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  • Fr. Emmanuel Lemelson On Recent Sell-Off In Equity Markets, Amvona Fund's Long And Short Positions
    Sat, Oct. 18 AEO, KLIC, LGND Comment!

    Summary

    • Fr. Emmanuel Lemelson’s new broadcast interview on the recent sell-off in the equity markets, and the existing and potential impact of the Ebola scare.
    • Interview includes Lemelson’s commentary on AEO, KLIC, LGND and WWE.
    • Lemelson also discusses the firm's long position in shares of Apple Inc., including Carl Icahn’s recent letter to Apple CEO Tim Cook.
  • Fr. Emmanuel Lemelson On Apple And The Positive And Negative Aspects Of Capital Formation In Public Market
    Thu, Sep. 18 KLIC, LGND, WWE Comment!

    Summary

    • On September 16th, Rev. Fr. Emmanuel Lemelson, Founder & President of the Lantern Foundation and CIO of Lemelson Capital Management was invited onto Benzinga Pre Market Prep Show.
    • The Interview includes in-depth discussion on the firm's significant commitment in AAPL, as well as the firms long position in WWE and KLIC and short position in LGND.
    • Includes commentary on the positive and negative possibilities for capital formation in public market.
  • Lemelson Capital Commends Kulicke And Soffa Board And Management On Share Repurchase Program
    Thu, Aug. 28 KLIC Comment!

    Summary

    • Kulicke and Soffa accepts Lemelson Capital’s April 23rd, 2014 recommendation.
    • Kulicke and Soffa said its Board of Directors has authorized a repurchase of up to $100 million of the company’s common shares, effective immediately.
    • Kulicke and Soffa is a stable, highly cash generative business that continues to be radically undervalued.
  • Ligand Pharmaceuticals: Institutional Holders Wasting No Time Dumping Stock In Response To Mounting Insolvency And Bankruptcy Risks
    Fri, Aug. 22 LGND 16 Comments

    Summary

    • Ligand’s largest Shareholder BVF, Inc. sells 484,524 shares.
    • Total transaction cost of recent bond offering total 18.5 percent ($45.3 million) in first year.
    • Cost of preferential treatment of institutional shareholders at the expense of ongoing shareholders raises insolvency and liquidation concerns.
  • Lemelson Capital Says Ligand Pharmaceuticals' Debt Issuance Solidifies Company's Insolvency, Substantially Raises Specter Of Bankruptcy
    Thu, Aug. 14 LGND 7 Comments

    Summary

    • Firm also Comments on Failed Kyprolis® Clinical Trial.
    • Real cost of debt disguised in up-front derivative hedge.
    • Debt service expense and prospective dilution likely to increase exponentially.
  • Update: Lemelson Capital Further Increases Short Stake In Ligand Pharmaceuticals As EPS Plunges 76% In Q2 2014
    Mon, Aug. 4 LGND 10 Comments

    Summary

    • Q2 2014 EPS plunged 76% from Q2 2013. Severe competitive threats to key royalty programs have not yet taken effect.
    • While earnings are down 76% year over year, contingent liabilities are up roughly 148%.
    • Management continues a policy of extraordinary shareholder dilution through stock-based compensation that exceeds by a significant margin the company’s net income from continuing operations.
  • Ligand Pharmaceuticals: Appendix
    Thu, Jul. 3 LGND 7 Comments

    Summary

    • Lemelson Capital further increases short stake and reaffirms 100% downside risk in Ligand Pharmaceuticals.
    • Ancillary applications for Promacta® and Kyprolis® not commercially viable, Duavee® sales remain immaterial.
    • Related party transaction with Viking Therapeutics deserves close scrutiny.
  • Capital Allocation As Stewardship (Video)
    Thu, Jun. 19 LGND 4 Comments

    Summary

    • On June 19th, Rev. Fr. Emmanuel Lemelson, Founder and President of the Lantern Foundation was invited onto Benzinga to discuss the theme of capital allocation as stewardship.
    • It includes in-depth discussion on WWE and LGND.
    • Shares of LGND dropped as much as 2% during the interview.
  • Ligand Pharmaceuticals - Severe Competitive Threat To Key Royalty Program And 'Going Concern' Risk Drive 100 Percent Downside
    Editors' Pick • Mon, Jun. 16 LGND 16 Comments

    Summary

    • Revenue and profits highly concentrated in one (single-sourced) product, and essentially two royalty agreements, one of which is set to decline precipitously.
    • Based on recent FDA comments, Gilead’s revolutionary Sovaldi drug will virtually eliminate demand for Promacta, which is Ligand’s largest royalty generating asset, accounting for as much as 72 percent of Ligand royalty revenue as recently as Q4 2013.
    • When backing out intangibles from the balance sheet, net shareholder equity is approximately minus $4 million.
  • Lemelson Capital Announces Stake In World Wrestling Entertainment And Calls On Board To Pursue New Management Or Ownership
    Fri, May. 16 WWE 11 Comments

    Summary

    • Lemelson Capital, previously short the stock, announces a new stake in company.
    • Ongoing losses, operating failures, material misstatements warrant and require urgent executive management changes or a sale of the company.
    • Underlying business has value, but not under current management.
  • Open Letter To Kulicke & Soffa's CEO
    Tue, Apr. 22 KLIC 32 Comments
  • Update: The Short Case For World Wrestling Entertainment
    Tue, Apr. 8 WWE 9 Comments

    Summary

    • Shares of World Wrestling Entertainment fairly priced between $8.25 and $11.88 - OTT network subs don't cover costs.
    • Losses likely to snowball beyond Q1 2014.
    • Existing subs may cancel post historical largest PPV event.
  • The Short Case For World Wrestling Entertainment
    Mon, Mar. 17 WWE 24 Comments

    Summary

    • Financials Performance trending down for multiple years - excessive dividends and losses eroding financial profile rapidly.
    • Execution has been sub-par - management consistently under-delivers.
    • Shares probably overpriced by at least 275%.
  • Update: American Greetings Corp. And The Triple 'W'
    Apr. 2, 2013 AM Comment!
  • Apple's Crime And Punishment
    Mar. 13, 2013 AAPL 57 Comments
  • Update: Why We're Still Buying Skechers Stock
    Dec. 10, 2012 SKX 2 Comments
  • Is Western Digital An Ideal Acquisition Target?
    Oct. 31, 2012 WDC 14 Comments
  • Another Look At The Low-Cost Building Blocks Of Storage - Part 2
    Oct. 22, 2012 WDC 5 Comments
  • Another Look At The Low-Cost Building Blocks Of Storage - Part 1
    Oct. 22, 2012 WDC Comment!
  • Buying Glass And Other Problems With Interventions
    Sep. 7, 2012 GLW 22 Comments
  • Update: Western Digital Q4 2012 Results
    Jul. 27, 2012 WDC 6 Comments
  • The Prime Minister's 'One Dollar' Bets: Part 1
    Jul. 20, 2012 AM-OLD, GLW, GM 1 Comment
  • The Prime Minister's 'One Dollar' Bets: Part 2
    Jul. 20, 2012 BRK.A Comment!
  • On The Value Of Users, Hard Drives And Batteries - Part 3
    Jun. 13, 2012 WDC 5 Comments
  • On The Value Of Users, Hard Drives And Batteries - Part 2
    Jun. 13, 2012 WDC Comment!
  • On The Value Of Users, Hard Drives And Batteries - Part 1
    Editors' Pick • Jun. 13, 2012 FB 10 Comments
  • Silver Platters, Annie Oakley And 'The Sidelines'
    May. 1, 2012 WDC 7 Comments
  • Corning From Another Perspective
    Apr. 25, 2012 GLW 10 Comments
  • Did Seagate Just Tip Western Digital's Hand?
    Apr. 19, 2012 WDC 2 Comments
  • Wait: That Was Our Price Target ... And Other Musings On Memory And Storage
    Mar. 23, 2012 WDC 9 Comments
  • Update: How We Made Investors Money On Cisco
    Feb. 21, 2012 CSCO 3 Comments
  • American Greetings: The Triple 'W' Stock
    Jan. 9, 2012 AM 9 Comments