The Virtue of Patience
If Martha Stewart, Sam Waksal and Peter Bacanovic had just waited a little bit, they could have avoided that whole mess that landed them both in prison! This week, the biotech company that Waksal founded, ImClone Systems, received a $4.5 billion buyout offer from Bristol-Myers Squibb. Today the Times points out that the deal—$60 a share—is roughly the same price at which Martha and Sam illegally sold their shares in 2001. And ironically the drug that is responsible for ImClone's value is the same experimental medicine that prompted Martha & Co. to rush to unload their shares a few years ago. Of course, Martha's bounced back nicely since then. The same can't be said for Sam, who is behind bars. He'll be home soon enough, though. Officially Waksal's release date isn't until February 9, 2009, but he's expected to be released early and home in time for the last couple of weeks of summer. [NYT]