The Collected Works of Daniel Loeb, Part VI

Hedge fund manager Daniel Loeb has issued another of his poison pen letters to an investee. This time the recipient is Nabi Pharmaceuticals, and the letter is typical Loeb, replete with the usual not-so-veiled threats, multisyllabic insults (“platitudinous”, “flaccid”, “perfunctory”, etc.) and suggestions-to-the-CEO & board  about they might better spend their time.

Here’s a quote:

…you hide your heads in the nearest warm aperture in an apparent “ostrich defense” and ignore your shareholders … in the hope that the Company’s owners will go away before your next annual meeting. We want to be clear that while the May 2006 Annual Meeting might have bought you time, unless a process is put into place to maximize shareholder value well prior to the next annual meeting we will work assiduously between now and then to ensure that you will have ample time to pursue your golf games and to enjoy the Florida sun thereafter.


  1. Michael Robinson says:

    IMHO, the best part (ouch!) is on page 3: