Re: PARS post-mortem, follow-up:
I checked the PARS message boards on Yahoo and SI and there are still plenty of bullish posters. I’m astonished at the rationalizations I’ve seen –some by respected posters-- for the insider selling around the time that the TBI data became mature.
Admittedly, PARS has a decent-sized cash hoard and a preclinical pain program. However, unless you were inclined to gamble on a palace coup, why would you invest in a company where you can’t trust management to play straight?
If PARS were selling for less than its net cash per share, it might be attractive purely as an asset play. But at $1+ it’s trading way above that level.
I suspect that some of the most bullish posters are people who want out at around 1.50. I think I’ll pass.
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