"What do I think of the Belrose relationship outside of the sweet deal they received? "
As you said, Belrose is a startup. I suppose I'll wait for those trial updates. Did the Hisun disagreement get settled? Has Belrose updated any progress on their website under news and events since june 20 13?
The activists have spent the last six years milking Bessie's big cow teats, and shareholders since 2009 haven't reaped any value even after $4.15 in special dividends (not including the .50 being paid on the upcoming ex date which everyone knows by now).
The answer is $800K for the IP sale. I didn't remember. I had to search the board messages to find the answer. Great deal for a 3 month startup! How much are the NOL's? I think I remember 100M+.
So how long are Bessie's teats going to be milked before the Belrose sweet "cheese" deal matures enough to actually benefit ENZN shareholders in your estimation?
if my questions to lilduckdong get answered. For everyone else understand that this is an ambiguous situation, There will be a .50 dividend paid on 8/13 and the price will drop .50 on that date. Yes there are big investors in ENZN and they may have a plan with Belrose or others.
However the past here has shown they haven't created any real value for shareholders thus far. Traders maybe. The past isn't the future but its still important.
due bill - look it up and see my previous post about special dividends and honeypots. Confusion abounds. Special dividends often have longer payout date (ex-dividend) from the record date than regular dividends.
lilduckdong - Another question. Why is ENZN paying a special dividend yearly with it's "special" characteristics instead of a quarterly dividend of say .12? If the money is there, why not make it a more standard dividend and something that would better stabilize the share price for stockholders?
There's honeypot or someone wouldn't be doing it.
Lilduckdong - since you're a solid position holder alongside Carl, could you remind the board again how much Belrose Pharma paid for their ENZN assets? I've forgotten.
At this point ol' Bessie is getting hard to pump for milk. How's Belrose doing with that sweet IP deal?
have traded since mid April or about six times the shares outstanding. That's a lot of moo la.
Several years ago the institutional holding were over 100% of the float, with about 6-7M shares short. At that time this stock traded at close to $10 and company bought back shares. I think Icahn pushed for the buyback but I'm not sure. If I remember the filings correctly, they spent about 100M in cash on that buyback, then the price cratered to $6-7 shortly after they announced they would no longer continue it. The hedges made money. Then the special dividends started, depleting cash further, followed by the selling of their IP on the cheap and the downsizing of the company.
For the seven years that I've followed poor ol' Bessie, she's been a great milking cow. I hope there's a grand plan with Belrose Pharma that will benefit long term shareholders. If not, this cow will be sent to meat packing plant .
Long term sentiment: When the dividends stop being special, maybe they will use the money to make a biscuit that can rise.
Ol' Bessie loves this attention and she certainly deserves it. Her milkshake brings all the boys to the yard.
This one is certainly a milking special. The context is what's questionable. Bessie and Belrose. You decide for now.