Published in Biotech Business Week, February 13th, 2006
At the special meeting held recently, the Emisphere stockholders approved the exchange of the 7-year 11% senior secured loan issued by Emisphere to affiliated funds of MHR Fund Management, LLC, (MHR) for an 11% senior secured convertible note and the subsequent issuance of the shares of Emisphere common stock underlying the convertible note. MHR has the right, but not the obligation, to exchange the loan for the convertible note. MHR is Emisphere's largest shareholder, currently owning approximately 14% of the company's outstanding shares....
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