You are correct, eb0783. I recall that MEDX had a poison pill in place to protect the company, the shareholders and the employees, including its BOD and management. BMY wanted a short-form merger under Delaware law, for which it needed to accumulate 90% of OS of MEDX. It fell short of that goal initially, and extended its TO until such time it achieved its goal, with MEDX TO share price then remaining,not increased @ $16/share. Some of us SHs felt that even that $16/share valuation of MEDX shares, agreed to by its CEO/BOD[ with rather freshly-minted, low strike price, options and RSUs then in place that immediately vested on change of control] was a gross undervaluation of MEDX shares with Yervoy and Opdivo in the wings[on-going Phase 3 trials] for FDA approval for multiple indications, and countless other indications already in its pipeline for its fully human mabs licensed under DNA's Cabilley patent.
All made out like bandits, particularly BMY and MEDX CEO/BOD whose options and RSUs had been set with that low strike price. But,for at least some SHs who were stuck with higher share prices, that valuation of MEDX shares at $16/share was not adequate after all; those SHs apparently did not have the available $$$ capital to lower their basis in MEDX shares, and had not been able to buy MEDX shares at the low $$share price extant prior to the announcement of TO. We did have the capital, and lowered our basis in MEDX shares held by us. Many other SHs did the same. We netted ~ $350,000 before taxes, mostly LTCGs. Were we bandits too?
IMO, a like situation now exists for PPHM. Many here aver they have a much higher basis than current $0.39-0.42/share. My wife and I have an overall basis that some might regard as quite high---$1.18 in 3 accounts for a higher number of shares than I recall seeing posted here[that includes you, md1225], with the exception of Dart and some other Institutions and Fund holders. In our judgment, we could withstand losing all because we are otherwise well-diversified in our investments. All our eggs are not in this basket, nor should they be.
We intend to ride this out, confident in our belief in another kind of BS than nay-sayers think: B[color=red][/color]rekken Science[R&D, NYAS+trials], Birge Science [R&D & trials] and Bavi[all history in IBOX, including theory and science from beginning in oncology and viral and fungal indications, [color=red][b]s[/color]cience behind PS targeting and other clinical trials with CRs extant in other oncology indications, including Breast[Stopeck and even including the suspended Sunrise trial. We are further confident in our belief that the AZN, MSK, NCCN collaborations known to us so far[was there a U.Oregon viral collaboration to be added to UTSW, Moffitt, Wistar, MSK, Rutgers] will produce sufficient value to confirm our belief.
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