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Breakingviews: Sam Waksal redux

Thursday, September 25, 2014 - 03:02

Robert Cyran and Reynolds Holding discuss whether Wall Street can forgive the former ImClone boss and convicted fraudster and get behind his new company's IPO.

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Today we're going to talk about Wall Street in amnesia Sam Waksal. The imclone boss. Went to prison for insider trading scandal that ensnared Martha Stewart. Is back this time with a new Biotech company cabinet. Which he says he's gonna take public before the end of the year now -- -- I don't think -- faster -- -- -- -- -- -- -- we're gonna be pretty -- as -- economic -- let's go -- -- -- first let's look back -- that he went to prison and -- you think McCain's reputation has been -- and also the SEC he can can hear you can't see scenes that I will not be an officer or director of public company again -- and forever -- And now he's got to come it's -- Republicans the question is it investors it has actually become a director so what he's done is he's. His brother has become head of this company and what do we know about his brother well his brother was also found with. To about two pounds of cocaine in his underwear when -- airplanes have. He added that charges for -- out so it is finished and failing to say it to be at least so the biggest Wall Street is very forgiving especially for people who made of money in the past and blocks of company -- actually -- a lot investors a lot of money. Eli Lilly bought out the company for the same prices he's holed an eight the company would be -- even more if you just stay on top -- -- yeah he just stuck with that if he hadn't been exited the drug -- -- -- -- it. It has a very excellent what do you think's going on here I mean. Is it really amnesia Amazon Indonesia and that's that's as a decade ago some media people have forgotten -- He seemed to be willing to. Review of the Donald from season in the room yet meriwether weren't giving you trouble -- pollutants and hedge fund twice the new iMac necessary hedge fund. It's he has as they say thinking if people make investors -- -- and to be very forgiving right and it could be you know waksal does have its supporters to people you know he's -- still some very important friends these are very very very bright guy. He's got -- instinct you know this past has some question marks -- you know since he's left several labs under questionable circumstances. But you could have a lot of Biotech entrepreneurs so it's it's. -- know what about this company can administered what we know about it what they've got and they bought a couple of other drugs on the market and some other companies and other drugs which are being developed and what waksal has shown that he's. He has an ability to take. Drugs that are going to be important. Imclone stroke or protects is two billion dollars Kelly he's used the champion in his starts and more of a creator or marketer and Mora on -- and someone -- kind of a catalyst. It's kind of coming out there and and and finding investors getting excitement about it. You know sometimes pushing a bit too far her very much too far. All right well we'll see how investors react to this new venture in the meantime stay tuned for more breaking views tomorrow.

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Breakingviews: Sam Waksal redux

Thursday, September 25, 2014 - 03:02