Finally sold?

Well, sort of....

http://www.prnewswire.com/news-releases/impactrx-acquired-by-symphony-technology-group-120056244.html

 

"Under the terms of the acquisition, ImpactRx will operate as an independent STG portfolio company. Current President and CEO, Richard Altus, will continue to lead ImpactRx. Financial terms of the transaction were not disclosed."

Waste of time and money as long as Altus is still around. I guess STG really isn't as smart as everyone says.

 

Nope. That is probably just merger talk for 'we will keep him on the books until he find another job.' They must know by now that he adds nothing.

 

13.5MM for the company with only a small portion of this set aside for preferred stock holders. Result is a loss for most of the hard working folks in the company. Somehow Rich will pitch this as a success when reality is this is a total failure. The only people who will make money are the ones who drove the company into the ground. A sad day after 10+ years of hard work for the majority of the line workers and managers.

 

13.5? That's just walking around money.

 

I have to agree and I seriously doubt even the crack executive team is going to see much, if anything from that amount. So bascially you have a company that in 2002 would have sold for $50 million (yes, it was a real offer), that 9 years later sells for $13.5M. Wow, that is some real return on investment. Let's give a real loud round of applause to the people that made it all possible....Altus, Angelastro, Caprara, Kain, Gallo, Walton to name a few. This deal makes Margraf look like a complete genius. Come to think of it, he turned out to be the smart one....if you can live with unethical and potentially illegal busines practice of course.

 

Agree, actually the sale was for 15MM with 1.5MM going to repay debt and 3.5MM going to preferred shareholders which is quite a bit of money going to the folks who tanked this company. I agree, Margraf was much smarter and would have had the company sold with a profit but Altus believed (amazingly) he could sell this for 130MM. If he had been as smart as Margraf, he would have helped Lurker sell to Market RX when they were looking to buy. Just a terrible showing with this and its truly sad that these guys will make money on this when the lously return/LOSS is their direct responsibility.

What makes this situation worse is that they screwed the majority of the shareholders (the non-preferred). These poor slobs were the backbone of the company (Directors and lower) who earned shares, exercised them and then lost their investment... ALL OF IT including the initial share price they paid to exercise. If you added all of the money paid to exercise, it couldn't come to less than $500K but that would have cut into the 3.5MM for them... it teaches everyone a great lesson, take the salary and benefits FIRST, don't trust leadership unless they have PROVEN background and PUT YOURSELF FIRST... no one else will.

Actually Rich informed eveyone that most of those who paid to exercise their options were no longer with the company, so I guess he felt it was OK to screw those who were no longer there... their contributions were old news....

 

Impact was good to me. I make a lot more now than I did when I was there, but I wouldn't be where I am without Impact. So, keep the money I spent to exercise. Consider it a thank you gift.

 

Great insight...thanks. I wouldn't be so sure that the preferred shareholders are anyone other than existing or former board members, and current or former CEOs (not Margraf, he got bought out). I'm sure that certain syncophants (Angelastro) got thrown a few crumbs, but Im certain it wont be lifestyle changing. What a shame. A once great idea and business execution reduced to a fire sale. Welcome to the golden parachute club Rich, you certainly earned it!

 

I work here and have no complaints other than you sorry slobs who have nothing else to moan about. While the pharmaceutical industry was laying off thousands I kept my job, continued to have benefits and had a decent work lifestyle balance. Go cry on the IMS board you in need of lexapro whiners.

 

Hat's off to Rich - he sold the company in a difficult market while TargetRx languishes under Craig

Very clear who the winner is here

 

Oh yeah. What a genius. He took a 37.5 million dollar/10 year investment and sold it for 13.5 and a promise. Tell you what. You go buy me $37,500 cars and I will sell them for $13,500 all day. Would that make me a winner?

Craig could do the same thing with TargetRx except his board still has hope. Our board didn't want to give Rich another dime so we had a fire sale.

 

There's no "winner" when all of your shareholders take a loss and you give something aways. He had 4 years as CEO and yes the economy was difficult... But either way, greatness would have over come the market and made something positive. I don't know how you can claim "winner" when all around are "losers".

 

Company was still growing when Caprara, then Gallo, Kain and Risser left. gone nothing but backward in the past two years- Way to go SLT! Off to a good start in 2011 so fingers crossed.

 

Ask me he got rid of the non performers or suggested they find a new home. Nohing wrong with that strategy.

 

I guess that would be true IF it resulted in a better outcome, however the company floundered in Sales, Marketing and Primary Market Research since their departure. In the end, these folks were part of the build of the organization and had proven their skills not only within ImpactRx (developing a 30MM company from the ground up) but also after they departed. Who did Rich replace them with that can be considered a step up in talent...? I can't name one person and many who came after them, were also moved out or "found a new home". Bottom line is the company became very unstable after their departure, revs decreased year over year and clients dropped. BTW, these folks were replaced because Rich couldn't trust them... but then again, who did her trust?!?

 

There's where you are wrong - the TRx BOD has officially given up hope and has not put money in for the last 3 years

Craig backed the wrong products and people and there is no one left here besides us wage-slaves hoping to pay our mortgages and doctor bills

He's still here because someone has to hand the "book" to potential investors

Talk about fire sale...they are trying for 1X sales, which may not even be 8M this year and still cant get that- count yourself lucky that Rich preserved as much value as he did!

 

"Preserved value".... are you kidding me. They have 27MM in revs so they received about half revs for the company... that's now preserving value, that's a fire sale.

 

Current value does not matter to all of us working here. We made it through to fight another day. Others may not be as lucky. Talk to those employees at WK, Versipan, SDI and TargetRx. We are connected with a strategic partner- no complaints from me. Go cry elsewhere.

 

Current value will matter to you when it hit zero. You are celebrating because you get shot last. Good luck with that plan.