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Expert Interview

Slingshot members are talking to an expert! The topic is:

What exactly constitutes a sale? Digging into the change of control claims from MACK's Convertible note holders after the ONVYDE asset sale to Ipsen

Ticker(s): MACK, IPN.PA

Who's the expert?

A lawyer with experience in change of control situations, specifically in biotech asset sales. Biotech experience will be important considering the nuanced differences of the asset driven biotech landscape. The expert should have an understanding of this specific situation. Asset purchase:

Interview Questions

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

Added By: joe_mccann

Looking at the MACK situation what are you first reactions?

Added By: joe_mccann

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

Added By: joe_mccann

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?

Added By: joe_mccann

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.

Added By: joe_mccann

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? 

Added By: joe_mccann

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? 

Added By: joe_mccann

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

Added By: joe_mccann

How likely are plaintiffs to prevail ?

Added By: mos

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

Added By: mos

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?

Added By: mos

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