Comments on: Did Schering-Plough Properly Review Organon Deal?

By: Condor

Condor — Fri, 11 Jul 2008 10:01:22 +0000

This one is simply offered in the interest of completeness:

It seems Arent, Fox (the firm discussed in Ed’s, above) has turned in its walking papers on this case — Lowenstein Sandler, the firm handling almost all of Schering’s current-scandal and older-scandal (Clarinex launch) related securities-fraud class actions, has been substituted as counsel on the Organon Qui Tam/False Claims Act matter. That consent was entered into the federal court records on July 10, 2008.

Far be it from me to suggest the two events were in any way related. . . .

http://shearlingsplowed.blogspot.com/2008/07/far-be-it-for-me-to-suggest-these-two.html

Namaste

By: SP 2

SP 2 — Tue, 08 Jul 2008 14:01:28 +0000

Obviously not. It appears that the BOD is the puppet of management rather than protecting the interest of the shareholders. As for the large investors, they have been silent.

By: Gretta

Gretta — Wed, 02 Jul 2008 14:33:10 +0000

So do you think the Schering Plough Board and/ or the large investors are paying any attention to the continual mismanagement at this company.

By: Former SP

Former SP — Tue, 01 Jul 2008 12:35:22 +0000

Seems to be a little incompetent management going on at Schering-Plough, but not to worry. The big dogs will simply cut, cut, cut the workforce until they can justify their own pay. Greed rules!

By: SP MD

SP MD — Mon, 30 Jun 2008 21:38:03 +0000

Given how they seem to do evrything else, I doubt it! They appear to like flying by the seat of their pants.

By: Condor

Condor — Mon, 30 Jun 2008 16:21:36 +0000

As ever — thanks for the mention, Ed!

You are a gentleman and a scholar!

Now, in answer to “No Mercy” — I am all but CERTAIN that Schering DID know of all these Organon skeletons (then still in the closet), when it closed the acquisition in November 2007.

To be more precise, I think this was a “throw-away” argument by Arent Fox, slapped onto the end of its motion on behalf of Schering.

And I believe it has done more harm to Schering’s overall chances, than improved them — by opening the door to EARLY scrutiny of all the players’ diligence files.

And that will lead straight to ENHANCE — certainly, in the files of the various investment bankers that raised,collectively, around $4 billion in equity for Schering to buy Organon in August and September of 2007.

Yikes! What goes around — REALLY goes around.

By: No Mercy

No Mercy — Mon, 30 Jun 2008 14:24:06 +0000

Let’s see, Schering-Plough wasn’t fully aware of the liability they were assuming with the purchase of Organon. That’s really too bad, but not uncommon as it appears some lawyers fell asleep at the wheel in a rush to get it done. This rings similar to the situation when Pfizer bought Pharmacia and assumed the HGH liability. What goes around comes around! It couldn’t happen to a more-deserving top management team than the group that used to head Pharmacia and now heads Schering-Plough.