Sorry Dolce....both Madame and Fruitbat have left you exposed, a...

Sorry Dolce....both Madame and Fruitbat have left you exposed, a little like "the Emperor has no clothes" Whilst I remain a staunch supporter of MSB, it must be acknowledged that the US listing has been an unmitigated disaster. Admittedly, the banks involved, JPM in particular, have been spectacularly inept in their advice and management of the US listing and some of their shenanigans may well attract the attention of legal action as I know for a fact of certain untenable assertions made by that supposed blue chip organisation in the course of the raising. However, the damage has been done and the management of MSB, have achieved their golden aim of a US listing, but, at a huge cost to shareholders. Why MSB didn't pull the issue, when it became apparent that JPM and CS were patently unable to attract fresh interest at a price closer to the $12 level from their supposed client base is beyond me...a simple rights issue perhaps, obviously forgoing a true US listing until a later date? Raising $60m for a $300m drop in market cap...bizarre! But what can you expect from these weasels but a determination to garner their blood money, regardless of the impact on the "client" company? Even the janitor at MSB could have placed stock at a near 40% discount, and most surely would have not been paid $US7 m in fees for effectively doing nothing. This sort of discount is normally reserved for distressed companies or a recapitalisation of a debt-ridden company, neither of which describes MSB. And whilst I never thought Teva would be a player in this raising, I thought Celgene may have been influenced to top up their stake, particularly as they were granted a free kick by management in getting a further 6 month right of first refusal over the GvHD stuff....you shouted me down at the time for being a dummy or some other snide insult but the inescapable view now must be is that Celgene has played a blinder. I get the impression that part of the reason that the pricing was so low is that there was a determination to restrict the offering to genuine new players (Fidelity?) rather than allowing existing shorts to cover...whilst the shorts were prepared perhaps to pay a higher price to cover, the blind determination to squeeze them has cost the company dearly (my speculation only) Given the gloating I'm hearing from Macquarie sources today, I doubt whether their objective was achieved. My read on the situation now, post investment bank and management fiasco, is that with 4 Phase 3 trials and a host of other potential applications for their product, MSB are, unfortunately, now rather corporately exposed and at a rather lower price than necessary. It is worth noting that companies with just one product in development are being acquired at over $US1bn. It may seem like the end of the world today but it certainly isn't...the facts haven't changed but the ineptitude of both the US banks and management have made a temporary dent in the perception of the future prospects of the company.