Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Jdaasoc who wrote (30745)	2/18/2002 12:03:07 PM
From: Rich Wolf	Read Replies (3) of 99280

Last time I looked, BMY had not paid ANY money to IMCL. The initial 'investment' was an outright puchase of IMCL stock by BMY through a tender offer. Most of the IMCL BoD and execs unloaded shares at around $70. The rest must have been large institutions. Future investment from BMY was contingent upon IMCL attaining FDA approval and other development milestones. My initial analysis was that IMCL conned BMY into paying bribe money through the stock buyout. If IMCL mgt was truly interested in the success of their company they would have taken the cash in hand and issued new shares. Instead they ran for the exits. This suggests the path to nirvana is further than some had hoped. Just being cynical on my day off! OT I agree that the interest by Icahn could put IMCL into play. You, me, and the whole market are watching.

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