Although, executing the share buyback at current prices would effectively increase the future return for Sarissa (and any shareholder). So it seems that starting the buyback at some point would make a whole lot of sense.
And if there is any validity to what SanDiego is saying, then letting go of $50M wouldn't seem like a huge risk.
Ram, These guys always will have workarounds and they have attorneys who can also provide them with legal protective strategies. Presuming that a BO is the destination that Denner wants to take this he will be very careful to not do anything that would get him or a potential suitor in legal trouble. With AMRN seeming working together with NVS there may (or may not) be an "understanding" in what this could lead to. (Before The Medicines Company was acquired by NVS, I think the concept was leaked to a financial publication. Why? because both companies wanted a higher price to justify the high price already agreed to.
Denner personally paid $40 million to settle his insider trading lawsuit last year. The board paid 84 million more to settle their lack of fiduciary duty cause they held an offer in their pocket for 6 months so they could accumulate shares and hold for 6 months to avoid the recapture.
SEC didnt charge any of them, they dont care. Shareholders sued him.
So the rules of the game are do whatever you want. Pay off the small group of people that complain and have the resources to take you to court and bank the difference. Cost of doing business. SEC is just a gatekeeper to stop small fish from playing the game.
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