Elan Corporation, plc (ELN) Message Board

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Biotech / Medical : Elan Corporation, plc (ELN)

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To: Robohogs who wrote (1732)	2/19/2002 2:34:37 PM
From: Bob Rudd	Read Replies (1) of 10345

Jon: This is a tough one to figure. Pessimism is clearly extreme...which in this Enron driven environment is understandable. More understandable, frankly, than Elan's convoluted financials. Which is why I'm going to keep this a very small position. Several directors buying 220+k shares at current levels is a big positive [If it's real...not covered by some backwater non-recourse loan]. I suspect there are some exciting 'Real options' buried in the R&D. Ideal situation would be a merger and if the values are similar to what you've layed out, this would be accretive to earnings and science portfolio of nearly any pharma. Thanks for clarifying the cash/stock net of debt thing and thanks again for the valuations. bob

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