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Biotech / Medical : Elan Corporation, plc (ELN)
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To: Harold Engstrom who wrote (3064)8/14/2002 1:15:16 PM
From: William Partmann  Read Replies (2) of 10345
 
Harold, things are never as bleak as I paint them, nor are they as rosy as the others believe. When a company changes from its stated goal, in my world, you reevaluate. I did, and I sold most of my holdings. Elan is not the company of 2 years ago. By the time they are finished reorganizing, who knows what they will be. Who knows what they will own. I hold what I have because there is no reason to sell at these prices. But I won't buy until there is some clarity. In fact, I may never buy again. Financial clarity, business plan clarity, and management clarity IMO are all missing. For me there are better and safer investments. And please, don't tell me about missing the bottom. Capital preservation is more important to me than the bottom.

Here's what I think Elan has to do to unlock value:

1. Resolve the SEC audit.
2. Dodge the poison put issue.
3. Get a RESPECTED CEO with experience in running a Pharma company, not a person who started a no-profit biotech or an accountant.
4. Revamp the Board of Directs.
5. Fire their investment bankers who probably planted the seeds in Geaney of buy now pay later.
6. Mend the fences with the FDA. If a Skelaxin generic comes out early, you know that the FDA is pissed at Elan.
7. Simplify the accounting.
8. Clean out the upper management.
9. Hire someone competent in marketing strategy.
10.Repair the IR department.
11. Have a raising revenue stream from drugs not fancy accounting.
12. Have a successful drug launch.

This is a long term project. I don't know if the company has the guts to do what is necessary. Time will tell.

Bill
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