Below is a detailed breakdown of the above activity in the executive suite:

• In Mar-07, Michael Donovan (previously CFO from 1999 to 2006) resumed his role as CFO
• Richard Hunt (CFO since 2006) subsequently remained in a transitional role.
• In Jul-08, Donovan was succeeded as CFO by Hai Tran.
• In Jul-11, Tran stepped down as CFO to pursue other business opportunities.
• Deirdre Kramer, Corporate Controller and SVP - Finance, was appointed as interim CFO following Tran's departure.
• In Aug-11, Timothy Pearson was appointed as permanent CFO.
• In Jun-10, Nick Grujich (COO since 2005) was appointed EVP - Strategic Business Operations.
• Richard Bates (EVP since 2009) was subsequently appointed COO.
• In Jul-08, Thomas Farah (General Counsel since Mar-02) transitioned into an advisory role.
• Farah was succeeded by Bruce Metge.
• Metge resigns effective 1-Mar-12.
• Benjamin Preston is named as Metge's replacement.
• David Blair has been CEO since 1999.

Scheid (age 58) has served as Chairman since Jan-04 and as a director since Dec-02. He also previously served as CEO from Apr-04 to Jan-06. In addition to being the sixth director to depart since 2007, Scheid will be the fourth person under the age of 60 to exit the board in that time. Glen Schafer (age 62) has been appointed to succeed Scheid as Chairman. He has been a director since Dec-07 as well as Chairman of the audit committee since May-08.

While the departures of Camus and Gould came with ample notification before the fact, the trend over the past five years shouldn't be ignored. With the exception of 2011, the company has witnessed at least one director departure every year since 2007. So far, there are already 2 planned for 2012. It should also be noted that 3 of the 9 departures were individuals under the age of 60. Camas and Gould will depart from the board at the ages of 63 and 65, respectively, years below the company's mandatory retirement age.

Jefferies Group Inc. (JEF)- $14.62 Mkt. Cap.- $2.9 B) New SEC Data Point Re-affirms Risk of Involvement in an Undisclosed SEC Investigation. In a letter dated 28-Sep-11, the SEC confirmed that this company was somehow involved in an active and ongoing investigation that appeared undisclosed at the time. In a letter dated 11-Jan-12, we received new information from the SEC suggesting, again, this company was involved in unspecified SEC investigative activity. We continue to find no disclosure of the same as of this date.

Medifest Inc. (MED)- $15.78 Mkt. Cap.- $244 mm) Possible, Undisclosed SEC Investigation. In a letter dated 6-Jan-12, we received information from the SEC suggesting this company was involved in unspecified SEC investigative activity. We found no disclosure of the same as of this date.

Full report here.

With ILMN trading between $50 and $55 per share after the announcement, the market thinks Roche or another suitor is willing to pay more. That may be the case. However, back-of-the-envelope analysis says $44.50 a share could already be rich.

The significant purchase price relative to tangible equity (9.4x) indicates that a substantial amount of goodwill and other intangible assets will result from the transaction. Such intangible assets are supposed to represent excess earning potential. ILMN's relatively stable growth rate combined with its gloomy future outlook (see below), however, has us wondering where that excess earning potential is going to come from.

On 25-Oct-11, ILMN announced a global restructuring program. As part of the program, ILMN indicated that it would cut approximately 200 employees (of an estimated 2,100) and record $15 million - $17 million in 4Q11 charges. In the announcement, ILMN cited "uncertainties associated with academic and government research funding and the global economic environment" as its reason for the workforce reduction.