Disciplined Investing, especially the NAIC way Message Board

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Strategies & Market Trends : Disciplined Investing, especially the NAIC way

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To: Steven Dopp who wrote (335)	7/2/2002 2:32:47 PM
From: - with a K	Read Replies (1) of 469

Looks like a great move to stop out of Elan with today's news. Wow, what a drop. Any case to get in at $1.95? - Kris DUBLIN, July 2 (Reuters) - Elan Corp (Irish:ELN.I - News; NYSE:ELN - News), the Irish drugmaker whose shares have crashed on accounting worries, said on Tuesday its business recovery plan and a drop in the value of its investments would result in "significant" charges. The news sent its punch-drunk shares even lower, halving the value of the company on the Irish Stock Exchange. The company also said it had sold certain royalty rights on some of its products -- effectively giving up some future revenue for cash -- but firmly rejected suggestions it was facing a liquidity crisis in servicing its debt. "There is a misperception out there that the company has a liquidity crisis, which is simply not the case," Chairman and Chief Executive Donal Geaney told Reuters. "The company has...substantially more cash than the sum of all its obligations over the next two years, so we have more than enough cash to meet our requirements." In a statement accompanying the firm's 2001 annual report for the U.S. Securities and Exchange Commission, Geaney said Elan faced "the most challenging time it its corporate history". 90-PERCENT CLUB Elan's stock has been beaten down more than 90 percent from 52-week peaks amid a global controversy over corporate accounting that has engulfed giants like Enron, WorldCom and Xerox. (snip)

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