Assclown H. Schiller v B. Ackman, Round 1

In an unbelievable move today, former CFO H. Schiller refused to resign from the Valeant board of directors, which had to have come at the request of a certain W. A. Ackman. His tenure at Valeant has been nothing less than dreadful, as the companies disclosures have been abysmal and haven’t even been able to file its 10k yet, placing the company at the mercy of lenders.

As Ackman and Pershing fight for their lives and descend upon Valeant like fucking vultures in search of bountiful roadside protein, I suspect Mr. Schiller’s life on the VRX board will become inexorably arduous.

“The improper conduct of the company’s former chief financial officer and former corporate controller, which resulted in the provision of incorrect information to the committee and the company’s auditors, contributed to the misstatement of results,” Valeant said in the statement.

Schiller fired back Monday.

“At no time did I engage in any improper conduct that relates to any restatement of revenue the Company is considering,” Schiller said in a statement. “As a result of the fact that I did not engage in any improper conduct regarding this proposed restatement, I have respectfully declined the request from the company’s board to resign from the board.”

Under the company’s clawback policy, Schiller, whom the board chose to be interim CEO while Pearson was on medical leave, may be forced to pay back some of the $26.1 million in incentive compensation he received as chief financial officer in 2014.

He received $26 million in 2014. Perhaps his refusal to step down has something to do with the clawback policy. We shall see.