Please describe your background with change of control litigation and the biotech space.

Looking at the MACK situation what are you first reactions?

How important is the company being based in Delaware in this situation? 

Does the payment for the asset matter? In this case it was cash with potential milestone payments. Would a different payment (equity?) from Ipsen matter?

Does the management team's use of proceeds matter in this determination? They repaid debt and issued a special dividend in addition to using it to fund the company's pipeline.

What methods are employed to determine if a change of control has been triggered? For example would the market valuation of the remaining assets be a factor? 

If market value of remaining assets did matter, would the judge seek to understand if the plaintiffs (convert holders) were manipulating that value (ie. significantly shorting the outstanding equity)? Would it matter? 

On a scale of 1-10 how likely do you think a change of control occurred?

How likely are plaintiffs to prevail ?

How often are these types of cases settled rather than taken all the way through litigation and appeals ?  

How long is judge likely to take to rule on the initial case and what is the timeline for the appeals process ?

Could this primarily be an  delay tactic so the convertible holders, many of whom are likely short the stock, can exit their position?