Jeff Eiseman
Long only, deep value, special situations

PharmAthene Vs. SIGA: Rebutting G. Hudson's 'Potential Award' Article

G. Hudson just published an article about the outcome of the suit between PharmAthene (NYSEMKT:PIP) and SIGA Technologies (NASDAQ:SIGA). The context is that in 2011, Vice Chancellor Parsons ruled that SIGA had both violated the doctrine of promissory estoppel and breached its contractual obligation to negotiate in good faith. He imposed a remedy consisting of an income stream that was to be paid only when there were profits, and he based the form of his remedy upon his finding that SIGA had committed both acts.

In May 2013, the Supreme Court agreed that SIGA had breached its contractual obligation to negotiate in good faith, but found that the doctrine of promissory estoppel did not apply because...

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