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G. Hudson  

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  • Despite SIGA's Claim, The Supreme Court Will Speak Soon And PharmAthene Will Fare Well [View article]
    The main benefit of the long wait is that it basically eliminates the likelihood of VC Parsons involvement since he is supposed to retire on October 22nd. For SIGA supporters this is major. For PharmAthene supporters- If this case is overturned and remanded as I believe it will be, VC Parsons hasn't done either company a favor with his damage awards.
    Aug 19, 2015. 09:02 AM | Likes Like |Link to Comment
  • PharmAthene Vs. SIGA: Does Vice Chancellor Parsons' Expectation Damage Award Meet The 'Reasonable Certainty' Standard? [View article]
    This just in oral hearing set on Wednesday October 7, 2015 at 11AM for PharmAthene vs. SIGA - http://1.usa.gov/1J16ogH
    Aug 18, 2015. 02:47 PM | Likes Like |Link to Comment
  • PharmAthene Vs. SIGA: Does Vice Chancellor Parsons' Expectation Damage Award Meet The 'Reasonable Certainty' Standard? [View article]
    Though I strongly believe SIGA will win this battle and PharmAthene's stock will take a major hit, I believe a strategy of buying both stocks will actually make an investor a nice return especially since we know that VC Parsons is retiring. Of course, if you pick the winner in this battle, you will definitely have a fantastic return because both stocks are priced as if they both will lose this legal battle.
    Aug 18, 2015. 09:04 AM | Likes Like |Link to Comment
  • Despite SIGA's Claim, The Supreme Court Will Speak Soon And PharmAthene Will Fare Well [View article]
    Jeff-

    Interesting article- I still believe Parsons' latest ruling will be overturned by the Delaware SC and they will do a better job of giving Chancellor Parsons guidance as to what his options are- "reliance damages" probably around $600,000 or possibly an "unjust enrichment" award which would not be significantly more than the reliance damage award
    .
    Prior to Parsons' ruling, I don't remember any articles by you that actually believed that a lump sum expectation damage was even possible so I don't know how you can get to believing the SC will uphold the award. I believe the delay from a 60 to an almost 90 day turnaround bodes well for SIGA shareholders since if this case was going to be affirmed, we probably would already have a ruling by now so I would be careful jumping into PIP's stock even though it has come down. There may be a reason for that.
    Aug 6, 2015. 01:34 PM | Likes Like |Link to Comment
  • Solazyme Provides A Progress Update On Moema [View article]
    How expensive is Encapso per MT as compared to what is currently being used and what is the price of a MT of Encapso?
    May 11, 2015. 09:35 AM | 3 Likes Like |Link to Comment
  • SIGA Technologies: Uncovering Hidden Value In Bankruptcy [View article]
    Pure fiction without any substance but good luck with your fantasy.
    Mar 21, 2015. 08:10 AM | Likes Like |Link to Comment
  • SIGA Technologies: Uncovering Hidden Value In Bankruptcy [View article]
    I talked with the clirk of the Supreme Court and she indicated SIGA had filed their opening brief on March 2nd.
    Mar 18, 2015. 03:55 PM | Likes Like |Link to Comment
  • SIGA Technologies: Uncovering Hidden Value In Bankruptcy [View article]
    Excerpts from PharmAthene's 2014 press release:

    http://bit.ly/1b4DUX1

    "At December 31, 2014, PharmAthene had cash and cash equivalents totaling approximately $18.6 million, compared to $10.5 million at December 31, 2013."

    "The increase in cash in 2014 resulted from net proceeds of approximately $18.1 million raised through the sale of the Company's common stock under a Controlled Equity Offering Agreement, and $0.7 million in warrant exercises, partially offset by $8.5 million in net cash used in operations and $2.1 million used for other financing activities."

    "For the year ended December 31, 2014, PharmAthene's net loss was approximately $10.0 million, or $0.17 per share, compared to a net loss of $11.7 million, or $0.23 per share, for the prior year."


    "The Company expects its cost-saving initiatives will preserve cash and cash equivalents sufficient to finance its operations beyond the adjudication of the appeal of the decision of the Delaware Chancery Court awarding PharmAthene $195 million plus post-judgment interest."

    HERE IS WHY THIS LAST EXCERPT IS MISREPRESENTING THE TRUTH-

    1) At December 31, 2014, PharmAthene had $18.6 million in cash & cash equivalents,

    2) For the full year of 2014 PIP only had a $10.0 million net loss WITH ONLY $8.0 million of that loss as net cash used in operations IN A YEAR THAT THEY WERE FULLY OPERATING WITHOUT CUTBACKS

    SOOOOOO- The $18.6 million in cash at 12/31/14 is sufficient to cover ALL cash operation needs for TWO YEARS even if they continued to operate WITHOUT LAYING ANYONE OFF!!!!!

    FACTS-

    1) The SC will rule on this case within the next few months

    2) If PharmAthene wins - SIGA has over a $100 million in cash that will be immediately be available to PIP plus the rights to millions of more cash from future BARDA payments

    MY BELIEF- I still own both stocks though I sold off over half of my PIP shares after this announcement- PharmAthene knows they have a slim chance of winning this battle before the SC so they are making sure they have enough money to have- "sufficient to finance its operations beyond the adjudication of the appeal of the decision of the Delaware Chancery Court"
    Mar 12, 2015. 10:34 AM | Likes Like |Link to Comment
  • SIGA Technologies: Uncovering Hidden Value In Bankruptcy [View article]
    So you think the SC is either going to string this out or overrule the damage award????

    #1 The SC is going to rule soon (within months) so that can't be the reason can it - hmmmmm

    Otherwise the SC has to rule on this case soon (probably within the next few months) so if they were to rule in favor of PharmAthene then SIGA would have to either pay PIP the award or turn control over to PharmAthene - if that is what PIP's management believes then no reason for massive layoffs & the president stepping down - right???
    Mar 11, 2015. 09:21 AM | Likes Like |Link to Comment
  • SIGA Technologies: Uncovering Hidden Value In Bankruptcy [View article]
    Does this sound like a company that is confident they will receive a $200+ million dollar award? -> From PharmAthene's 2014 financial results transcript-

    http://bit.ly/1Monkgd

    "In connection with the realignment plan, PharmAthene plans to reduce its staffing levels by approximately two thirds. Eric Richman, President and Chief Executive Officer, will remain a member of the Board of Directors, but will no longer serve as an Officer of the Company after March 11, 2015. He will continue to play a key role in managing the ongoing litigation, other legal matters and strategic transactions in his role as Director. Linda Chang will continue to serve as Chief Financial Officer through April 30, 2015. In accordance with meeting cost-saving objectives, the Board will be reduced from eight members to six and Messrs. Joel McCleary and Brian A. Markison intend to resign from the Board."
    Mar 10, 2015. 09:21 AM | Likes Like |Link to Comment
  • How The Big Players Manipulate The Stock Market [View instapost]
    Good post. The stock market has little to do with the actual valuation of a stock- the value of a stock is run up beyond its true worth when the major players get behind it and down below its true worth when they need to drive it the other way.

    I wonder how much of the Lumber Liquidators was about driving the stock down as a result of the people behind the story versus the real truth. I can't say myself but it wouldn't surprise me if the shorts made it up using their version of the story which used some borderline research to support their lie.
    Mar 4, 2015. 09:38 AM | Likes Like |Link to Comment
  • SIGA Technologies: Uncovering Hidden Value In Bankruptcy [View article]
    Your comment: "However, if the judge can use the BARDA contract then the ruling is fair to SIGA and should end this matter."

    My comment: That's a big IF

    I still believe this time Judge Parsons will be even more boxed in by the SC and he will be forced to award reliance damages only- $200,000 to $300,000.

    NOTE: I own both companies - (significantly more shares of SIGA) - If PIP wins - I should at least break even on the investment as to where the stocks are currently trading - IF SIGA wins- I'll hit a homerun and be up significantly
    Feb 27, 2015. 10:24 AM | Likes Like |Link to Comment
  • SIGA Technologies: Uncovering Hidden Value In Bankruptcy [View article]
    Peqod,

    So if it was so obvious that SIGA was going to earn profits, why did Judge Parsons rule that it would be to speculative to award "expectation damages" in his September 22, 2011 Opinion (almost 5 years after the dispute occurred)-

    http://bit.ly/1Fxxjxf

    Judge Parsons September 22, 2011 Opinion

    (Page 80)

    "This case presents a particularly vexing question as to the difference between damages that are speculative and those that merely lack mathematical precision. On the one hand, even a consummated license agreement between PharmAthene and SIGA in accordance with the LATS still would subject PharmAthene to the possibility that it might not profit at all for a host of reasons. For example, ST-246 might never receive FDA approval, there are no guaranteed purchasers of ST-246, and research delays or problems in animal trials might prevent ST-246 from reaching a viable market in a timely fashion. Because under even a fully-consummated license agreement there would be a plausible chance that PharmAthene would make no profit, PharmAthene’s claimed expectation damages could be considered, in a literal sense, to be merely speculative."

    (Page 84)

    "Applying these precedents to the facts before me, I conclude that I cannot award PharmAthene the present value of its estimated lost profits on a license agreement that (1)"

    (Continued on Page 85)

    "would have contained the risk of receiving no profits and (2) was never consummated, because such an award would be speculative. Nevertheless, it is possible that, in an appropriate case, permissible expectation damages for breach of an agreement to negotiate in good faith may include the net present value of whatever the parties had, or in good faith demonstrably would have, agreed to exchange at the time that the breach occurred."

    MY COMMENT- So apparently you think that anyone fighting over expectation damages can wait almost 8 years to get a decision as to whether there are profits available to estimate an expectation damage award. It would seem kind of obvious that this is not the intent of the law. Time will tell and I look forward to the SC's ruling.
    Feb 26, 2015. 09:51 AM | Likes Like |Link to Comment
  • SIGA Technologies: Uncovering Hidden Value In Bankruptcy [View article]
    earljr1-

    Expectation damages must be calculated based on the information available at the point of the initial dispute- December 2006. On rare occasions, additional information after the filing of a court dispute has been allowed to be used (usually within a few months - not 7 years later).

    So if you read Judge Parson's ruling, he openly admits that he can't use current information because it was not knowable at the time of the dispute.

    A lot of people on this board are making judgments about when & how expectation damages can be awarded without understanding the limitations of awarding them.
    Feb 25, 2015. 10:04 AM | Likes Like |Link to Comment
  • SIGA Technologies: Uncovering Hidden Value In Bankruptcy [View article]
    I agree this is a circular argument and in the very near future you will finally be able to figure out that I am right. Keep on believing how you think the SC ruled but time is on my side.
    Feb 23, 2015. 11:04 AM | Likes Like |Link to Comment
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