John Putnam
John Putnam
John Francis Putnamwas the art director and designer of Mad from 1954 to 1980. "Until John came to us, Mad was just a comic book," said publisher Bill Gaines following Putnam's death. "He joined Mad as a $75 a week temporary employee, and was the oldest member of the staff both in terms of age and time with the magazine."...
admission concession damaged price trying
I think that's an admission that they're trying to renegotiate the price or get some kind of concession for what is damaged property,
attractive grow growing jude large line needs rapidly stimulate top
J&J needs to get the top line to grow 5 to 10 percent. They've got to find something that's large enough and growing rapidly enough to stimulate that growth. St. Jude could be a potentially attractive acquisition.
cause disruption generation income learned momentary offset revenue
Reductions in reimbursement can cause momentary disruption in the revenue and income generation for some companies. But by and large, they have learned to offset these pressures.
surprised walked
I wouldn't be surprised if they walked away.
boston certainly company diligence due lucky walk whoever wrong
Whoever doesn't get this company is going to be the lucky one. If I were Boston Scientific, I'd certainly find something wrong in my due diligence to walk away from this.
concern growth looking rates reaction top until whether
My reaction still is one of concern about the top line. Until that's rectified, it's problematic as to whether they can get to the kind of growth rates they're looking for.
behavior boston came certainly closer dangerous playing price rational worth
When J&J lowered the price and came in at $63 a share, it was probably closer to what is the real worth of Guidant. The only thing I can say is this behavior, certainly the behavior of Boston Scientific, is not rational here. I just think they are playing a very dangerous game.
along far higher maintained multiple paying quality
I have maintained all along that J&J was paying far too much for Guidant. They would pay a higher multiple for St. Jude, but it would be a higher quality situation.
against forward imagine vote
I can't imagine shareholders would vote against it. No one's come forward to make a counter-offer, so they better take this.
believe coverage gotten irrational last march problems
Let's put it this way. Last March when I initiated coverage of J&J, I thought they were overpaying for Guidant. This was before problems arose from the recalls. I believe that's still the case. This has gotten to be an irrational price.
buy constantly guys happy
One way or another someone is going to buy this company, but I don't think they're going to be happy with what they end up with. These guys have constantly over-promised and under-delivered.
base grow growth hard huge large line top
They still need to look to do as large an acquisition, with as much growth, as possible. It's a huge company, and it's hard to get the top line to grow because the base is so big.
paid until
They paid an egregious amount. There's going to be dilution until 2010.
breakup fee money pay picking reality somebody walking whatever
The reality is, J&J probably doesn't care, ... It has the money to pay whatever breakup fee is involved. I don't see somebody else walking in here and picking up Guidant.