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Fish I admire you for your ability to adapt to the circumstances and go with the flow. Great post
That's a good question uzual, I hope someone with strong legalease can give an answer a bit more substantial than mine. IMO it depends on their strategy which the EC has already said they can't divulge. Before they file the reorg plan publicly they are supposed to let the EC know in advance. They didn't have to before because EC wasn't recognized (ethically they should have but no more needs to be said on that one). I would imagine since they know the tenets of what an acceptable agreement could look like, it "technically" shouldn't take long to pull a response together. Depends on their strategy. I recall that they filed a motion somewhere around midnight before one of the last two hearings, which I interpreted to be strategic in that the other sides couldn't respond quickly. EC attorneys no slouches anyway. I would not have the emotional fortitude to be an attorney cause I would want to "come out swinging"in response to some of these motions. As many have said, it's quite a chess game. GLTA
In terms of the letter, I believe you have to be at least an attorney to add documents to the case file. Clerk is an instrument in the process, as I understand it. Not even sure if Judges can add documents. Others on the board would know the answer to this.
There's news out about CTIC through Financial Wire. Don't have access. Anyone? Could be nothing or the old news of Monday's meeting.
March 24, 2010 (FinancialWire) -- Entest BioMedical (ENTB created three bone marrow-derived stem cell lines useful for optimizing laser intensities and wavelengths in laser enhanced stem cell therapy, with the long-term potential to develop these stem cell lines to create therapies for COPD.
Other recent FinancialWire(tm) news items pertaining to the oncology and stem cell sectors today include Cell Therapeutics, Inc. (CTIC) go to http://www.financialwire.net/?s=%22%28NASDAQ%3A+CTIC%29%22), BioSante Pharmaceuticals, Inc. (BPAX
BPAX BIOSANTE PHARMACEUTICALS, INC.
1.87
Change +0.13 (+7.47%)
AS OF 4:00 PM ET 03/23/10.
Myriad Genetics, Inc. (MYGN
Nektar Therapeutics (NKTR
Genomic Health, Inc. (GHDX
GHDX GENOMIC HEALTH, INC.
18.64
Change -0.16 (-0.85%)
AS OF 4:00 PM ET 03/23/10.
Agree 1st link n/a.There was an article 3/12/10 in that publication about the $6B. So what? Old news.
Now that's an intelligent comment. The commons offset all their profits with the IRS. Why didn't I think of that?
Interesting find. Thanks for sharing.
I'll never forget a conversation I had in 1990 with a nurse working for me in the PICU from London. At the time, American medicine was ecstatic about the results from Bone Marrow Transplants (BMT)for leukemias. She said "BMT for leukemia is so passe. In England we are working on treatment of Gaucher's disease with BMT and using stem cells for treatment of Parkinson's" Think about it, 20 years ago. Article below mentions the legalization of stem cell research in 1990.
www.nytimes.com/2004/08/24/health/britain-embraces-embryonic-stem-cell-research
Britain Embraces Embryonic Stem Cell Research
By ELISABETH ROSENTHAL
Published: August 24, 2004
SOUTH MIMMS, England— At the end of a winding country road lined with hedgerows and tidy brick homes sits a new prefabricated building chock-full of monitors and filters. Its sole purpose is to guard and nurture vials of precious, potentially life-giving cells, called stem cells, that will soon occupy a squat green Thermos here.
When it starts accepting cells a few months from now, the UK Stem Cell Bank will become a sort of citadel for what is perhaps the most promising medical technology of the last 50 years, which many believe is likely to yield cures for devastating diseases from diabetes to Parkinson's.
But the government-financed British stem cell bank is also a symbol. Although embryonic stem cell technology started in the United States, the scientific epicenter is shifting overseas, particularly to Britain, where politicians and regulators have given their unabashed support to the research, although under strictly monitored conditions.
In August, Britain granted its first license for therapeutic cloning to a group at the University of Newcastle, allowing scientists to create human embryos in order to harvest stem cells that may be beneficial for treating diseases. To support stem cell technologies the British government spent $4.7 million to create the stem cell bank and will soon require that all embryonic stem cell lines in Britain be stored and distributed free through this clearinghouse. Their use will be monitored by a British ethics panel.
''We've dealt with a lot of issues and complications of embryonic stem cell research in a straightforward way, and that has put the U.K. in a very good position,'' said Dr. Glyn Stacey, the bank's director. ''People are comfortable with the idea of the bank and the research here.''
Dr. Susan Fisher, co-director of the program in human stem cell biology at the University of California at San Francisco, said the position of stem cell research in the United States is ''180 degrees from that of our colleagues in Europe.''
While British researchers have plugged ahead steadily with their work, Dr. Fisher estimates that her group has lost at least two years -- ''a lifetime,'' she said -- of research time dealing with fallout from Bush administration regulations that ban federal money for work on stem cell lines created after Aug. 9, 2001.
Because university science buildings are partly subsidized by federal money, scientists had to relocate to new, privately financed labs off-campus, and during the move lost two or three cell lines that died in inadequate temporary facilities. The lab's former co-director Dr. Roger Pederson left to continue his work at Cambridge University in England.
The University of California helped obtain research financing from private corporations and foundations; Dr. Fisher's new lab is financed by Geron, a California-based biotechnology company.
But that has led to new dilemmas: The Bush financing ban has not stopped embryonic stem cell research, but only moved the ethically sensitive research into the private sector, where it is unregulated and difficult to track.
''If you're worried about the slippery slope of using embryos, then fine -- develop a tight regulatory system like we have,'' said Dr. Stephen Minger of King's College London, whose lab's stem cells will be the first deposited at the national bank. ''But the Bush policies mean that, in the U.S., so long as you have private money, you can do everything -- buy embryos, create embryos, do it in your basement. Stuff that we can't do here.''
A few other countries, like Spain and Japan, are developing their own stem cell banks. But Britain has taken the lead, and its bank is likely to become a prototype, if not a resource, for the world.
In Britain, the promise of societal good has consistently won out over the ethical discomfort when it comes to embryo research.
In 1990, the British government passed a law specifically allowing embryonic research and technology, but only in a very few situations related to in vitro fertilization or screening for genetic defects. The government specified what types of embryos could be used and what kind of consent was needed.
There is no such legal framework in the United States, where the government relies on ''guidelines'' and university ethics committees to direct researchers through the ethical maze.
A few years ago, the British government decided to expand the scope of the law to allow the creation of embryonic stem cell lines and therapeutic cloning as well. But the process is deliberate and slow. Every project is reviewed and licensed by a government board and the fate of each embryo is carefully tracked.
Every new stem cell line must be ceded to the national bank, where it is evaluated and maintained, and may not be transferred elsewhere without approval from a government steering committee. Reproductive cloning -- embryo manipulation to create a specific new human being -- is banned and punishable with jail.
'''We have to be squeaky clean because we're the first,'' said Dr. Stacey of the British stem cell bank, standing by monitors that track every movement in the bank's labs. ''We wouldn't want these cells used inappropriately. If we made a mess of it we'd have pro-life groups screaming and it could affect public perception of this important technology.''
I think Pix is not the only game in town too. They have other promising drugs. I keep averaging down. Wish I was smart enough to get the 12c pps. GLTU
Thanks for the post. Very informative.
Dumping or flipping? At .0001 I would think bankruptcy more likely but anything possible. GLTU
JMO but I would imagine he knows many behind the scene details leading up to the "takeover" can't bring myself to call it a crash. I recognize he wasn't in office when the event occurred but I am hopeful his testimony this week will be enlightening to us as we have educated ourselves on so many Washington Mutual events. Maybe answer some questions and fill in a few blanks. GLTU
Interesting. What do you base your opinion on?
I think Kerry K could be our BFF.
Yes what u r saying is totally true. The scope of utility for cord blood is limited by ideas such as mothers preparing for the future of their unborn offspring idea. Somehow we need to get from point A to point B in terms of donating cord blood to get to the greater good of helping those in need. Hard to do in society that is counting every dollar of the deficit. OK I'm off my soapbox now...as a medical professional I'm excited about all the possibilities regarding something so basic as cord blood.
I know the answer to that question. Medicare/Medicaid sets the stage. Insurance companies follow suit and adapt their policies to the standards set by the gov. Why not? The gov drives a hard bargain with reimbursement of 30-40 cents on the dollar. In fact, they are often the best payor. Sad but true. A health care institution cannot discriminate between those who can pay and those who cannot. There is one standard of care, which I totally believe in. That's how the game is played which is why all are concerned regarding government intervention....for right or for ethically wrong. GLTA
That's a complicated question, in terms of whether the company bungled the recruitment of patients or not. What we always say, in a kindhearted way, is those patients never come "nicely" in order or when needed or as luck would have it. Difficult to recruit end stage patients period. Such a responsibility, it is, to do the right thing with life or death. I'm thankful for that premise. The reality is that it takes time, which many have said on this board is not possible without a lot of money. All true. It's always the big picture in medical science.glta
Great chance to average down in my opinion.
Personally I thought it was very weird for a member of the EC to be soliciting anything. Made me wonder if it was legit. IMHO always.
I have no idea voodoo why the general counsel stepped down. What is curious to me is if the general counsel is an employee of JPM, otherwise known as in house attorney or something else outside of that role. The in house attorney is generally responsible for hiring and firing of all the contracted law firms who represent the organization for various things like employment discrimination, violation of various laws common in the particular industry, response to lawsuits, etc. If the general counsel is also in house attorney, I go with the theory of where there's smoke there's fire idea. GLTU
Time will tell. GLTU
Agree cyclone....Not yes, not no..more or less maybe later. Same thing with Dendreon.
I can hear the arguments now. The side effects are the same symptoms as the target population as a whole. blah blah blah. The truth is who could tell with 8 patients in US? Totally IMO but my guess is they'll say enroll more subjects and come back then. Still alive anyway.
I think Barclay's has a card to play in this scenario. Wish I knew what it was.
The FED the ultimate MM.
L2 anyone?
Your theories are the best!!
Soloman accounting firm not an attorney. Agree we have plenty of those.
I guess when you think about it, signing the order for EC was a foregone conclusion after the objection deadline expired. Maybe signature event already priced into pps earlier in the week. That's what seems to happen normally in the stock market on non bankrupt sticks. Sideways movement OK. JMO
I posted that article bcuz it seemed significant. However, I gotta tell you the implications are beyond my knowledge base. Course I learn more here every day. If you hum a few bars, I bet I could follow the conspiracy theory. Tell me more.
OR they could want a YES vote to ramp up if approved so as to do all the things necessary to bring to market. That's the dilemma. How could anyone know in advance of the decision?
JPM accounting methods buried 3/4 way down. Interesting.
http://www.thestreet.com/story/10706865/1/google-apple-fridays-headlines.html?puc=tscmarketwatch&cm_ven=tscmarketwatch
Google, Apple: Friday's Headlines
By Robert Holmes 03/19/10 - 08:45 AM EDT Loading Comments... Add Comment
Stock quotes in this article: GOOG , AAPL , PALM , LEHMQ.PK , JPM
NEW YORK (TheStreet) -- Here are the top stock market headlines for the morning of Friday, March 19, 2010.
Friday's Early Headlines
More on GOOG Palm Placed on Death WatchStock Futures Rise Ahead of Quadruple WitchingTriQuint Padding Along Market Activity Palm Incorporated| PALM DOWNJPMorgan Chase & Company| JPM DOWNGoogle Incorporated| GOOG DOWNQuadruple Witching to End the Week -- Friday marks the final options expiration of the first quarter, with investors expecting increased volatility and a bumpy road due to "quadruple witching." By definition, quadruple witching occurs when contracts for stock index futures, stock index options, stock options and single stock futures all expire. This can lead to dramatic moves in the equity markets due to increased volatility.
Health Care Bill Will Pass Sunday: House Democrats -- The Associated Press reports that the House of Representatives is planning to vote Sunday on the landmark, $940 billion health care overhaul bill. President Obama once again delayed his planned trip to Asia; House Speaker Nancy Pelosi said Obama "wants to be here for the history." The 10-year plan would provide coverage to 32 million people now uninsured through a combination of tax credits for middle class households and an expansion of the Medicaid program for low income people, the AP reports.
Google May Reveal China Plans on Monday -- Google (GOOG) may make an announcement Monday about whether it will pull out of China, according to a report. China Business News said a local authorized agent received unconfirmed information that Google would leave China on April 10. "I have received information saying that Google will leave China on April 10, but this information has not at present been confirmed by Google," the agent was quoted as saying.
JPMorgan Used Same Accounting Gimmick as Lehman: Report -- JPMorgan Chase (JPM) recorded some repurchase trades as sales, which suggests that Lehman Brothers (LEHMQ.PK) wasn't alone in using the same accounting gimmick, which is now infamously known as "Repo 105s," The Financial Times reports. JPMorgan detailed the year-end values of its repo sales and purchases in annual reports beginning in 2001, after a new accounting rule was introduced, the report said. Lehman never disclosed the effects of its repo deals on its balance sheet. The FT, citing people familiar with the matter, also reports that Merrill Lynch warned the Securities and Exchange Commission and the Federal Reserve that Lehman was incorrectly calculating its liquidity position months before its collapse.
Palm Drops on Earnings Report -- Palm (PALM) posted an adjusted third-quarter loss of 61 cents a share, which is worse than the loss of 42 cents a share that analysts had predicted. Palm estimated fourth-quarter revenue of less than $150 million, below the estimate of analysts polled by Thomson Reuters of almost $306 million. Kaufman and Morgan Joseph analysts separately downgraded the stock to sell from hold and slashed price targets.
Apple Racing to Reach iPad Deals: Report -- Apple (AAPL) is still trying to secure media content for the iPad with just weeks to go before the tablet computer's release, The Wall Street Journal reports, citing people familiar with the matter. Lining up TV programming and other content ahead of the April 3 release of the iPad has proven difficult for Apple as producers fear it could jeopardize the tens of billions of dollars in subscription fees they are paid by cable and satellite companies for their traditional TV networks, sources told the Journal.
BEAUTIFUL signature. JMW is a leftie. Lots of research about how left handed people are creative and "outside the box" thinkers. Seems to apply so far. I'll stop there. No horoscopes or tea leaves...haha
I think it's a great idea to open an account at Wells Fargo. Put the 4 billion there so it's clear from JPM and no chance of confusion about where the interest will accumulate. That point alone made me appreciate the EC attorneys. GLTU
In my experience, targeting of pregnant women and other patient populations, for that matter, to market a product happens in a variety of venues. MD offices is one aapproach. There is still a need pre delivery in some cases, which is why most obstetrical services do both. Third venue is childbirth classes. Agree the whole thing handled pre conception ideal. Frankly only a subset of pregnant women are able to afford this service at this point in time anyway so marketing often targeted.
Does it matter if the judge signs off or not if the deadline to file an objection has passed? Someone with legalease please tell us, does it become a "done deal."
I know a little bit about this as I work in a Maternal Child area. Hospitals more or less can't afford to provide cord blood services. They contract with an outside vendor. What often happens is that patients may ask the hospital before they go home or several days later about cord blood storage. Placentas are stored which contain cord blood but there is a certain process involved to "harvest" the cord blood properly so the opportunity could be lost. Most OB units have adopted a practice of asking mothers their wishes when they come in for Labor so as to avoid a future problem. Cord blood storage has been out there for maybe 10 years, just now in public eye with potential expanded application.
Good point. Thanks for clarifying.
I thought the hearing 3/18 was cancelled?
Isn't that the protocol if you have the money and you are losing the case? Change attorneys and stall for time. Trying to remember how many times OJ changed lawyers. GLTA
Apologize if this has been posted. Interesting.
President would tap NY Fed chief under Dodd bill
REUTERS — 5:03 PM ET 03/15/10
By Kristina Cooke
NEW YORK (Reuters) - The New York Federal Reserve Bank's president would become a political appointee and bank chiefs like JPMorgan Chase'sJamie Dimon could no longer sit on the board of their regulator under a proposal unveiled by the head of the Senate Banking Committee on Monday.
As part of a new bill aimed at revamping financial regulation after the worst banking crisis since the 1930s, Senator Christopher Dodd's plan gives the president the power to name the head of the most important regional Fed bank.
"The bill clamps down on conflicts of interest at the Federal Reserve, making the head of the New York Fed, for example, a position appointed by the president of the United States and not hand-picked by the very bankers the New York Fed is responsible for regulating," the Connecticut Democrat told reporters as he unveiled his bill.
Critics said the proposed governance change could weaken the central bank's independence.
"The New York Fed president is currently removed from the political process, which is helpful. But there are people around who would clearly use any Trojan Horse as a way to bring the Fed under more political control," said Charles Lieberman, chief investment officer at Advisors Capital Management and a former New York Fed staffer.
The prospects for Dodd's bill are uncertain. Any legislation that emerges from his committee would need 60 votes in the Senate to overcome procedural roadblocks that are sure to be thrown up by Republicans; the Democrats control only 59 seats.
The bill also proposes creating a second vice chairman of the Fed's Washington-based Board of Governors, who would be in charge of supervision and testify to Congress twice a year -- a move meant to sharpen the central bank's focus on regulation.
The Fed system is made up of 12 regional banks dotted across the nation and the usually seven-strong Washington-based board, whose members are chosen by the president subject to Senate confirmation.
The New York Fed acts as the Fed's arm on Wall Street, implementing monetary policy and regulating most of the biggest U.S. banks. It was at the epicenter of the crisis and has been subjected to intense scrutiny over its central role in the bailouts of big banks and insurer American International Group.
Currently, the New York Fed's president is chosen by a nine-member board of directors, which includes heads of banks it regulates, with consent from the Fed's Board of Governors.
Dodd's proposal would ban any past or current officer, director or employee of a firm supervised by the Fed from sitting on any of the regional Fed bank boards.
That would, for one, affect JPMorgan Chase (Symbol : JPM) chief executive Jamie Dimon, who was recently reelected to a three-year term on the New York Fed's board that expires in 2012.
Regional Fed boards offer anecdotal information to policymakers and make recommendations on monetary policy, but they have no policy-making powers.
Dodd's proposal would also eliminate the role banks now play in naming two-thirds of regional Fed bank directors. No company that is supervised by the Fed could vote for directors of a Fed bank under Dodd's plan.
Regional Fed boards usually operate behind the scenes, but the arcane system was thrust into the spotlight last spring.
New York Fed Board Chairman Stephen Friedman resigned in May 2009 amid questions about his holdings and purchases of Goldman Sachs shares after Goldman sought refuge as a Fed-regulated bank holding company at the height of the crisis.
Regional Fed bank directors normally cannot hold shares in bank holding companies, but Friedman was granted a temporary conflict-of-interest waiver.