Mr. Painter Fires Back — Seeking Dismissal Of All Turing/Shkreli Counterclaims…

Just a minor update, to put this filing from Mr. Painter’s counsel on record, here. To my eye, this ten pager looks well-grounded. Should Mr. Painter prevail here, and be able to strike all the counterclaims — a quickened path to victory would lie ahead, for him. But I do think some of the Turing claims, though far-fetched, turn on purely factual questions — ones a jury needs to decide. So, not all the counterclaims will be stricken at this stage, in my view.

In any event, I continue to believe Mr. Painter will prevail in his claims against Martin. And in the end, I expect Turing/Vyera/Phoenixus will settle on Martin’s behalf.

But that may still be nearly a year away — in the tortoise-like federal court pacings.

On the other hand, I guess Marty has noting but time on his hands.

Onward.

O/T: A Found Poem… From An Irish Giant Of… English Letters

I’ll say no more:

A Found Poem

Like everybody else, I bowed my head

during the consecration of the bread and wine,

lifted my eyes to the raised host and raised chalice,

believed (whatever it means) that a change occurred.

I went to the altar rails and received the mystery

on my tongue, returned to my place, shut my eyes fast, made

an act of thanksgiving, opened my eyes and felt

time starting up again.

There was never a scene

when I had it out with myself or with an other.

The loss of faith occurred off stage. Yet I cannot

disrespect words like ‘thanksgiving’ or ‘host’

or even ‘communion wafer.’ They have an undying

pallor and draw, like well water far down.

– Seamus Heaney (2005)

Te Gracias — that is all. . . .

नमस्ते

[U] In The “We Wish Only Well” Dept.: Devastating Earthquake, In Albania — His Family’s Ancestral Homeland, Overnight…

UPDATED Wed. Night: A GoFundMe has been opened, by a well-regarded, local and legitimate Bronx councilman — and several highly-regarded Albanian American community groups inside the Apple [New York City].

If you’d rather mail a check — you may do so — by sending it here:

The Albanian American Community Association
1740 Hone Ave, Bronx, NY 10461
Telephone: 917-679-9300

Just indicate it is for the November 2019 Albanian Earthquake Relief effort. All such donations are tax-deductible, for US taxpayers. End update.

It apparently struck about 20 miles outside the capital city of Tirana — as a magnitude-6.4 earthquake shook Albania early Tuesday, killing at least eight people and injuring at least 300.

Our thoughts are with the fine people of that nation, and their relatives living all over the planet, as they await word — on the safety of their loved ones.

When there is word on relief funding, we will post those details, here.

That is all.

Revisiting, And Updating: One Specific Short Call Martin Mentioned This Week, On Instagram…

This past week, via his surrogates’ Instagram feed [upon which, these same surrogates claim BTW, is the soleofficial” Marty feed… heh!], Martin said given the disastrously bad call he made to short The Medicines Company, at about $31.50 — he’d just leave it and let it ride. His “logic” was that his four per cent of portfolio short has become two per cent, so just leave it… and hope.

Actually, The Medicines Company touched $70, this morning. Facts, it seems, are stubborn things.

If Martin had any real inkling of what shorting is about [in the real world, on real exchanges], he’d not make this call. The mythical carry-costs, on his mythical short don’t just mean he’s lost 100 per cent of his starting value… the cost to margin, and carry, this short now is over 400 per cent of what he originally had “at risk.” Once it went deeply under water, as it did, in the real world, he’d be getting daily calls from his broker, to post more real cash collateral, to secure the potentially infinite amount he could lose here. By my lights, with MDCO trading at $70 on the NYSE, he’d need over $85 on a per share basis — of new cash margin on deposit — just to keep the short open [which he entered at $31.50]. And, he’d need to pay interest on the loaned shares. So, all in, leaving the short in place is costing him over $95 on a per share shorted basis, in new cash.

He’s not made of unlimited funds, and several of his other shorts are equally under water. As I said this week, earlier, in announcing the denial of cert. by the Supremes — he’s lost more than half of his entire at risk capital now, in just over six elapsed months. In the real world, in sum — he would be broke, by now.

That is the end of my update, here — but for clarity, I will re-post my earlier piece on how this all was working out back when MDCO had “only” risen to $48. Hilarious. And… sad. This guy claimed to be “professionally” managing other peoples’ money.

Dateline: Early October 2019 — Back on May 6, 2019, Martin said he would short both of the above names, with equal weighting, in his portfolio.

Since this is his “power alley” of expertise, let’s take a look — now just about six months later [he hadn’t removed or changed these shorts, as of late July 2019].

One short — Teva, has paid off: he went short at about $14.90 — and it is trading at about half that, or $6.92 tonight. The generic wars — coupled to increasingly real risk of drug price controls in the US are hurting the Israeli firm.

The other? Not. so. much. Martin said sell — at about $31.50, on May 6. He said it would drop. He specifically cast a skeptical eye toward the PCSK9 candidate, inclisiran — and its propsects to limit cardio-vascular risk and manage cholesterol.

Well, the clinical results on inclisiran are coming in for The Medicines Company, now — and that’s very good news for familial hyper-cholesterol sufferers. The siRNA candidate looks to be effective.

So, instead of falling, the stock is still rising, through $48.51 tonight — having touched $50 for a bit yesterday. So, as the header indicates, Marty has lost more than 55 per cent on that bet, so far. And that’s before taxes and the carry-cost to borrow those shares.

Just to be clear, here though — overall, his entire portfolio is off nearly 40 per cent, or over $240,000, on about $600,000 at risk.

Now you know.

O/T: Tesla Pickup Truck Reveal — What A Steaming Pile Of… Dung.

I’ll post whatever it looks like, in a few. [Cross-posted, from one other property.]

This is in honor of that true fanboy, Billy the Musk bro-mancer…

And we have it, at right. It’s F U G L Y.

Here it is. He’s hawking it as an essentially bulletproof [nine mm pistol resistant] suburban fighting[?] — not hauling — vehicle.

He’s definitely thinking of this as a toy for the same morons who bought the first real Hum-Vees after Desert Storm. The look of it will never sell a real, working high mountains rancher, that much I can all but guarantee… even if it out pulls and out hauls the F-150 — by a ton. And it does.

It can also easily out run a Porsche 911, in a quarter mile standing start.

Make no mistake — this thing is a toy — not a blue collar working vehicle. That is so, even though it starts at $39,900. [It puts me in mind of the preposterous vehicle Bill Murray and Harold Ramis drove in “Stripes” — to rescue Sgt. Hulka, from behind the Czech version of the… Iron Curtain. ZOMG.]

[Comically, he had a guy throw a big ball bearing at the window. It promptly shattered into a spiderweb, but did not penetrate the cabin. It is as if he didn’t even rehearse any of his tests.] Onward.

Hilarious — it is the quintessential… NOT truck. In the most pejorative of ways.

[U] And… The Supremes’ Official Clerk’s Notice / Order, To The Second Circuit…

…is here. Just to complete the record, for Ms. Smythe’s book / background materials — a web archive.

Heh… Oh — and, trivial update: apparently overnight, he tasked his surrogates with adding an update to his thoughts — on his mythical portfolios, over on Instagram, as a series of text screens, in the “temporary, soon to vanish updates” featurette [it’s accessible as what I think of as a rainbow ring, around the avatar / icon for his Insta-account]. It goes by the handle MartinShkreli15, there. In sum, he admits that he has been wrong on almost everything — and yet says it is “hard” for him to “figure out whether he is up or down, overall.”

He. Is. Down. He’s lost more than half the money he put at risk [detailed spreadsheets to prove it available on request]. And that’s before paying the “carry costs” — on the shorts, at the broker. But he’s just too damn vain… to admit it. He did say he might update and adjust the portfolio — even as he holds on to childishly-clichéd views of many of the industry-sectors he knows very little about. Lululemon and CAT among them. Hilarious.

[In an earlier example, theoretically in his power alley, August of 2018, Martin also called BeiGene a short at about $160. This morning it is trading at… $205, and change. As I say… Hilarious.]

That is all. Onward.

[U: It Is Over. Denied.] As Martin Waits For The 9:30 AM EST Monday Order Denying Him Cert… He Will Be Reading Mr. Yaffe’s Motion To Dismiss, In NY ED…

UPDATED 11.18.2019 — 9:31 AM EST: As of Monday morning, Martin has lost all appeals. See the middle of page three, of that link. He must now settle in — to finish his full sentence. End update. And perhaps, end of this blog.

Well. Ahem. Exactly as we said, the four new cases the Supremes granted from their long conference this afternoon have been named. Unsurprisingly, Martin’s is not among them.

In typical fashion, the denial of all other certs. considered today… will issue as a paper order at promptly 9:30 a.m. Eastern, on Monday. That will definitively be the end of Mr. Shkreli’s chances on appeal — for his various felony convictions. Now, the true gravity of his remaining four years in the federal facility in mountainous northwestern Pennsylvania will doubly weigh upon him — as he will as of Monday afternoon, have no remaining hope of any earlier release.

And, as mentioned in the headline — here is Mr. Yaffe’s very cogent memo of law, seeking Mr. Yaffe’s immediate dismissal. It will prevail. Martin’s crazy out of date self-signed note fraud suit will be… dismissed, shortly — Condor predicts.

Onward to a sunny but chilly weekend here. Grinning… ever grinning.