1manband
7 months ago
You mean like pretending the shares will NOT be cancelled, and that common shareholders will get NOTHING?
Yeah, I see that delusion/lying a lot in bankrupt companies. There are always people who claim the courts are wrong and that shareholders will get something, even though the LAW proves they won't.
Endo shareholders are getting nothing. Guaranteed. It is spelled out, clear as day, in the Plan.
1manband
8 months ago
Common shares are being cancelled under the final bankruptcy plan. Common shareholders will receive nothing.
"On the Effective Date, each Existing Equity Interest, shall be cancelled, extinguished, and discharged, subject to applicable law, and each holder thereof shall not receive or retain any property under this Plan on account of such Existing Equity Interest."
dazetrader
12 months ago
$ENDPQ interesting link enclosed. Since Pfizerโs smoking cessation drug Chantix was recalled in 2021, Endo's subsidiary Par Pharmaceuticals has been the only one to market the product. $PFE
https://bit.ly/3R8lufh
Endo sues Zydus in attempt to block its generic version of Chantix
By Zoey Becker
Aug 11, 2023 10:45am
ChantixEndoPar PharmaceuticalZydus
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A woman snaps a cigarette in half
Smoking cessation drug Chantix hit peak sales of $1.1 billion before Pfizer recalled it due to high levels of impurities. (Daria Kulkova/Getty Images)
Since Pfizerโs smoking cessation drug Chantix was recalled in 2021, Endo's subsidiary Par Pharmaceuticals has been the only one to market the product. Now, the generics subsidiary is attempting to ward off fellow generic makers who want in on the drug.
Endo's lawsuit alleges that Zydus launched its Chantix generic, which was FDA approved in June, after Endo alerted it of a new patent but before it could file a patent infringement claim. The new patent covers the method Endo uses to manufacture the drug without the impurities that took down Pfizer's original product.
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Price of Pfizer's smoking-cessation drug Chantix doubles in just 5 years: report
Chantix was originally approved in 2006. The drug was flying high with $1.1 billion in peak sales until impurities found in the product brought it crashing down. Pfizer threw in the towel and recalled all lots in September 2021, a month after the FDA cleared Endo's generic ahead of schedule.
Now, the FDA will only accept submissions for products based on Chantixโs active ingredient, varenicline tartrate, if the drugs meet the acceptable intake limit for nitrosamine impurities. Thatโs what Endo did, where Pfizer and others could not, according to the Aug. 8 lawsuit filed in Delaware federal court.
โMaking varenicline tartrate tablets with the low levels of nitrosamine required by the FDA is difficult to do, as evidenced by the fact that Pfizer has been unable to reformulate its Chantix product to meet those requirements despite the huge incentive it has had to do so,โ reads the complaint.
Endo alleges Zydus used the methods listed in its recent patent because those are โthe only commercially viable methodsโ that itโs aware of for ensuring low levels of nitrosamine impurities.
Zydus launched its drug instead of replying to notices sent by Endo, leaving Endo unable to verify if the two companies use the same manufacturing method but finding it "highly likely," according to the complaint.
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Itโs likely that Endo canโt afford the generic competition after filing for bankruptcy last August due to the weight of multiple massive opioid-related settlements and $8 billion in debt. The company planned to sell itself to its senior lender group, which would then fund Endoโs opioid settlements.
The U.S. Department of Justice recently shot down that plan on the grounds of bankruptcy law violation because it would pay some creditors while others, including government agencies, would get nothing, Reuters reported.
dazetrader
1 year ago
This company still publishes news!
NEWS
THU JUL 20TH, 2023
Canada Newswire7:30 AM
Endo Announces First Patient Enrolled in Registry of Peyronie's Disease
PR Newswire7:30 AM
Endo Announces First Patient Enrolled in Registry of Peyronie's Disease
TUE JUL 18TH, 2023
Canada Newswire4:30 PM
Endo Launches Bivalirudin Injection in Ready-to-Use Vials
PR Newswire4:30 PM
Endo Launches Bivalirudin Injection in Ready-to-Use Vials
MON JUL 17TH, 2023
Canada Newswire4:30 PM
Endo and Premier, Inc. Collaborate to Address Pitocin® (oxytocin injection, USP) Shortage
https://quotes.freerealtime.com/quotes/ENDPQ/Quote
1manband
2 years ago
No, that is not happening. And I am very skeptical that a judge said that, as they have no say in it. Bankruptcy is one of the few courts where the judge's opinion of that sort has no bearing on the case.
The law is set in stone. Common shareholders are dead last in line for money. Everyone in front of them MUST be 100% satisfied in regards to what is owed to them before the shareholders can even be considered for anything.
The shareholders are not being paid anything here. The current plan is to turn the ownership of the company over to the first lein holders. Obviously, the remaining creditors have an issue with that, as they want to be paid. But either way, the common shareholders get NOTHING.
If there was any legitimate chance of shareholders being paid, the Court would be including them in these negotiations. They are not, because they ain't getting paid.
1manband
2 years ago
I am NOT mistaken. The common shares are almost certainly to be wiped out with no value paid to current shareholders.
Have you seen their most recent balance sheet? Shareholders Equity is a NEGATIVE $3.925 billion. That means, even assuming the assets are valued at 100% of their current worth (which they are not), shareholders are still almost $4 billion in the hole.
Shareholders are always dead last in line in a bankruptcy. In order for shareholders to get a penny, every single creditor and debtor in front of them has to have their claims 100% satisfied. With Endo, they are billions short of achieving that, which means debtors and creditors are likely to take a haircut on what they are owed, and shareholders get nothing.
That is how bankruptcy works.
The current plan is for the first lien creditors to take over ownership of the company and all its assets, with everyone else getting shafted. Common shareholders are so far down the list they haven't even been recognized by the Court because the Court knows their is really no chance they will get paid.
1manband
2 years ago
That is not how Bankruptcy Law works.
They are IN bankruptcy right now. Once you are in it, you have to go through with it. You just can't back out later and say "sorry, we didn't mean it".
Endo has to go through with it. An offer has been made for the assets, and that offer is binding. It is also for much less than Endo owes, which means creditors will not be paid back in full and therefore common shareholders get nothing.
In the future, I suggest you learn how bankruptcy REALLY works and not how amateurs on the internet pretend it does.
trendzone
2 years ago
It's hard to not disagree with that,I think a lot of the law suits are related to how many of the company's, were over aggressive and flooded the markets with those kinds of drugs,because at the time too many doctors were writing scripts like no tomorrow on them,and they put greed above everything else to make as much money off it at the time,and now they have all paid the price for that big time, but they should not all be but of business for it.
Cash Avalanche
2 years ago
Institutions still own 60% of the floatโฆ. Vanguard, Black Rock, etcโฆ. I donโt think they are stupidโฆ the company is reported to have assets worth $6.36 Billion, due to lawsuits the liabilities are $9.56 Billionโฆ they had to of had some type of liability insurance that will come into play and relieve some of the lawsuit debtโฆ earnings will come into play as well as accounts receivableโฆ. I canโt see this lawsuit being solidโฆ. How can a judge declare fault on those companies that provide a drug that will obviously continue to be sold? How can a judge say โhey you you are liable for offering a drug that doctors prescribe every day and will continue to prescribe for the foreseeable future?โ there is no substitute for opioids, is the liability on the prescribers or the manufactures, or the sales force? How can there be recompense of something they will never ever take off the shelf? At any rate, in the end, with an OS of 235 million, if the shareholders can get at least a billion in value then that would be a PPS of $3โฆ.. so Iโm holding through this messโฆ.
1manband
2 years ago
Endo is bankrupt. The common stock has no value.
In order for the common shares to have value in the bankruptcy, the creditors need to 100% satisfied for the full amount of what they are owed. Taking into account the true value of the assets and all the liabilities and debt, and the huge costs of the bankruptcy process, it would almost certainly require something north of $7.5 BILLION just to pay off what is owed. For the common stockholders to benefit, an acquirer would need to pay more than that.
The creditors have agreed to acquire all the assets for a credit of $6 billion. Which means the unsecured creditors will receive pennies on the dollar, if anything. For them to get out whole, another acquirer would need to bump that bid by 25%, and for common shareholders to get anything, it would need to be more than that.
That is highly unlikely to occur. They are primarily a generic drug maker with a huge amount of legal issues, which is not attractive to other drug companies.
Sure, the Apes could try to pump this as a "short squeeze" and it may work in the very short-term, but long-term, the stock is almost certainly going to zero and common shareholders will be wiped out.