If he wasn't 'fired' but given opportunity to resign, I think he may of left since he wasn't offered a retention bonus like the other 3. I don't like retention bonuses especially in publicly traded companies where they have to file with SEC it just gives those who don't get them 'sour grapes'. Pay the key employees more in a new contract but these special bonuses can cause issues. Office politics happens at all levels I have seen it all!
This guy was making over a million and for what? Even Papa is way overpaid but IF he manages to turn around company he will be worth it. CEO's today in general of publicly traded companies are dramatically overpaid on any scale or metric used in the past 100+ years!
Yes, they are pretty pricy both directions. Makes more sense to write them in some cases versus buying them. I closed out some May 20th $26 puts I sold yesterday for $.13 today and still have a bunch of May 20th $27 puts I sold for $.45 several days ago and boy that has been a roller coaster ride!
All these retail traders that don't know how to trade should do something else for a living! Many are thanking you for your 'emotional' sale and are doing well today. Stock will most likely be 'pinned' at the $27.5 strike price today as Opex is today and 32k contracts open there. This stock will be back in the $50's to $60's before we know it and many will be kicking themselves for selling out!
Shorting a stock is too nerve wracking. I know I used to do it and lost some of the biggest money shorting things. Limited upside with unlimited downside is not the way to play a trade. Buying and holding forever doesn't work either these days it seems!
Good point. I wonder why this quarter is taking longer other than them going over every thing with a fine tooth comb due to all the scrutiny, etc? There will be a major announcement in the coming weeks regarding asset sales, earnings and other things and I wouldn't want to miss out on a big jump in price. Once the Canadian authorities allow senior management to buy shares again that could be a major lift as well.
Thats what I thought when they filed the 10k and we barely hit $38.50. Its just political that these bondholders send out this notice they will file well before deadline. Just more drama and another distraction. Since the 'savior' Papa has come aboard the stock is down 20%!
Yes, its ironic when the share price fell to the $60's from the $90's or $100's to the $90's (I can't keep up) Ackman was concerned but now that its at $25 and change nothing out of him. Not sure all that business school is worth it unless he goes and sells B&L for $20 billion plus and pays down most debt with it. That will guarantee share price in the $50's to $60's IMO.
I wrote out of the money puts yesterday and will now own more shares if she closes below $27. The way I see it that is good with analyst presentaion Monday and likely Canada lifting insider trade ban on management. B&L has to be sold off for @20 billion for VRX to do real well. I don't see having B&L and the large debt as viable long term. Either Ackman is stubborn or not very bright if he doesn't see that. We shall see as asset sales can take 3 months so it could be under way. As for now let the nervous nillies sell out of fear. The ones selling down here were the ones buying in the $200's! Brilliant, just brilliant I tells you!
He said he needs to know more. I think what he is saying is how the asset sales go to pay down debt, etc. and also how the next few quarters go with earnings and revenues.
Break up value of VRX is $65-$118 per several analysts. Stock has no business being below $50 IMO. If they just sell B&L for 20-22 billion the stock will be back to $60 minimum and perhaps $80 area. The question will we be able to hold when it gets to 40 or 50 or 60!
salt, I am actually in the 4 main ones (9.25 most of, 6.875 second with some 7.5's and 7.75's). Origionally I was in the 9.25 then sold those a few months before BK and bought less of the 6.875's at 10.25% plus accrued interest. This past week I was taking anything available under or around 6 cents. Do not touch the 3% ones I heard they are subordinate to the other unsecured hence why trading for a penny or so.
I opened an account with the Bond store since my brokerage was unable for a week to get me any bonds!
I agree and bought more. cccbondguy, I recommend you and any shareholders as well buy some more as well. With oil in the high 40's already (was in high 30's at time of BK) and the unsecured holders vigorously fighting(depositions begin tomorrow against CFO of EXXI and one of their advisors). The proposed CH 11 plan by management and 2nd lien there will be a long hard fight and I believe unsecured will end up with 20% and up to 30% if oil moves up a few more dollars to $50.
Agreed. Also, some analysts were pricing the value of B&L at $20 billion and its their most stable and double digit growing business. Still makes sense to sell it for that amount and save 1.5 billion a year in interest which exceeds net profit from that division when interest is factored in IMO
Chanos who has been wrong on many of his picks has just got a punch from Citron and Left who were former shorts of Valeant.
Valeant will be a bad pick for Chanos from here and on.
I wouldn't be surprised if Chansos comes out in a few days and says he covered and went long as his colleague did.
Citron and Left who raised the Philidor issue reverses their stance and gives Valeant a clean bill of health. It is obvious that the people that were totally negative on VRX have now turned the page and strongly believe in VRX enough to buy shares into the company.
When shorts of this magnitude go long you can expect that floor has already been reached and the upside is huge.
Bigger than most retail realizes. When one of two prominent short sellers who were correct in their call not only closes out position but actually goes long speaks volumes. $30 this week for sure IMO
Until Ackman and the larger holders realize this stock will never see $150 again the way its structured and unless they sell B&L and other assets to pay off the debt it will underperform IMO. Break up value of VRX is $65-$118 depending on which analyst is being quoted.
Im in where do I sign up for one? Would love to sue Jim Chanos as well and the people in congress who 'leaked' private emails of the company to hurt it.
It has been written by analysts B&L is worth 20 Billion. It has been growing double digits since VRX bought them plus VRX integrated its own eye care business into it so its a lot larger than it was prior to them buying it. I have blocked so many bashers here because they live on this message board and are obsessed with hurting VRX either they are paid, short or are insane or all!
These same bashers btw said not to touch gold or miners and one would of missed a 100% move up in many miners this past few months listening to them.
He probably bought at $26 and sold near $38 which means he probably bought again or is buying again here. Almost a 50% profit so he took it. CNBC is in the tank for the DNC and Cramer so its no surprise they try to put any negative spin on Valeant no matter what.
IF that rumor is true about getting north of $20 billion for B&L the stock will gap up $20-$30 points IMO. Thats what matters. I would love Carl Ichan taking a stake in VRX that would move it a lot more than most if not allmoney managers.