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Strategies & Market Trends : Take the Money and Run

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To: Jorj X Mckie who wrote (7208)	7/2/2002 9:08:01 PM
From: Dave Gore	Read Replies (2) of 17639

Anybody following the ELN fiasco? Stock at 1.65 and C.C. going on now in Dublin. They have a really good pipeline but I can't figure out what this bloody thing is worth. I guess the market will tell us tomorrow. Any thoughts on it? From Merrill's report: ..."Elan said earlier Tuesday that it may have to take non-cash impairment charges in the second quarter to reflect the loss in value of its investments and other holdings in emerging biotech and pharmaceutical companies and the charges would be significant. The stock lost 45 percent in early trade Tuesday and has lost more than 90 percent since accounting concerns surfaced earlier this year." From Yahoo: (anyone read the article? Is this what was said?) "WSJ article had Elan pegged by: orioles70 07/02/02 08:25 pm Msg: 60929 of 60941 looks like the WSJ was right about all the games going on at Elan - they're more interested in financial parlor tricks than actually developing drugs it's a shell game set up a hundred JVs loan them 20 MM each have them give 15 MM back count that as revenue and that was just the beginning the "paper" losses today are very real just because they don't have to sell securities now doesn't mean they are free to pretend that things are worth more than the market says they are Elan is a den of thieves"

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