but we know that the board has asked the former cfo, howard schiller, who is still on the board, to resigny have accused him of financial impropriety, which is leading them to restate some of the results. >> shares in valeant rising after a second day of news that michael pearson will be stepping down. hours after that news, pearson was said to have sat side-by-side with billionaire investor bill ackman and how they will adjust hundreds of workers in the new jersey office. what do we know about what they said? drew: months ago bill ackman was talking about how they were involved and interested. it seems to be mostly passive. bill ackman himself is sitting on this board after yesterday's announcement and doing a town hall style meeting with mike pearson, who has been outed as ceo and chairman of the company. they are saying there will not be major layoffs. debt is the priority to pay down here. they are looking for somebody to replace pearson as soon as possible. >> what is happening to former cfo howard schiller? can he be made to leave the board? drew: it starts to get really messy. howar

but we know that the board has asked the former cfo, howard schiller, who is still on the board, to resigny have accused him of financial impropriety, which is leading them to restate some of the results. >> shares in valeant rising after a second day of news that michael pearson will be stepping down. hours after that news, pearson was said to have sat side-by-side bill ackman and how they will adjust hundreds of workers in the new jersey office. what do we know about what they said? drew: months ago bill ackman was talking about how they were involved and interested. it seems to be mostly passive. bill ackman himself is sitting on this board after yesterday's announcement and doing a town hall style meeting with mike pearson, who has been outed as ceo and chairman of the company. they are saying there will not be major layoffs. debt is the priority to pay down here. they are looking for somebody to replace pearson as soon as possible. >> what is happening to former cfo howard schiller? can he be made to leave the board? drew: it starts to get really messy. howard schiller, former cfo and

but we know that the board has asked the former cfo, howard schiller, who is still on the board to resigny , have accused him of financial impropriety which is leading , them to restate some of the results. >> shares in valeant rising after a second day of news that michael pearson will be stepping down. hours after that news, pearson was said to have sat side-by-side bill ackman and how they will adjust hundreds of workers in the new jersey office. what do we know about what they said? >> months ago bill ackman was talking about how they were involved and interested. it seems to be mostly passive. bill ackman himself is sitting on this board after yesterday's announcement and doing a town hall style meeting with mike pearson, who has been outed as ceo and chairman of the company. they are saying there will not be major layoffs. debt is the priority to pay down here. they are looking for somebody to replace pearson as soon as possible. >> what is happening to former cfo howard schiller? can he be made to leave the board? >> it starts to get really messy. howard schiller, former cfo and cu

but we know that the board has asked the former cfo, howard schiller, who is still on the board, to resigny have accused him of financial impropriety, which is leading them to restate some of the results. >> shares in valeant rising after a second day of news that michael pearson will be stepping down. hours after that news, pearson was said to have sat side-by-side bill ackman and how they will adjust hundreds of workers in the new jersey office. what do we know about what they said? drew: months ago bill ackman was talking about how they were involved and interested. it seems to be mostly passive. bill ackman himself is sitting on this board after yesterday's announcement and doing a town hall style meeting with mike pearson, who has been outed as ceo and chairman of the company. they are saying there will not be major layoffs. debt is the priority to pay down here. they are looking for somebody to replace pearson as soon as possible. >> what is happening to former cfo howard schiller? can he be made to leave the board? drew: it starts to get really messy. howard schiller, former cfo and

howard schiller has been asked to resign for impropervaleant calls conduct. accusation. has stoppedworth electronic arts in the lawsuit involving thousands of former pro football players. must faceame maker claims it owns money to thousands of former players for using their image likeness and madden. the move comes after he failed the company. two people familiar say the ceo of ae chief executive high-speed train operation. that is your bloomberg vagueness this hour. flash for vonnie: a big day for deals. the latest on the starwood's deal for marriott. that is next on bloomberg markets. mark: you are watching bloomberg markets. i am mark barton. shares at starwood soaring after an improved takeover offer valued at $30.6 billion. following has been this story. are we in the middle of a takeover battle? >> very much so. takeover. we saw them come in with an improved offer last week. marriott had the chance to come back and matches and have gone slightly over it. leftoor has clearly been over for the chinese to come back. i think it is very likely we will see th

. >> what is happening to howard schiller? can he be made to leave the board?starts to get really messy. former board member, cfo, is accused of handling of some statements. bonus thatmillion in he is sitting on. it is probably easier to fight that from inside the board than outside. insharp shares tumbling tokyo. .early a month the bailout deal risk that the-- a deal could fall apart? >> there is. we are coming up on a month it was approved. it is a growing list of issues that foxconn is going through before it signs the defensive agreement. they are looking at some bones loans that has -- sharp has. they are also looking at the performance in the quarter. there are reports that they may try to decrease the amount of money they are putting into sharp in additional equities. ast was originally proposed a hundred ¥49. we may see that come down a bit. anwhen can we expect announcement? >> march 30 is an important date. they have credit lines and loans on march-- expiring 31. in investor starwood says they will nominate nine new members to the yahoo! board, effect

we know that the board has asked the former cfo, howard schiller, to resign because they have accusedf financial after friday, which is leading them to restate some of the results. >> shares in valeant rising after a second day of news that michael pearson will be stepping down. hours after that news, pearson have satto upset south b side-by-side bill ackman and how they will adjust hundreds of workers in the new jersey office. what do we know about what they said? >> months ago bill ackman was talking about how they were involved and interested. bill ackman himself is sitting on this board after yesterday's announcement and doing a town hall style meeting with mike pearson, who has been outed as ceo and chairman of the company. they are saying there will not be major layoffs. debt is the priority to pay down here. they are looking for somebody to replace pearson as soon as possible. >> what is happening to former cfo howard schiller? can he be made to leave the board? >> it starts to get really messy. howard schiller, former cfo and current board member, they have accused him of impr

matt: i think it is interesting that they have asked howard schiller to step down.ed the former cfo to get off the board. he is refusing to do so. at least until now it looks like howard schiller remains on the board although the board has asked him to leave and they put it in their press release. the drama continues here. obviously shares have been halted but they have gotten crushed and they were down 5% in premarket. stephanie: one of the reasons we did not see analysts go negative on valeant is when we heard they are saying it is ok for schiller to stay in his seat, welcoming mike pearson back are you the board put together the supercommittee in october to review management if they had said, the place must be clean if they are letting them stay, two weeks later, i guess not. jonathan: another headline. valeant says the 15 misstatements boosted eps by seven cents. first quarter 2015 and 2014 in its entirety breaking down what is going on with the company and what the numbers really are. matt: first quarter boost of last year by seven cents. that is going to skew

howard schiller, the former cfo and current board member.n some of the restatements. they have asked him to resign. he has refused. as long as he is considered an "qualified" board member, which as a former manager and cfo of the company, he is, it is difficult for them to get rid of him. they need a super majority or the shareholders. he is sitting on the possibility that he has $26 million in bonus. it is easier to fight a claw back to that money from inside the board than from outside. 7%k: valeant shares up by yesterday. european stocks are trading lower, but they are off of their lows of the day. ♪ oh, hi! micky dolenz of the monkees here, getting ready to host the flower power cruise. (announcer) we're taking the love generation to the high seas and reliving the '60s. we'll celebrate that unbelievable era with the music that made it so special. there'll be over 40 live performances featuring eric burdon & the animals, micky dolenz, the monkees lead singer and cruise host, the 5th dimension, the lovin' spoonful, rare earth, spencer davi

the board requested that former cfo howard schiller who took over as interim ceo while pearson was outted that he leave the board. they say this in the statement and that apparently schiller has not done so. he's the former cfo of valeant. ackman will be helping with the ceo search. and said in the statement the company's large scale and dominant franchise is in eye care, dermatology, gi and other therapeutic area coupled with its low valuation presents a spectacular opportunity for a world class healthcare executive. also saying the financial statements for 2014 and the first quarter of 2015 should no longer be relied upon. we should be looking for restatements there. also saying they plan to follow the 10k by april 29th. this is important because the filing of that 10k has huge implications for the covenants around their $30 billion in debt. if they file it by then, they should be okay. they are still negotiating with creditors to get a waiver in case they miss those deadlines. >> still important they think they'll hit it. meg, thank you very much. >>> starwood has just announced a s

howard schiller, who is identified, says he will not resign from the board, i have not done any wrong. the saga continues. incredible story that first out of the heat this morning. thank you. let's check on the bloomberg first word news this afternoon. david mentioned we are waiting to hear from president obama who is in havana meeting with raul castro. the president's first stop on his first full day in cuba was revolutionary square, home to a memorial of a cuban independence hero. is the firstma u.s. president to visit in nearly 90 years. tomorrow history continues with a major speech that cuban officials say will be carried on television. before leaving for argentina the president plans to meet with cuban political dissidents. henry clinton took several shots of donald trump today during her address at the is really it -- american israeli public affairs committee. she said israel's security is nonnegotiable. trump has suggested he was neutral in the israeli, palestinian conflict. he is taking its campaign to the nations capital today. he met with newt gingrich and congressional rep

this is howard schiller. and bill atkins is going to be joining the board.ou keep all of this straight? i will bring you the senior health care analyst at renshaw. he joins us now. crazytainly was kind of a press release that was released this morning. we still have up by reading on this stock. why? >> if they can stave off for four -- default, this would justify repainting of a buy rating three of. the lower guidance show that they can meet, they are able to get near-term issues resolved. it is a question of whether or not they can final their financial statements in line with the deadlines that are in the covenants with their debtholders. and state law and inventive default. they have not missed any payments as of yet. betty: you are confident they can do this? >> the main issue is whether or not they can get a clean bill of health from their auditors. if their auditors fight these material deficiencies and internal controls and reporting procedures and say they can't provide an unqualified opinion, then they might not be able to get the deal that they wan

former cfo howard schiller is being asked to resign over what valeant calls improper conduct.e denies the accusation and may be forced to pay back millions in incentives compensation. dennis fed president lockhart says the u.s. economy is strong enough for another rate increase as early as next month. inthe text of a speech savannah, lockhart said there's sufficient momentum evidenced by the economic data to justify a further step at one of the coming meetings, possibly as early as the end of april. margaret says he backed the fomc one sees -- the decision, it is likely to require that rates normalize next year. the fed meets again in april. meantime, jeffrey lacher says inflation will rise once oil prices stabilize and the dollar stopped appreciating. he spoke at a conference in paris today. inflation, core inflation of close to 2% next year. i think it will generally be firmer this year than it was last year. memberhe is not a voting of the fed's policymaking committee this year. paypal ceo dan schulman says the company's money transfer service will enter cuba by the end of

the house of representatives wrote to valiant's chief executive officer on an interim basis, howard schillerng we'd like documents regarding your company's decision to dramatically increase prices of two heart medications. well, in a letter dated this morning, march 10th, they have said that they haven't gotten the documents that they've wanted. valeant has produced all of the nonprivileged documents that has been identified as responsive to the itemized requests, but the committee goes on to say, we're still waiting for a lot of stuff that we asked for that you haven't given us, and so, we'd like to understand why you've withheld what you withheld, valeant, and we'd like a description of each document you withheld, the total number of pages you withheld and the reason you withheld those documents, and then we'll evaluate based on what we hear when you respond to those questions. so, there's a back-and-forth going on here between the house oversight and government reform committee and valeant and the production of documents related to those price increases. >> all right, so, let me get this

there was no way howard schiller would stay on the board. that is one. second, he just came back.e guidance. yes, we were all expecting an update. we were harsh when we wrote our note, but it makes sense. stephanie: yes what? you never look like a twit or an idiot and you will not say that on air. there are a lot of people in the story that might, but it's not you. david: as we go off the air, jean coming will be testing in front of congress today and he privacy andng that security should coexist and there is more evidence being found on these iphones. i want to thank ashwin for being with us today. that does it for "bloomberg ." ♪ ,onnie: it is 10:00 in new york 3:00 in london, and 11:00 p.m. in hong kong. i am vonnie quinn in for betty liu. >> i am mark barton and you are watching "bloomberg markets." vonnie: we are going to take you from new york to london to geneva and the next half-hour to hear his what we are watching. investors are shrugging off weak manufacturing data out of china , bucking the trend on stimulus measures. market snap it today losing streak. mark: it is