The update is this: If leadership at Tornier were smart, they would have sold the company in 2011 instead of the failed IPO. Had they done that, they could have sold to a Smith and Nephew on the "Tornier Story" before the covers completely came off. They would have made more money than they did at the IPO, but unfortunately they got greedy and lost a bad bet. (Anyone remember the 3X reverse stock option split? How did that one feel?)
Now they are exposed, the company loses value every quarter, and both the seller and suitors know it. The only thing left for the equity guys to do is to bleed out what little value is left in the brand, and continue to suck away profits in the form of loan interest. Don't worry though, the Warburg guys have perfected the art of nice slow train wrecks, so you're in for a long show.
Now they are exposed, the company loses value every quarter, and both the seller and suitors know it. The only thing left for the equity guys to do is to bleed out what little value is left in the brand, and continue to suck away profits in the form of loan interest. Don't worry though, the Warburg guys have perfected the art of nice slow train wrecks, so you're in for a long show.