++++++++++

    +++++35. On August 18, 2014, PharmAthene submitted its expert’s calculations of damages and the Backup Material. Based on such calculations, PharmAthene stated that the amount of damages is approximately $232 million (inclusive of pre-judgment interest but exclusive of professional fees and expenses).

    On September 3, 2014, SIGA (reserving all rights to appeal) submitted its objections and damage calculations and asserted that, based on the methodology ordered by the Court of Chancery, the damages are approximately $173 million (inclusive of pre-judgment interest but exclusive of professional fees and expenses).+++++++++

    +++++++The BARDA Contract (without taking into account options) is worth approximately $463 million, including $409.8 million for procurement-related activities and $54 million of potential reimbursements related to development and supportive activities

  • tla_usa tla_usa Sep 16, 2014 9:20 PM Flag

    Part -2
    United States Bankruptcy Court Southern District of New York
    Identifier: gov.uscourts.nysb.252770
    Assigned-to: Judge Sean H. Lane
    Case-name: SIGA Technologies, Inc
    Court: nysb
    Date-case-filed: 2Part 014-09-16
    Docket-num: 14-12623
    Pacer-case-num: 252770

  • Part -1
    Notice of Hearing / Notice of Commencement of Chapter 11 Case and First-Day Hearing (related document(s)13, 8, 5, 3, 10, 9, 1, 11, 2, 6, 12, 14, 4, 7) filed by Stephen Karotkin on behalf of SIGA Technologies, Inc.. with hearing to be held on+++++++ 9/17/201++++4 at 10:00 AM at Courtroom 701 (SHL) (Karotkin, Stephen)

    Notice of Hearing / Notice of Commencement of Chapter 11 Case and First-Day Hearing (related document(s)13, 8, 5, 3, 10, 9, 1, 11, 2, 6, 12, 14, 4, 7) filed by Stephen Karotkin on behalf of SIGA Technologies, Inc.. with hearing to be held on ++++ 9/17/2014++++ at 10:00 AM at Courtroom 701 (SHL)

    Statement of Financial Affairs due ++++09/30/2014+++

    Incomplete Filings due by++++ 09/30/2014++++

    Initial Case Conference due by++++ 10/16/20140+++++

    Chapter 11 Plan due++++!/14/2015

    Disclosure Statement due by ++++1/14/2015+++

2.460.00(0.00%)Mar 13 4:00 PMEDT