Jeff Eiseman
Long only, deep value, special situations

How An Improved Damages Award Against SIGA Would Affect PharmAthene's Valuation

This article is about a legal dispute between PharmAthene (NYSEMKT:PIP) and SIGA (NASDAQ:SIGA) that I discussed in a previous article, and in its predecessor, both of which relate to a 2011 ruling by Vice Chancellor Parsons, and the Delaware Supreme Court's May 24, 2013 response, which remanded damages-related issues to the Vice Chancellor. On June 26, the Vice Chancellor held a status conference to discuss how to proceed. Below I describe what happened during the meeting that is relevant to valuing PharmAthene, discuss a new legal issue introduced and describe a damages remedy that, I argue, would be more equitable, less likely to be subject to manipulation by SIGA, and less susceptible to be...

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