If the plaintiffs succeed they get paid par..the bonds are worth 88 now and they cover their short and make whatever. If they lose they eat the dividend and have a $6.25 conversion price.
My thinking is the judge tells MACK to put $47 million plus interest into escrow and the suit will go forward. MACK is NOT going to pay it off as I agree they did not sell the majority of the company. They have $33 Million due from Shire which they said they expect in 2017. They have the come line bet of the $450 Million from Ipsen. We have Peters. Worst case is they pay $1.00 a share in May and we go forward. Best case is the converts case gets tossed and they have to scramble to cover. Watch the options to see if they hadge their bets.
Recent MACK News
- Form 15-12G - Securities registration termination [Section 12(g)] • Edgar (US Regulatory) • 05/20/2024 08:05:28 PM
- Form 25 - Notification of the removal from listing and registration of matured, redeemed or retired securities • Edgar (US Regulatory) • 05/10/2024 08:45:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/10/2024 08:43:01 PM
- Merrimack Pharmaceuticals, Inc. Announces Stockholder Approval of Plan of Dissolution And Cash Liquidating Dividend Amount of $15.10 Per Share of Common Stock • Business Wire • 05/10/2024 08:30:00 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/09/2024 11:45:25 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 11:43:00 AM
- Merrimack Pharmaceuticals, Inc. Announces Anticipated Final Cash Dividend Amount of Initial Liquidating Distribution, Subject to Receipt of Stockholder Approval of Plan of Dissolution • Business Wire • 05/09/2024 11:30:00 AM
- Merrimack Pharmaceuticals Announces Notification of Plan to Voluntary Delist Common Stock on NASDAQ Subject to Receipt of Stockholder Approval of Plan of Dissolution • Business Wire • 04/30/2024 09:15:00 PM
- Merrimack Receives $225 Million Milestone Payment from Ipsen • Business Wire • 03/27/2024 08:30:00 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 03/07/2024 09:42:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/07/2024 09:39:03 PM
- Merrimack Reports Full Year 2023 Financial Results • Business Wire • 03/07/2024 09:30:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/07/2024 09:15:29 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 03/07/2024 05:29:51 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 03/05/2024 09:44:02 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 09:20:24 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 02/13/2024 09:26:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/13/2024 09:22:56 PM
- Merrimack Reports Ipsen Announcement of Approval By The US FDA of Onivyde® (Irinotecan Liposome Injection) Plus 5 Fluorouracil/Leucovorin and Oxaliplatin (NALIRIFOX) as a First-Line Treatment for Metastatic Pancreatic Ductal Adenocarcinoma (mPDAC) • Business Wire • 02/13/2024 09:18:00 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 01/25/2024 09:05:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/28/2023 09:05:12 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 12/13/2023 09:05:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/11/2023 09:05:08 PM
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