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Biotech / Medical : VD's Model Portfolio & Discussion Thread
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To: Vector1 who wrote (9081)12/30/2001 8:29:03 PM
From: Harold Engstrom   of 9719
 
From the TSC article this weekend (http://www.thestreet.com/_yahoo/tech/adamfeuerstein/10005978.html):

"As Imclone shares sink because of the Erbitux delay -- no matter how long it ends up being -- investors who are losing money also are going to be reminded that Sam Waksal, his brother and company COO Harlan Waksal, as well as other Imclone executives, already have hit the best kind of jackpot -- tens of millions of dollars in cash that isn't impacted one bit by Erbitux's problems.

"As part of Bristol-Myers' tender offer for 20% of Imclone, the company's executives were able to cash out a significant portion of their shares -- something first reported by TheStreet.com in September. Sam Waksal's take: approximately $36 million, according to company documents filed by the SEC. Harlan Waksal cashed out to the tune of $54 million, while company chairman Robert Goldhammer netted $25.5 million.

"Ordinary investors also won because they were able to sell roughly 20% of their Imclone stake to Bristol-Myers, and at a healthy premium. But investors didn't get their Imclone shares for free, as did the Waksal brothers and other company executives -- who benefited mightily from stock purchases last summer financed with loans from the company -- at the same time they were negotiating the Bristol-Myers deal."

V1, Thanks for the New Year's wishes. My family wishes yours a happy year. Hope we get to see you next time you fly in.

H
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