Matt Levine, Columnist

Valeant's Pharmacy Relationships Were Complicated

There are a lot of ways to own a company. Some of them are wrong.

October 26, 2015 at 8:46 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Valeant's conference call this morning may not have been entirely successful as a defense against short sellers, but it was a fascinating contribution to the philosophy of what it means to own a company. Valeant ... somethings ... a company called Philidor Rx Services, LLC. Philidor ... something-elses ... a company called Isolani, LLC. Isolani ... a-third-things ... a company called R&O Pharmacy, LLC. Here is my rough cut at a partial organization chart:

More specifically, based on Valeant's presentation: