here was mike pearson doing deal after deal after deal.he was spending, it kept the business growing and stock prices going up. it is and interesting to me that people spend so much time talking about bill ackman and the failure of this investment. but let's not forget value act was on the board here and they would have had as much as of a view as anybody else to what was taking place there. just because bill ackman is bill ackman. he is going to take the brunt of the criticism for better or worse. he will get more glory when things go right and he's a tremendous career. he's returned over, i think his annualized returns are over 20% fees since the firm was founded. it is just more recently. herbal life has gone against him. the stock has been up. he was way long. the stock got to 263. he didn't sell and rode it all the way down. this is taking too much of my time. my job now even if the stock valued or tripled is my responsibility to pershing square. this is not going to move the needle enough that it makes sense for myself or my investor

the company is working for its bond holders right now because mike pearson over paid for these drugs.that said. what is next for the embattled drug maker. we're bringing charlie grant in here from post nine along with our own meg tirrell. welcome back to you as well, meg. charlie, valeant is a story that so many things have gone wrong. at the core of it is there a group of assets that under the right leadership this could turn out right? >> the assets are still good. the issue with valeant has been and continues to be its debt burden. it has $30 billion in debt, maybe a little bit less after a recent asset sale. they've been talking about debt reduction for almost a full year now. that number has barely budged. until you start to see either growth profile that can change the debt picture or some asset sales at some good prices, it's going to be the same story that we talked about. >> when you look at the makeup of the debt there's not a lot of immediate maturities in the next couple of years, but the debt if you go out to 2020 and beyond it's all trading at yields 9 1/2 to 11 1/2. loo

he was teemed up with mike pearson, the former ceo of the company.siness model came under attack. the philador relationship became known. a lot of questions asked about that. generally speaking its inability at valeant and its ability to keep that. and a number of other areas. we find ourselves in the morning talking about valeant. in the last quarter, it's not particularly good. it's going to be money good, let alone whether the equity value. you can service that dent. >> offer us any update on what you had at that front. we'll wait to hear from the company itself. joe poppa, we spoke with him has indicated some assets have been available for sale basically at a good enough price so perhaps the situation becomes -- that price comes down a little bit. the shares of course taking this negatively down 7%. david, thank you so much for bringing us that news. >> sure thing, kelly. >> our david fabr. >>> president trump firing attorney fareed bhara. the affect this could have on insider trading cases. stay with us. ( ♪ ) it just feels like anything is poss

in march of 2016 pershing got more involved adding streiff fraid in and ackman joined later and mike pearson stepped down and joe papa joins as ceo in may 2016 in an appointment orchestrated by pershing's bill ackman and hoping they would turn around. in january 1017 at the investor conference valeant announced they had made some asset sales worth $12.1 billion and investors thought that would be the beginning of a turnaround that's been promised for so long then, of course, march 13th was yesterday and david faber announced that valeant was exiting causing shares to fall quite a bit. as folks steck late maybe there isn't a turnaround to come here at valeant. guys. melissa, back to you. >> we spoke to andrew and asked about valeant after this news came out that ackman exited the position and what he thought about the stock and he said he still thought it could go bankrupt. what's the credit situation look like right now because bmo makes a good point. at this point his exit underscores a point that perhaps the turnaround is going to have many, many more challenges than we anticipated and tak

mike pearson, former ceo. >> does he want the 280 stock?o get made control on the vrx or the stock at 3 sn 00? >> good luck. let's watch facebook with this e eadviceration of snap. the key to snap you can't see what your kids are sending. that's left out of all, i read all the research and not one of them said the truth about snap. which is that you can't see it. you can't monitor it. it's what your kids don't want to you see. that may not be what proctor wants to advertise. they're rapid dogs. you want to advertise on mobile and snap's got mobile. they don't realize what they're advertising against. i always click on the espn. >> they do the top ten. >> they do a good job. >> incorporating within the snap. >> and disney will get snap and snap will have the great four-minute movies and i'm not, look, i think snap at a certain price is fine and i do think they have tremendous growth. i am just saying that i just believe that facebook is the most competitive ceo since larry ellis is mark zuckerberg. larry was able to win the world cup while h

its ceo mike pearson started to have health problems. he took a leave of absence.their ability to do deals, which was so crucial to the strategy valeant had in place along with raising drug prices, not spending a lot of money on r&d and having a low tax rate all didn't work anymore. the stock, of course, continued down. ackman stepped on the board. he helped find joe papa to replace mr. pearson. now finally he said i'm done. >> dave, do we know -- clearly he was able to take fees when the fund was up back in 2014. now that he's realized this loss, do we know how under water he is and what the high water mark is in terms of his ability to take fees in the future? he clearly does have permanent capital. it's not like this fund is going out of business any time soon. >> it's not. >> there is a question about the economics of this fund for everybody who works there. >> there are. and of course you raise the idea of the high water mark, which tells the investor i will not take the 20% of any upside until i get you back to even on your original invest pmt. the question i