There really are a lot of Denner worshipers on this board. As a contrarian, that makes me want to run the other way. For one thing, the press release they put out reads in a way that makes me picture an adult man, perhaps Denner, standing on the street outside Amarin headquarters in nothing but a diaper, stomping his feet and screaming to be let in. Like a bully. Like a baby. It reads like somebody was drunk when they wrote it.
I thought you have to have over 50 percent of a company to control it. But Denner wants to buy 7 percent of the shares and then nothing more when the price drops from $4 to $1. Then he wants to rally all the other shareholders to his side so he doesn't have to buy any more shares. Then he wants to pooh all over the best rally Amarin has had since KM took over.
Despite all the people on this board who think the share price is going to rocket forward because Denner has made his big move, that's not going to happen. Certainly not because of him. Wall Street doesn't look at this and say: "Oh great, here comes Denner in his Superman outfit to save the day!" What Wall Street sees now is uncertainty. And Wall Street hates uncertainty.
Before the earnings announcement last quarter, I was all for any drastic measure to try to save the company because I was certain that Amarin lost $50 million in the third quarter and would be bankrupt within a year. But I have to say that the turnaround from losses of $90 million and then $70 million to break even in the third quarter and now what seems like a $4 million profit has convinced me to give KM more time to pursue his plan.
The timing of Denner's release today makes me think he's not really a friend of Amarin, Vascepa or its shareholders. He has his own plans. Makes me think of another corporate raider who was once admired. His name is Ivan Boesky.
