News Article: Melnyk suing Acerus Pharmaceuticals (Trimel) after significant losses

[harrisb]

I wonder how many shares of Valeant Melnyk owns as a result of selling Biovail? If a significant portion of the sale was in shares our owner just got a lot poorer today.

 

[Ouroboros]

Don't think Melnyk owns any Valeant stock. That's what he said shortly after the merger happened as I recall.

 

[harrisb]

Don't think Melnyk owns any Valeant stock. That's what he said shortly after the merger happened as I recall.

I hope you're right, shares took an absolute beating today.

 

[Very Stable Genius]

Melnyk was a whistleblower against Valeant for alleged accounting fraud. No way he'd own stocks of them.

 

[Mingus Dew]

I hope you're right, shares took an absolute beating today.

Their fast-and-loose accounting policies are starting to catch up with them. Not to mention this business about a potential debt-default.

 

[harrisb]

Melnyk was a whistleblower against Valeant for alleged accounting fraud. No way he'd own stocks of them.

Clean Gene would never be a part of something shady....

 

[Sensored]

So I know that Melynk has had some obvious problems with past companies but that doesn't mean he hasn't diversified his investments.

It's possible to have gone through these issues (divorce, Trimel, court issues, weak canadian dollar) and still be extremely wealthy.

At the beginning of 2015 Canadian Business had him as the 71st richest Canadian with a net worth just shy of $1.2 billion. Forbes has the Sens ranked as #18 in the NHL with a value of $370 million.

http://www.canadianbusiness.com/lists-and-rankings/richest-people/top-100-richest-canadians-2015/

 

[Back in Black]

Suing both companies he founded
5 year ban from hold a senior position at a public company.
Health issues
Divorced

The man has a whole whack of problems.

Hope he doesn't sue the SENS org.....

 

[Holdurbreathe]

Suing company for $145 million. Company is currently valued at $20 million.

Stocks were trading at $4.45 per share in 2012. Currently trading at $0.09 per share. In case you aren't down with the maths, the stock has gone down 98% in under four years. NINETY. EIGHT. PERCENT.



... legit worried about Eugene's financial wherewithal to ever commit to being able to support this franchise as anything more than a budget team. He's attempting to sue his own company for over 700% of what it is worth. Like... just read that again. Not good.

I wouldn't lose to much sleep over Melnyk's finances.

The fact is most of Melnyk's shares were worth a $1.50 five years ago and while the shares did peak at $4.45 briefly in 2012, they have been in decline since the end of 2012.

When Trimel was founded Melnyk owned 69% of the shares. today he reportedly only 15% of the Acerus (formerly Trimel) stock.

The 15% means Melnyk currently owns ~30,130,500 shares.

Therefore his losses are in the range of $43M based on the stocks initial price of $1.50. Of course that doesn't factor in the possibility Melnyk sold off millions of shares when the price was at its peak of $4.45/share.

Now since his lawsuit names the Board Chairman, CEO and other Board Members, as well as the company, his lawsuit could possibly be an attempt to take over the company.

Given three of the company's key drug offerings are relatively close to going to market, the company's financial picture is likely to brighten significantly in the future.

 

[Holdurbreathe]

So I know that Melynk has had some obvious problems with past companies but that doesn't mean he hasn't diversified his investments.

It's possible to have gone through these issues (divorce, Trimel, court issues, weak canadian dollar) and still be extremely wealthy.

At the beginning of 2015 Canadian Business had him as the 71st richest Canadian with a net worth just shy of $1.2 billion. Forbes has the Sens ranked as #18 in the NHL with a value of $370 million.

http://www.canadianbusiness.com/lists-and-rankings/richest-people/top-100-richest-canadians-2015/

A majority of us would be fortunate to have Melnyk's financial problems.

 

[Holdurbreathe]

Bad judgement. Seems like when he is the one in charge bad things happen. Once he left Biovail they took off.

What?

 

[Holdurbreathe]

Don't think Melnyk owns any Valeant stock. That's what he said shortly after the merger happened as I recall.

Whether he owns any Valeant stock is hard to say, however he didn't have any holding in Biovail when the merger took place.

http://www.thestar.com/business/2010/03/22/eugene_melnyk_sells_stake_in_biovail.html

 

[Very Stable Genius]

http://senators.nhl.com/club/m_news.htm?id=873155

This is so Eugene's doing.

 

[Very Stable Genius]

http://www.theglobeandmail.com/repo...roying-acerus-in-legal-claim/article29533514/

More revealed.