View as an RSS Feed
Lemelson Capital Commends Kulicke And Soffa Board And Management On Share Repurchase Program
- 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
- 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
- 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
- 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
- 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)
- 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
- 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
- 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
Update: The Short Case For World Wrestling Entertainment
- 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
- 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'
- Apple's Crime And Punishment
- Update: Why We're Still Buying Skechers Stock
- Is Western Digital An Ideal Acquisition Target?
- Another Look At The Low-Cost Building Blocks Of Storage - Part 2
- Another Look At The Low-Cost Building Blocks Of Storage - Part 1
- Buying Glass And Other Problems With Interventions
- Update: Western Digital Q4 2012 Results
- The Prime Minister's 'One Dollar' Bets: Part 1
- The Prime Minister's 'One Dollar' Bets: Part 2
- On The Value Of Users, Hard Drives And Batteries - Part 3
- On The Value Of Users, Hard Drives And Batteries - Part 2
- On The Value Of Users, Hard Drives And Batteries - Part 1
- Silver Platters, Annie Oakley And 'The Sidelines'
- Corning From Another Perspective
- Did Seagate Just Tip Western Digital's Hand?
- Wait: That Was Our Price Target ... And Other Musings On Memory And Storage
- Update: How We Made Investors Money On Cisco
- American Greetings: The Triple 'W' Stock
- Hard Drives, Floods, Monasteries And Investment Returns
- Why We're Still Buying Skechers Stock