Jeff Eiseman
Long only, deep value, special situations

What The Judge's Award Means For PharmAthene's Value/Share: A Data-Based Analysis

Friday night, Vice Chancellor Parsons wrote his opinion in the on-going legal dispute between PharmAthene (NYSEMKT:PIP) and SIGA Technologies (NASDAQ:SIGA). Parsons issued two documents: a 55-page memo describing his remedy for SIGA's breach of its contractual obligation to negotiate in good faith and a much shorter implementing order that provided the details for how the award was to be calculated.

In 2011, he imposed an income stream remedy, but SIGA appealed. Last May, the Supreme Court upheld his finding that SIGA had breached its contractual obligation, but remanded the remedy. There were several issues, including that the remedy needed to be based on contract law, and that the remedy needed to be based upon the two...

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