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If you think Democrats and most lawyers (who nearly are all Democrats) care about creating bad incentives you haven't been paying attention to things lately. Maybe if we get a Suharto style purge of leftist from America next year we can appeal for a new case on the grounds that our case was unfairly decided by communist dems but until then...
The courts are probably not AMRN's way out of this, though unfortunately we may have to go through them to get rid of AMRN's management.
I'm all for the second form of "sell".
But the key is as in all things to get rid of JT. Thero is a cancer...
Fire JT... sell Amarin only if the price is right.
But definitely fire JT... out of a f***ing cannon into the sun.
If we were literally a guy on death row maybe you'd be right.
But this is an IP case, that makes this the judges accepted tainted and fraudulent evidence angle unlikely to be accepted at this stage.
I hope you are right and I am wrong, but I do not believe that.
This is all an extreme longshot...
Most of Vascepa's US value can be preserved with a good authorized generic deal... we need a smart energetic CEO though. The absolute key is to fire JT.
Well we'll see. But I think Teva is probably the best choice...
But the 1st thing is JT needs to go, not likely to make a good deal because of his weakness and stupidity.
I agree with marjac that their chances of an En Banc or SCOTUS reversal are probably less than 2%. En Banc reversals almost always occur when there is a dissenting opinion.
We need to move on to the authorized generic route. Sure keep the appeals going but only with a new CEO and a new battle plan.
BP is not typically in the authorized generic business and at these rock bottom prices the only deal they'd likely be interested in is a buyout. I was for selling the company to get rid of Thero but I'd rather not sell the company at this price or anywhere near it...
I'm not 100% committed to Teva, you get a better deal when there is competition but I do think Teva is probably the best company for us to deal with.
Supply of pharma grade EPA is our advantage for now...
But its also not likely we get a good deal with Thero, he may be desperate to save his job (if the board won't remove him the lawsuits are coming that will do so) which weakens negotiating position even if he were a good CEO... but Thero is downright stupid.
The key to salvalging Vascepa's value starts with firing Thero and nearly his entire management team.
Teva certainly has a sales force especially in Europe where we need one...
Teva has a sales force in Europe...
Its almost a futile effort anyway, AMRN's best hope of preserving the US market is an authorized generic and marketing deal with Teva (which should also be one for Europe in order to get the best deal possible).
Have sent you an email, I can't send private messages here.
Marjac the company would have to sue Covington for legal malpractice though correct... maybe they can get General Flynn and make it a class action.
But anyway... did you see the link I gave that in cases of breaches of breaches of fidicuiary duty (keeping Kennedy on seems like an open and shut case to me) we can go after personal assets.
Who wants to see Thero broke and maybe in jail.
https://www.noglaw.com/suing-corporate-officers-employees-personally-misconduct/
Marjac please make a decision quickly on whether you personally seek to remove the board and management if you don't do it I want to find a lawyer who will.
You admit haven't met him you've only
1) Heard him speak (sounds like a stammering moron).
2) Seen his disaster of an attempt to run his pharma company
Based on those two piece of evidence he is AT BEST merely a moron in over his head who lucked into his position.
The Teva royalty deal should include Teva marketing in Europe too in exchange for an increased share of royalties on the qualified generic in the US.
Teva has the ability to move the drug in Europe, AMRN can't.
I hate the rest of the clique but I don't hate him, he got fucked in a way he couldn't avoid... I think he sold it because he knew Thero was a total moron who shouldn't be allowed to manage a bowling alley much less a company with a billion dollar drug.
Maybe JZ knows that the board replaced him with a total moron...
JZ is an example of a CEO who got fired for shit that although disastorous WASNT his fault.
I think the value can be salvaged too the right deal with Teva might even work to our ultimate advantage, but it will NOT happen with Thero and Kennedy there.
The big question in all this is WHAT THE FUCK IS WRONG WITH THE BAKER BROTHERS!!!
Why aren't they forcing out the management.
Marjac it gets better...
https://www.noglaw.com/suing-corporate-officers-employees-personally-misconduct/
"Breach of fiduciary duty" can make corporate officers and board members PERSONALLY liable for damages. If we seek to include Thero in such a suit given how scared a person he is... he may just resign as part of a settlement rather than risking being sued into poverty. If not Thero has in my opinion stolen around 200 million over the years it would be so nice to get that money back for AMRN and to see him die in poverty...
Their blind loyalty to Kennedy may have screwed them all. I'm so glad they didn't immediately fire Kennedy now...
But does the blind loyalty to Kennedy in the face of this disaster rise to the standard of legal proof that the board and management as a whole need to be ousted for abdication of fiduciary duty.
I think if we get a judge who is an ANY way reasonable it does.
Marjac I beg you to move quickly on this or tell us if you are not going to pursue this, we cannot suffer Thero and Kennedy to be running the company any longer.
JT okayed filing in the 9th circuit (unforgivable) and has made many other stupid decisions.
You do not comprehend why filing in the 9th circuit was a bad idea because you are a Democrat yourself.
Marjac NOT firing the management at this point is clearly a breach of fiduciary duty by the board.
Please absolutely include this in the lawsuit... Thero hasn't even fired Kennedy. How can the chief legal counsel keep his job after so badly botching the patent suit, its proof that the insiders are looking out for themselves with no regard to shareholders on its face.
I'm not familiar with this email from JT can anyone post it verbatim?
The investors can only recover damage at the cost of the companies cash reserves though right, which will be reflected in a further stop drop and more dilutions. So really we don't recover much of anything...
Shouldn't it be easy to prove a breach of fidiuciary duty if Thero and Kennedy are not fired... the board is supposed to act on behalf of shareholders to oversee management. Management has CLEARLY failed beyond a degree anyone imagined possible at the same time compensating themselves very well. I do not think proving a breach of fidiuciary duty if Thero is not fired quickly should be hard at all... but then again we've seen how crooked our court system is.
Teva is the ideal one to do the deal with...
They can also market it in Europe as well and linking the deals together will likely get us a good deal in both regions. They also seem far more reasonable and less thievish than Hikma or Dr. Reddy. As far as generics go they are the relatively reasonable Italian Mafia as opposed to crazed Latin American cartels.
But we MUST get rid of Thero quickly, Marjac we need constant updates on the lawsuit if you are not going full speed ahead (not saying you aren't but just let us know) we really need another lawyer here who will go speed ahead.
Thero can't be allowed to make any more bad decisions he has to go within a few months...
Lrich the management sucks...
But AMRN could still go well beyond 30 if that management was replaced by a competent management, now it looks like we need to sue to do that...
The right deal with Teva could get us most of the revenue of the US market and a marketing deal for Europe in a way that would make it monetarily not worth it for the other Generics to even enter all the while eliminating our sales rep cost...
This could end up capturing most of the value we used to dream of out of Vascepa, but it ALL depends on getting rid of Thero and Kennedy and getting the right CEO.
The key is getting rid of Thero. NOTHING good will happen while he is there.
Marjac lawsuit update?
Please try to keep us in the loop unless you think secrecy necessary...
We must move quickly to force out Thero and Kennedy before they make more bad decisions. Vascepa could still be quite valuable all around if the right deal is made (ideally with Teva) but Thero and Kennedy are not the ones to make it.
We need to force them to step down... one of the lawyers needs to prepare a suit asap.
By the letter of the law their patents should have been strong... that was pure corrupt judicial activism by Democrat judges.
JT's error was allowing for it to go ahead in the 9th circuit where we were almost guaranteed to get some moonbat Democrat judge like Du.
So as much as I truly hate JT I don't think he was being deliberately dishonest when it came to the patents...
Now can it be legally established he mislead us anyway... I hope so. If they can get him for securities fraud that is one of the only ways possible to clawback his compensation and he'd have to go to jail and this would please me greatly.
The 1st amendment makes no distinction between doctors and the rest of the public (and our founders hated credentialism).
Of course I suppose you could get unlucky with some shitlib judge...
I had no idea JT was this much of a fuckup at the time either, nobody did.
To blame JT for not selling for 25 or 30 IS a hindsight error... That I'm NOT mad at him for. If he had not been a total incompetent he would have been right not to.
To blame JT for allowing the filing in the 9th circuit, bungling the marketing, not spending on lobbyists, not learning to speak... those were errors people saw at the time. Thats why he needs to go.
Jas theoretically the FDA has to approve their ads but the reality is that Amarin already won the right to market truthful information in court. That rule is hollow and the FDA hates AMRN anyway (because of that very free speech suit) hence the surprise ad-com which delayed our insurance coverage and their immediate grant of a label to Hikma. The FDA's rule would be held to be in violation and the settlement if they tried to enforce it.
The whole point of the free speech suit was to be able to run Reduce-IT ads on day one.
The science side people among the execs may leave, the business side of them won't.
There is no saving their reputation from this.
I did not mention Musk in this post, someone else did earlier.
Yes Elon Musk has done many questionable things and employed questionable accounting practices but Tesla still looks like its going to succeed in the end now. As the closest thing we have to a national hero in 2020 (with him successful overseeing America's return to space) the government will never scrutinize his books.
So he is thus unquestionably a better CEO than JT for many reasons he certainly is more politically adept and in a country with a government as corrupt as ours that is the most important thing.
********************************
I don't blame JT for not selling the company cheap I blame him for
1) Bungling the marketing strategy, winning free speech rights to market (at the expense of the FDA's permanent hatred) without ever using it. Direct to consumer ads should have started the minute after they got Reduce It results.
2) Allowing the patent lawsuit to go ahead in the 9th circuit. Yes I would as a non lawyer have overridden the lawyers on this. Around Democrats never relax. This one is REALLY REALLY unforgivable. Every sane person knows what scum leftists and democrats are.
3) Not spending most of the budget on lobbyists (which is an essential cost of doing business for any pharma) but instead on his and the rest of upper management's compensation. I consider this theft of my money.
4) Still not having learned to speak properly.
Marjac what is realistically the earliest possible timeline you could get a shareholder lawsuit to removed the board together?
Scenario 1 is almost certainly the truth, and I don't know why the Baker Brothers tolerate it.
We need to take them down legally asap.
I'd be a multi multi millionaire now if not for his extreme incompetence and I take that a little personally.
Stop shilling for stammering moron crook he needs to go.
JT never had great leadership, JT got credit for Vascepa working. Its not like he founded the company.
Also its not JUST his presentation hes made a number of very bad decisions as I detailed in my Ekman letter. If he is not fired by the end of the month if Marjac backs out I intend to try to find an attorney who will pursue a class action suit to remove the board on my own.
Nobody here should be willing to suffer him to continue as CEO.
The court action we need to be concerned about is the legal action to remove the board if they don't fire JT by the end of the month...
JT okayed filing in the 9th circuit there is no forgiving that.