Valeant Pharmaceuticals has already lost Bill Ackman $4 billion, and may still cost him another $2 billion. It has cost him dearly in terms of reputation, if not yet in terms of redemptions. Most importantly, it kept him from his favorite thing in the world, the Ira Sohn Investment Conference, last year. He is not going to let it keep him from the Sohn stage again.
After taking a breather from the Sohn Investment Conference last year with a promise to return in 2017, the chief of Pershing Square Capital Management L.P. has signed on to once again offer up investment picks at the annual event….
Valeant had been Mr. Ackman’s investment pick at the event in May, 2015, where he compared Valeant to an early-stage version of Berkshire Hathaway. The stock closed at $222.86 that day. This week it’s been trading below $11.
What will Bill say on May 8? Which lucky company or companies will be the belated successors to his Valeant pick? Will he finally reveal what he’s been buying in recent months? Stay tuned!
Meanwhile, in spite of the fact that Bill Ackman is no longer involved, a company called Valeant still exists. And still has a CEO—a CEO that needs eight figures if he’s going to put up with the crap that comes with being CEO of Valeant Pharmaceuticals.
Valeant Pharmaceuticals International Inc. Chief Executive Joseph Papa took in $62.7 million in pay last year as he navigated the fallout from accounting problems, a near debt default and investigations by Congress….
Valeant said the financial goals it had established at the beginning of the year—before Mr. Papa took the reins—weren’t “sufficiently achieved” in 2016, but the company paid the new CEO half of the additional cash bonus to recognize “the significance and quality of the contributions” he made.