Today is the wedding so I am quickly writing to paid subs with hot news. Then I have to dress to kill (and keep warm; it is freezing cold in the supposed London spring.)
*Royal Bank of Scotland is not going to pay back holders of its hybrid paper, (like us USA owners of its non-cumulative prefered stock) any more generously than the market price. The hedge fund pile-in pushed the prices up but amibiuity about whether these instruments even will count as part of bank capital led the RBS chieftains to what one observer in London called “a cheeky offer”. The bulk of the money will go to owners of bonds and the shareholders cashing in will get the market price plus a few pennies.
*As Israeli indexes hit an all-time new high, Teva won FDA approval for a generic of Argatroban, an anti-coagulant delivered by injection. This is small potatoes.
*GSK and its Danish partner for Arzerra, Genmab, are being suided by Biogen and Roche for patent infringement over the leukemia drug.
