Truth in Corporate Justice LLC:
Icahn Wins ImClone Battle
Distributed by Worldwide Free Release Press™
of the Worldwide Tree Group
OAKLAND, Calif., Oct. 12, 2006—Following the resignation of Chairman Chief Executive Officer David M. Kies and Board member William Crouse, Carl Icahn has stepped up his efforts to save ImClone Systems, Inc. (NASDAQ: IMCL; Click Stock Symbol To Read Original Story). Two weeks prior to their resignations, Icahn filed a proxy to have six of the Board members removed for mismanaging the Company and mishandling the patent case which caused ImClone to lose the patent on the drug delivery system that effectuates the use of the drug Erbitux, ImClone’s cancer medicine. On Wednesday, Icahn filed another proxy to have the remaining four Board members removed who have not chosen to resign. Icahn, who now owns about 14% of the Company, has been at odds with the Board since ImClone lost this patent. On this news, the stock has gone up over a dollar to $31.05 per share.
ImClone was seeking to be bought out in January, but no deal was approved, as the Board believed that the offers were too low. So, they withdrew their sale of ImClone during the first week of September. All this time, the patent lawsuit against ImClone was pending and the trial was ongoing. ImClone went on to lose this case.
TCJ’s analysis of ImClone’s loss of the patent suit is that this is a victory for the scientists who created the delivery system and a victory for anyone who believes that the legal system can hear the voice of one person. TCJ Founder Neil Rothstein stated previously, “As was shown once again, the charade can only go on for so long. Carl Icahn has now been elected to the Board and he will ensure that the progress at ImClone will prevail.” Icahn demanded immediately after taking his seat on the Board that Chief Executive Officer David Kies resign immediately. Since this demand was made, not only has Kies resigned, but Director William Crouse left as well. Following in their footsteps, Chief Financial Officer Michael Haverton resigned effective October 13, 2006 and General Counsel Eric Ramanathan is also departing.
Neil Rothstein, Founder of The Worldwide Tree Group, served as Lead Counsel in the ImClone Systems Securities Litigation in the United States District Court for the Southern District of New York (02-cv-136), which settled for $75 million. TCJ applauds the fact that one of the three scientists stated that he had to react to this injustice because the patent was stolen from him. He not only believed that his name and his science had been taken from him, but he also wanted his honor to be rightfully acknowledged. Once again, a few voices made a huge difference and the truth prevailed.
TCJ states once again that the plaintiff spoke out after learning of the decision and it is the plaintiff—not the lawyer—that controls and directs all aspects of the litigation. TCJ uses its power to empower those who have been injured by corporate greed and defends those that are falsely accused of wrongdoing. Its gateway to the world, the upcoming Worldwide Tree Multimedia LLC, will enrich, entertain and educate you in many ways. The Global Governance Center LLC is your foundation to help empower those most in need. It houses the Foundations, Endowments & Scholarship Project which will receive not less than ten percent of all profits from the Worldwide Tree Group. You can e-mail the Worldwide Tree at [email protected] or call 310/459-2560 or 800/610-4998. You can reach Neil Rothstein on his personal cell at 619/251-0887. Visit our Web site at www.worldwidetree.org.