Sanofi - Contingent Value Rig (GCVRZ)

[Enterprising Investor]

American Stock Transfer & Trust Company LLC recently resigned as trustee.

By resigning, it can now force Sanofi to pay all of its fees and expenses, including the costs of the CVR lawsuit. Pretty smart?

Sanofi wants to see how things play out. Of course, they do.

American Stock Transfer & Trust Company LLC is seeking a Speedy Hearing Pursuant to FRCP 57.

In addition, no successor trustee has been named by Sanofi.

Numerous letters from both counsels have been sent to Judge Daniels in the past two weeks.

I am not sure how the CVR compensation portion of the lawsuit will progress once American no longer acts as trustee. It is possible that an investor group is buying up CVRs in advance of playing a role similar to the Colonial BancGroup case.

Or, maybe Sanofi is buying up CVRs in the open market? Not sure it can be done without a tender offer.