It is time for you to step down from your role as CEO and director so that you can do what you do best: retreat to your waterfront mansion in the Hamptons, where you can play tennis and hobnob with your fellow socialites,

Notwithstanding the sorry state of the company, the apparent lack of financial controls, the consistently disappointing results and the abysmal investor relations, we estimate that the value of Ligand's assets far outstrip the current enterprise value,

Brendan, it's time for you to put your money where your mouth is. If you are sincere in your statement that a premium bid for the company is not worthy of discussion, then we must insist that you demonstrate your conviction by acquiring shares.

We demand that NABI immediately retain an investment bank other than Lehman, or in conjunction with Lehman, to explore strategies to maximize shareholder value.

our worst-case estimated value of $14 per share.

Whether we own shares for the short-term or long-term, it's a red-herring issue that incompetent management uses to distract people from the real issues, ... In this case, the issue is that Ligand is beset by Robinson's and Maier's incompetence and failure.

I don't like the word 'instinct', because it just sounds like a gut thing. I think what we call instinct is really a type of pattern recognition, which comes from experience looking at the companies and industries and situations that work.