Elan Corporation, plc (ELN) Message Board

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Biotech / Medical : Elan Corporation, plc (ELN)

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To: Qualified Opinion who wrote (3426)	10/22/2002 12:27:31 AM
From: biostruggle	Read Replies (2) of 10345

Elan has to maintain collateral equal to QSPE even though due in 2004 and 2005. That is where tie up of cash comes from. The original QSPE are short 450 million, so Elan has to put up more cash in kitty or other investments. Elan has 1 billion in cash in 4 th q. A lot is tied up. 450 million supporting QSPE 250-300 million needed for operations. Assumes no operating losses in 2003 and 2004 Only leaves 250-300 million left for 1.25 billion liabilities next year. So they need at least 1 billion in additional asset sales. Shorts do not believe Elan can pull it off.

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