The best management in the world could not have made Tecarfarin a commercial success. What should have led you to question management’s competence was their spending money on such a program in the first place.
The bond holders do deserve to be paid back as they floated the company.
It doesn't quite add up that Aryx management would be disrespectful to partners. Perhaps the offers were so low ball based on their financial troubles that they made a mistake and balked one too many times or the offers were so low as to making no real financial difference to Aryx.
I think Aryx turned out to be a case of a nifty and useful platform but poor decisions on what drugs to push forward. A good lesson.
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