On drums...

BE right over for a double! Something about last week was hell up here!
And you had to try three different roads anytime you went you before you got through.
As far as the people who bought your house, they are screwed, they'll be back to Cali in no time!

HA! The good fortune continues! This is the news about my employer today:

http://www.businessweek.com/news/2011-11-04/amag-chief-leaves-as-company-reviews-options-including-sale.html

FROM BUSINESSWEEK:

AMAG Chief Leaves as Company Reviews Options Including Sale
November 04, 2011, 10:04 AM EDT

Nov. 4 (Bloomberg) -- AMAG Pharmaceuticals Inc., maker of the anemia drug Feraheme, said its chief executive officer resigned and 25 percent of its workers will be fired as the company reviews options that may include a possible sale.

There has been “some expression of interest” since AMAG’s plan to buy Allos Therapeutics Inc. failed last month, interim CEO Frank Thomas said on a conference call today. Thomas will head the Lexington, Massachusetts-based company while AMAG seeks a permanent successor to departing CEO Brian Pereira. The shares rose the most in 11 months.

AMAG said Oct. 21 it didn’t get enough votes from investors to support a planned acquisition of Westminster, Colorado-based Allos, a deal valued at the time at $184.8 million. The purchase was opposed by investors including hedge fund MSMB Capital Management, whose chief investment officer, Martin Shkreli, called for management changes and job cuts at AMAG.

“We are committed to expeditiously evaluating all available options to enhance stockholder value, and the restructuring announced today is an important first step in that process,” said Michael Narachi, chairman of AMAG’s board, in a statement today.

AMAG had 226 employees as of Feb. 16, according to a regulatory filing. Pereira also will leave his post on the board, while continuing to advise on matters including clinical development, the company said.

Chief Commercial Officer Gary Zieziula also left the company. Thomas, the company’s chief financial officer, replaced Zieziula as well as taking the interim CEO position.

AMAG gained 13 percent to $15.54 at 9:36 a.m. New York time, after earlier reaching $15.62 for the biggest intraday gain since November 2010. The shares had fallen 24 percent this year before today.

“We’re evaluating all strategic alternatives available,” Thomas said on the conference call. “This includes a possible sale, merger, acquisition or in-licensing opportunity.” Since the Allos deal, “there has been some expression of interest, which we intend to quickly review with our board,” he said.

AMAG said the restructuring plan will reduce operating expenses by $20 million to $25 million next year. The company sees $3.2 million in charges related to the overhaul, to be recorded in the fourth quarter of this year.

MSMB, which owned 5.9 percent of AMAG as of Oct. 7, had made an unsolicited bid to buy the company in August for $18 a share, or $378 million. Shkreli said Oct. 21 the plan still stood. The hedge fund is seeking to replace AMAG’s board, adding two new proposed directors to its slate earlier this week."



I found out today that I survived the cuts, but I lost 4 good colleagues. Dodged another bullet... Ugh.

- D.

I feel for you. Up until two months ago, I was on the verge of being cut. Instead, they decided to shut down a plant in KY. Now my work has tripled and they can't hire anyone because they laid off about 30 the last year in anticipation of my department closing.

Oh yeah, the company just announced they are freezing all pensions at the end of the year...

Gotta love corporate America....

Yeah all this deregulation sure is working....