Despite the Board’s protestations and public accusations, under section 14.10 of Valeant’s Articles, Schiller can only be removed if he’s no longer qualified as a director. According to the Business Corporations Act of British Columbia, Schiller is undoubtedly still qualified. Furthermore it would require a Special Resolution to remove him if he continues in his refusal to offer his resignation; such a special resolution would require a two thirds vote of Valeant shareholders. Although the updated website profile is a TOTAL SPOOF, based on the above facts of law regarding whether Schiller is still qualified, I expect things may remain pretty tense in Valeant’s Board Room for a while to come, particularly as they are accusing him things he clearly disagrees with.
For much of the past decade, Crispin Odey has been waiting for inflation to rear its ugly head. The fund manager has been positioned to take advantage of rising prices in his flagship hedge fund, the Odey European Fund, and has been trying to warn his investors about the risks of inflation through his annual Read More