Your shareholders have spoken.
our worst-case estimated value of $14 per share.
I must wonder how in this day and age, the company's board of directors has not held you (Robinson) and Paul Maier responsible for your respective failures and shown you both the door long ago accompanied by a well worn boot planted in the backside.
Notwithstanding the sorry state of the company, the apparent lack of financial controls, the consistently disappointing results and the abysmal investor relations, we estimate that the value of Ligand's assets far outstrip the current enterprise value.
Whether we own shares for the short-term or long-term, it's a red-herring issue that incompetent management uses to distract people from the real issues, ... In this case, the issue is that Ligand is beset by Robinson's and Maier's incompetence and failure.
Brendan, it's time for you to put your money where your mouth is. If you are sincere in your statement that a premium bid for the company is not worthy of discussion, then we must insist that you demonstrate your conviction by acquiring shares.
We demand that NABI immediately retain an investment bank other than Lehman, or in conjunction with Lehman, to explore strategies to maximize shareholder value.