Surf who's side are you on in this battle. Your boy Sykes vs your god Shkrelli. We know you basically felate both, so which one gets seniority when being felated ? Vegas has Sykes as a favorite because Shkrelli really doesnt have much money. http://finance.yahoo.com/news/martin-shkreli-whos-tim-sykes-161947630.html
In a "reverse merger", you acquire a shell, clean it out and put the assets in from the private company...cheaper and quicker than an fresh IPO. Can be a clean way to take a company out but often associated with sleazy deals,
So going back to the title of this thread, he had 1.2 million KBIO shares on this account. At its highest it was $40 per stock, thus the valuation of the account for 45 million. But after his pump and dump scheme, he forgot the dump part (I think he hoped to make the company a billion dollar enterprise) and when he was arrested, this account was used as collateral, preventing from selling anything from it. Well, the stock tanked, and here we are, the need for more money for his 5 million bail. Here is the stock chart:
Surf is an obvious case of bovine spongiform encephalopathy. No doubt contracted from one of the substandard burger joints he frequents that still use trunk meat.
I am not here to say what he did or did not do. Nor do i pass moral judgements on his character I speak strictly from what will happen from a legal prosecution standpoint. He will get away with it.
"Can be a clean way to take a company out " That's what these words mean. Reading comprehension is a plus.
The bet is on. Mind you, we are talking here about the fraud charges not the morality of raising the price of a drug. Here is my take: His lawyer is taking a huge gamble on him. Every lawyer likes to get paid, and Shkreli doesn't seem to have much money, specially if a guilty verdict makes him to give up a big portion of it. Some of that money is tide up in the trading account, so his lawyer loves him as long as he can pay him. Let's say he gets a smaller fraud conviction, he is done in the business world, because he can't take board positions with a fraud conviction on his CV. Big pharma is also going to make an example of him, because he is giving them a bad name not to mention blowing the whistle on their "let's raise drug prices quietly" game... But anyway, what time is he on TV? Edit: CNBC is discussing it right now....
No, he was an insider and had to hold 6 months under the swing trading rules or he'd lose his profits. I guess that doesn't apply now that KBIO is delisted, but now he doesn't have many profits either. Maybe just $1M, still not bad.
That will get eaten up in lawyer fees. He has a few lawsuits against him as well as criminal charges. He was never a successful trader, he has shown he was a successful con man though.