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Prudent the new Walgreens Board is Up. WBA
Yank Check out the new Walgreens Alliance Boots Board
Bye Walgreens:
The new message board is up... symbol WBA..
Back From NYC
I had a very interesting 4 days..
Creativity in Equity stock pricing is at a all time high, I met with a senior Director of Credit ratings and a Managing director for Analysts ratings.
We talked about RSH, the IPO on Toys are Us and banker commitments to IPO's, Walgreens and other financial chit chat.
The financial SYSTEM IS ALIVE AND WELL AND HAVE NO FEAR OF FINA OR The SEC.
However all agree the Financial structure is at risk and want to move to Florida..
Well thats it
GLTA!!!
Something Unnatural about this Market:
Oil & gas keeps dropping, Shipping also, Banking is taking a beating and the prices at the pumps are not down to $2.00 in most of the country.
Europe is all in the red and the Russians are being setup to default..
and China the USA biggest lender is cutting back its outlook.
Yet my LNG is up.. and Walgreens is breaking to the upside with no improved financial results.. And yes double ouch for selling.
Anyone have a stock that has potential and don't include Wag..
It hurts already..
GLTA!!!
Is my writing style getting any better?
I don't know if you read my last posting but I believe there is more to come on the Walgreens Story, as Stefano's age to Retire was Waved by Walgreens Board, not So for Skinner or the other Board Members.
Walgreens will need a rebuilding from the store up to the E suite with its new direction on Health and Beauty.
And I agree!!!
However this will take time, so I expect some price Volatility as long term Insider stockholder relationships will be disrupted.
I would not be surprised if the Walgreens Family and Friends are Happy with these results, as Wasson was never meant to be appointed CEO.
I will be in NYC and the Hamptons next week so if I get any inside the Market info I will post it.. not that I or you know anyone important.
I also would like to hear the Wickedones take on the Wasson outcome.
Hope all is well by you and all other retail Investors.
GLTA!!!
Wasson leaves with a $35 million departing package.
This was a reported by Crain's Business Journal based on last Years SEC filing.
Crain's of Chicago has scratched the surface of Wasson departure and came up with this information.
Company insiders say a powerful group of institutional investors—mainly hedge funds that want the combined company to be run more efficiently and aggressively, and who are impressed by Alliance Boots' billionaire Chairman Stefano Pessina—would not approve the Walgreen-Boots union until Wasson was gone. Shareholders are scheduled to vote on the deal Dec. 29.
Wasson's departure "is not unexpected, and it's not a surprise that he's being replaced by Stefano Pessina," agrees Vishnu Lekraj, a senior analyst at Morningstar.
Reached by email, Wasson told Crain's yesterday that he was "really looking forward to spending more time with our family." But in July, he told the Chicago Tribune that he intended to remain CEO after the transaction was completed.
"The clock on Wasson's career may have started ticking even before Pessina and Rosenstein came on the scene.
Sources also said investors lost confidence in Wasson in late 2011 and early 2012, during a seven-month battle over reimbursement rates with pharmacy-benefit manager Express Scripts".
Now that Wasson is out he will no Longer have a seat on Alliance Boots or the new Walgreens Boots Alliance, as Walgreens will Disappear into WBA, same goes for Wasson board seat on Amerisource Bergen. now it remains to be seen if Verizon will keep him as a director.
And then there is the Lawsuit Filed by Wade Miquelon, whatever the outcome in the Alliance Boots merger: the Walgreens story will continue, as Several senior Executives at Walgreens will be spun into retirement.
Perhaps there will soon be a pension fund raid with annuities being purchased and the dissolution of Walgreens pension fund..
Welcome, to Wasson's Last Dance with the Devil, to be Held in NYC at the Famous Ritz Carlton on December 29th.
Ribs will be served!!!
GLTA!!!
I'm never sorry for making a Buck, Sure !!! I would have liked making more, but very few outsiders knew Walgreens was pushing its CEO OUT!!!
What is interesting is that Walgreens stock price rose yesterday before the public announcement... insider trading information is alive and well and makes me wonder how many options were bought yesterday by hedge funds as this pending news went public..
Are you seeing todays rise in Walgreens stock price?
It has been said that the stock Market is a voting Booth, so today votes are coming in and I was not the only one who thought this Wasson guy and his cabal needed to be replaced.
More Walgreens executives to be replaced as Pessina needs to cut Walgreens expenses and address Walgreens losing customer issues.
Walgreens Is not out of the financial jungle yet, As I have said in the past this Wasson was useless.. at least Alliance Boots identified Walgreens major operational problem and pushed him out..
GLTA!!
Normal Retirement: I doubt it.
Greg Wasson CEO retired under pressure from Walgreens stockholders, S.Pessina, Jana, and the Big One Vanguard.
He didn't have the Boards support or the large Investor holders going in 2015, as Wasson tried to hide behind the dismissals of his Pharmacy President and CFO, and lay the Blame on them for the AB financial projection.
Even with all the Press and Misdirection on this Short Fall, these Inside Investors didn't buy that story line,
I think the "Change to Win" SEC filing was the final nail in his continuing as CEO, as the CtW filing laid out the financial overpayment for AB and unrealistic Valuation synergy, and then adding a no stockholder voted Hedge fund executive onto Walgreens Board as private meetings were held in Paris laying out a Inversion savings plan that Failed.
Next to Go will be Walgreens Board of Director Mark Fissora, as a reorganization of Walgreens operational model takes place..
As you can see today, the market is Voting and they are happy he is gone.
Investors may see more volatility from here on out..
Good luck trading!!!
Greg Wasson Booted out of Walgreens!!!
With all the BS accolades of praises of this Former CEO of Walgreens Co. is Dumping it Current CEO.
I believe this was the right decision, but now I'm not sure how to play Walgreens..
Comments Welcome...
GLTA!!
Update. on My 100 Shares and I made a buck.
Well my sell order was executed at 69.+ sorry to tell you that I am not holding this stock as of today..
I will put in another buy order tomorrow for 67.20 and roll the dice..
As Oil prices are the current headlines I sold off 80% of my investments this last week.. I hope things get better as I hate shorting the Market.. but the Facts are the Institutional Investors like Goldman are being crushed with lower oil prices.
GLTA!!
Just letting you and Prudent Know I bought 100 shares of Wag.
Not a large position, but I want the few dollars on the Up side on the Merger pump. I have also set a sell trigger.
I know I can't Vote on the Merger but as a stockholder I play out my hunch..
And for the MDlive announcement, one of my MD friends from Brooklyn has been in the forefront of this technology and he is in California, The MDlive HQ is based about 30/40 minutes from where I live in Fl, and I can say this is more PR than a active operation..
GLTA!!
Large Walgreen Investor publishes Valuation synergies:
They used Goldman Sachs and Lazard own Valuation estimates that were developed for Walgreens in the buyout of Alliance Boots.
This can be viewed at SEC.gov web site under Walgreens Filing..
Just got off the phone with W.Ross
I ask him should I buy 100K shares of NEWL.. he just Laughted..
GLTA!!
So who called $69.00
What you are seeing and may see to $72.00 is price stuffing by the Bankers and Investment banking nothing more..
Earning margins will fall short as we go into 2015 and selling price adjustment downward will be made..
Set your sell levels as this price will not last in 2015..
Ho HO HO..
Walgreens going to $69.00 perhaps $72.00 before the Hedge funds
sell off..
So If your IN hold and if you are looking to buy wait, this thing is set up to fall.. based on trading volume and the bid ask spread.
If you want a good stock to Trade look at HTZ this is the star in Hedge funds pinball game..
GLTA!!
Prudent Have you though about a selling price..
And don't say it, just a Yes or No..
As stocks move up and down, there is becoming an opportunity to take some money off the table and then play with the houses money..
I was thinking of buying some long calls but I don't trust the Hedge funds owners.
As there performance this year has been bad.
Walgreens continues its March to 69.00
GLTA!
Citi goes to 60 before XMAS
Retail banking is making a killing on credit cards...
NVGS just did a conference call... its worth listening to and
exploring.
As any well managed distribution company needs 2 way revenue export/import revenue, Walgreens could be on the cutting edge of reducing shipping costs in USA imports... Rx's in a controlled environment shipped to the USA 4 Rx consumption.
On the USA side, this could offset import shipping costs. Billions are being Spent yearly to meet global demand for energy including gas products. yes coal is currently a big player.
However the Market looks ahead and around the Corner and Coal long term is unhealthy to offset global medical spending.
I believe, I read somewhere, Walgreens was looking into mezzanine financing for the A/B buy-out debt..if true and I maybe mistaken.. have you seen that???
Should you have the chance listen to the NVGS conference call..
GLTA!!!
Are all ships leased out??
Clearly you made the right decision Selling.
What are your thoughts on NVGS company, not being a drug store competitor to Walgreens business model, perhaps they can become a climate controlled shipper for Rx manufacturing countries..to WBA holding Co. or would you like to discuss this opportunity on another board..
GLTA!!
Jana major $holdings in Wag was a Pre-Inversion Paris news report...No one knew. at least I didn't know that Jana was holding Walgreens prior to the Paris meeting about Inversion article.
Yes, Jana Partners upped their ownership by 77 million dollars to cost average down, one would expect this from a professional trader as Walgreens price dropped to $58.00, prior to this latest buy, Jana owned a billion dollar position..
Jana was/is involved to unlock money, they are not long term investing and with Walgreens not doing the Tax inversion 10 billion estimated was lost on whisper earning projections.
Modeling forward revenue projections is not rocket science., and Walgreens can't increase the selling price of skittles 4x the going market rate and stay in business. So you are up against a industry projection based on GDP/global growth with other data added run by the reorganized/current managers...
As I have said Walgreens booked all the cream in AB earnings without the expensing of AB Debt(financial engineering.)
As big.yank said he got In and Out before Walgreens price fell. I would ask him if he modeled the risk valuation going In/Out. based on Inversion rumors against public pushback in making his decision to sell or is he just the luckiest guy in the room..
GLTA!!
Prudent:
Hopefully you are aware Jana Partners is a hedge fund not a Insurance, Pension, Endowment or Mutual fund looking for long term Investments/returns over 5-10 or more years.
The Hedge funds culture is driven by money, power and control issues, these are the tools used by Activist investors, see Carl Icahn, KKR "Barbarians at the Gate", Bill Ackman "Herbal life", Steve Eisman "The Big Short", and Asher Edelman the real life Gordon Gekco and his formenr employee Barry Rosenstein.
Media reporting plays a Hugh role in the everyday Investors perception of safety and growth prospects for a company before investing money.. Ref Miguelon lawsuit over GAAP projections and future job limitations .
WSJ reported 2 Executives at Walgreens resigned over 1.1 billion earnings error,based on product cost inflation. Walgreens Co also stated their would be no Tax Inversion.
Miquelon leaves and Crawford retires
As Barry Rosenstien is a member of Walgreens Board of Directors and a Hedge fund trader, it was reported(April20014) that Jana was involved with other Hedge funds in Paris pushing Walgreens to do a tax Inversion..
Yesterday Rosenstein announced that a investment he owns needs a new CEO, He is fully aware that Carl Icahn and Hertz board is working through that issue..
In his letter to Hertz holdings. (Sec.gov),these are the issues he Identified to Hertz BOD as an Activist Investor.
1) Pricing
2) Accounting
3) Retaining and recruiting talent
4) Customer and Brand perception
5) Restoring creditably with Investors.
These are similar open arguments he would be making against Walgreens if he currently did not sit on Walgreens board, he's not holding a committee assignment at Walgreens either, yet the dismissed CEO of HTZ is the Chairman of Walgreens finance committee, Ironic to say the least!!!
As I said the run to $69.00 a share will continue, baked into big.yanks correct position on merger funding
What happens to the price after the Buyout and reorg into a holding company?,
My guess Valuation models & cash flows will be in focus aside from the lawsuit wispers.
Perhaps you or big.yank would like to comment.
GLTA!!
Jana Partners calls for new CEO:
Barry Rosenstein the managing director of Jana partners, A Global hedge fund with 10-12 billion in assets under management is the newly unelected member of Walgreens Board of Directors. he sits along-side Mark Frissora the chairman for Walgreens Board of Directors finance committee.
Mr. Frissora a Walgreens BOD has been the Chairman of Walgreens Finance committee for many years, and reports state he was recently forced to resign his CEO position at Hertz, by the well known activist investor Carl Icahn.
Perhaps Barry Rosenstein from Jana partners who recently released it million dollars ownership in HTZ stock was involved in this termination also.
Public and large investor sentiment agrees that Mark Fissora ex CEO of Hertz carries around with him the cloud of accounting restatements and the potential for a SEC investigations. . As Mr. Fissora still retains his board position at Walgreens.CO and support from Walgreens CEO he now enjoys the pleasant company of activist investor Mr. Rosenstein a founder of Jana Partners.
Walgreens former CFO has filed a lawsuit against Walgreens Co, In this lawsuit are included memo's on how large Investors owning Walgreens common stock are allowed to influence accounting GAAP functions and the Board of Director conversations around financing ..
My question is Could Barry Rosenstein latest announcement now is calling for a new CEO at Hertz also be projecting his view on Walgreens leadership..
The run to $69.00 continues..
Well it's better that the reality junk available on TV and much of the Virtual reality movies that are produced today..
And Thanks, I'm trying to improve my long short outlook while understand how these markets work..
Charlie Sheen is a good pick for Wade how about Jack Nicholson from "The Shining,A few Good Men" for Wasson
LOL
Well it's better that the reality junk available on TV and much of the Virtual reality movies that are produced today..
And Thanks, I'm trying to improve my long short outlook while understand how these markets work..
Charlie Sheen is a good pick for Wade how about Jack Nicholson from "The Shining,A few Good Men" for Wasson
LOL
LOL
Judge seals 80% of Miquelons documents:
As Walgreens stock price continues to rise creating a 33.4 P/E ratio, a Cooks county judge tasked with the Miquelon lawsuit ruled in favor of Walgreens request to seal parts of this lawsuit..
As this document has mostly been viewed in the public domain and is in large Investors hands, the stage has been set..
Walgreens being a Public Corporation has created a journalist dream, "A who done it Mystery", Power, Privilege and Money sells books and movies, and now this mystery has been staged on the most powerful corner in the world, "
"The Corner of Wall and Street..
Like the book "flash boys" Walgreens managing executives are now being called out to account for dismissing a employee who's warning to the Investing public is that power and money are given a unfair advantage for Investing and employment.
This lawsuit is a look behind the corporate curtain and into the board room with its raw financial data that is engineered to create a positive image and shaped by high wealth individuals for a gamblers advantage.
Hopefully in the coming weeks the WSJ, Barron's, Financial Times, IBD and Chicago Tribune reporters will weave this story together as events and unnamed sources fill-in a paint by numbers picture.
Also Walgreens is started to make its run to $69.00 a share as hedge funds and book runners are looking at making billions, they control the bid ask price with their supply of stock..
GLTA!!
10-14 billion raising the Dead:
Rockhunter,
With 10-14 billion of debt being offered by Walgreens Boots Alliance you could raise Enron, World.com with enough left over to raise & refurbish the Concordia.
As Walgreens will be rolled into to WBA holdings, current stockholders should receive a premium for their shares should they choose not to be part of this new Corporation..
Lets call this what it is... a buyout the changes stockholders rights and lets management become less accountable..
Prudent those 2 withheld Miquelon filed pages turned up.
Just in case you have not seen them, I have a copy of them and are available on a need to Know basis..
I love this internet leveler for investors..
Good luck to all..
Walgreens sales rise 6.9%
Good for you guys..
Big.Yank Consultation Requested:
I'm moving forward on the market would like to discuss outlook of THE MARKET with you
Regards,
"Share price erosion, to a large extent, is not expected for the future".
In reading Walgreens latest 10-k/a SEC release 11/04/14, 144.3 million new shares(dilution) issued by Walgreens will be included in the AB 2nd step buyout merger.
Plus 5.3 billion in Cash and a debt load around 8 billion..
This Journalist need to do her research before writing and making projections, these facts of risk are written in English ref. Walgreens own 10-K/A.
In reviewing the 10 largest Hedge funds holders of Walgreens, 80% have call option listed in their filings, as Walgreens Sales Volume has not increased.. a selling price up tick causes a squeeze on puts. This could be a artificial boost short term..
However, Congratulation's on the 65.00 price
GLTA!!!
Prudent excellent information and explanation:
Thanks
I not thinking about a jury trial. as I and belive big.yank agrees this will be settled out of court for millions.
The important point in Miquelon's filing is that Main St Investors can see & understand that Walgreens Co, management see's no problem by not playing within the SEC rules set up to protect Retail investors, a trust issue..
The other problem that now exist for Walgreens, Change to Win(CTW)has filed for a SEC inquiry about this matter including the Walgreens BOD decision to Merger with Alliance Boots..
Miquelon filing is a public document and the SEC will be required to look beyond what the court rules for a public trial..
Perception is one of the most powerful sales tools for the Stock Marketers, and Walgreens CEO and chief counsel ethics have now been called into question and to account via a trial.
.Miquelon v Walgreens Co.
Interesting Note: Walgreens deputy corporate counsel in the last 3 weeks has been promoted to chief counsel. So a internal investigation may be underway as requested by CTW..
As for the Hedge funds(activist investors) who bought this stock, they were in for a quick churn, the profit,, They are brought in by the Banker's and investment bankers to raise the SP "I need a 6"
Miquelon said possibly a 5 when discussion on restated earning was
communicated to CEO. PE and PEG Valuations used for Analysts
Miquelon is gone now and what was today price 64-65 and what is the high side projection??? speculation of course .but this is what Wall-street does for a career.
GLTA!!
Walgreens,Bankers,Investment Bankers, & Hedge Funds :
I believe this is the correct order, when you look at how the information & the money flows into a preannounced M&A and the SP rises.
Analysts covering Walgreens and others Companies rely on PE, PEG Valuations, trading volumes, growth prospects, and market capitalization and less on Corporate governance, disclosure and profitability.
These Analysts fear giving unfavorable coverage of the companies they cover for fear of losing access to Mgt. and being frozen out of Conference calls and executive road shows.
As they should also include the quality of earnings & some analysts SP estimates come closer than others.
So my question to all is what analysts will come closest to Walgreens SP by the next earning release??? and why??
GLTA!!
I'm not defending Citi, because I agree with you..
It is just a holding purchased at one dollar and change in 08/09, its has a very large international foot print in the Middle East and Asia and One of the USA key banks.. And they are all having problem's
Back to Walgreens dancing with the Devil.
Miquelon stated he contacted the Chair of the audit committee over the earning restatement, Miquelon stated Walgreens needed to release the earnings projections as soon as possible, she agreed, the CEO who is a member of the Board disagreed, and he did not bring this issue to her attention either. Strike 1
Financial engineering encompasses Risk management/cost of Capital which I also have been critical of.
In Miquelon's Kabuki Theater production he stated he was threated by this activist investor on a senior group conference call, starting with the notes he kept.. "that he(Miq) gave bad advice", and " he did not know how to do reverse Financial engineering".. (to make the revenue projecting first, then make cost operational adjustment) and bring on leverage, Operations from Finance. See RNOA- ROA financial engineering.
He also wrote a memo to Walgreens general counsel about this meeting leaving him(Miq.) to conclude from this conference call his position was in jeopardy if he did not agree to raise his forward earnings forecasts.
A matter that the full BOD would need to be informed about..IMHO
possibly Strike 2
So my question is was Walgreens Bod engaged or uninformed prior to making the second step buyout decision, as alliance Boots would be making a killer profit from its sale and discharge of debt.
Leaving Walgreens Common shareholders paying for the ride.
Remember, a Holding Company can issue preferred shares.
The $6.00 recovery could also be based on over a 100 hedge funds now having a position in Walgreens Co, and who financing the Hedges, bankers, These hedge include Jana, Goldman Sachs, Och-Ziff, Greenlight and Corvex an Icahn cub..
Do they have a vested interest in this going higher long term, or playing the bid/ask spread for now, as trading Volume has dropped off?
Interesting note: The boots buyout trapped the bankers that were left holding unsold debt.
The main Street investor myself included only hear the global population is growing older and living longer and will need more medical care..
That in where I think you have a better insight on what is bought and sold to the main St buyer on Walgreens outlook.. should 2 of the 3 outcomes you noted occur anything is possible in this going higher..
GLTA!!
LOL.. Playing the stock market is my Hobby and Work now.
As for owning Walgreens shares I always keep a few shares after I sell a holding, even a low as 1 share and your right I'm not shorting it..
And Miquelon is suing because he stated in his filing after the WSJ, Barron's, CFO mag. and Tribune News articles came out about "his" 1.1 billion miss, no one will hire him..
As for why he stayed around...It was for the Money he was being paid..
I'm Sure KKR would disagree with you on the A-B deal missing forward projection number's provided to the Banking Underwriters, the credit agencies and the Investors... doesn't KKR they own a HEDGE FUND that works 24/7?
The A-B merger is dependent on borrowed money against assets and cash flow including the Credit charges for funds which was down graded 1 level recently based on ???
And you are well aware that Drug pricing deflation has been a subject of discussion for several years pre Boot's, and the Armageddon picture. So it's relevant and not unexpected.
Why Walgreens you ask: because it's overpriced with questionable leadership.. and had taken the path of financial engineering vs
skilled leadership.. Something we have both seen at Major Corp.
I think with the right plans a global business in this sector is possible, so someday perhaps.
Lastly, the Banksters are the Financial system unless that changes that is where the money is.
Did you read the excerpts of the white paper that Miquelon included in the Filing about the qualities needed for the position he refused.. LOL..
Anyway, you do know how to read the Market, when to buy and when to sell.. I'm working on getting there to.
GLTA!!!
3+ million dollar Separation agreement was overly generous, and NOW we can see the reasons.
1) Over cooked/coached 1B synergistic projection to analysts.
2) 1 billion of FCF from a engineered Tax Inversion
3) Hedge fund Bankers underwriting the AB buyout/12 Investors
4) A BOD that was mislead/misdirected by its managers.
5) BOD that denies responsibility.
Walgreens has requested at lease 25 redactions including any reference to its BOD knowledge, and I think its CEO poor strategic skills ref. CEO notes.
As for Walgreens undoing its separation agreement that is what Miquelon's lawsuit is about..
Then there is the Question on legal responsibility of its officer
informing Walgreens BOD, who are these "officers" employer.
***Miquelon's Kabuki Theater***.. big Yank, now that is excellent. LOL
GLTA!!
Miquelon Kabuki Theater Show:
Prudent to be fair here is Walgreens legal response to the lawsuit
"Make no mistake: This lawsuit is brought by a bitter former executive who, after he was told he would not become the CFO of the combined Walgreens-Alliance Boots company, and only after he was subsequently told that he would not be allowed to continue as the Chief Financial Officer ('CFO') of Walgreens, has lashed out with a series of threats, untruths and half-truths".
Walgreens lawyers seek a redaction for parts of the defamation suit and two undisclosed exhibits.
2 undisclosed exhibits that's interesting!!!!
Walgreens defense team stated "the protective order that is included in our motion would govern the future disclosures of both parties and provide appropriate protection of sensitive competitive and financial information".
So they want the suit out of the public and SEC view???
Now how does a judge do this in a jury trial ?
"It is likely too late to undo the harm (Miquelon) has caused to Walgreens through his publication of a misleading and slanderous narrative using confidential information plucked out of context".
Well the Kabuki Show starts Thursday and this article can be found at www.ChicagoTribune.com http://www.chicagotribune.com/business/ct-walgreen-lawsuit-emails-1102-biz-20141031-story.html
I wonder what Large Investment Managers will have reporters in the Court room following this..
I guess we will see how the Selling price works out on Thursday-Friday.
GLTA..
I still own C;-( Banking is the bread and butter and underwriters in the financial system(hedge funds included) these are the dealers, like it or not, I will hold on to this international dealer.
Seeing as no Investors name was given in the Miquelon filing, one just needs to look at the SEC tape.. at the closing pricing on Aug.5th 2014 and the opening premarket price on Aug. 6th 2014, Bammm...there is the issue of a double digit decline in the pre opening price the day of the announcement.
I agree a FD violation is a slap on the wrist.
Now thinking about this Kabuki Theater, did this major investor pepper the opening price with its peers and encourage others to sell into it the decline...well this makes for good drama and perhaps Wade gets a movie deal.."Barbarians at the Gate" part 2 sequel.
A CEO, BoD member, a senior Corp Attorney and the keystone Cops as the SEC.
Karma sells..
GLTA!!
\
Big Yank and Prudent Investor did you review Miquelon court documents filing in his lawsuit YET?
Look at the allegation of a Investors meeting held on Aug 5th one day before the non Inversion news release.
GLTA!!