April 12, 2007 – Dan Loeb, who heads up the hedge fund Third Point LLC, upped his position in PDL BioPharma to 9.7% and released a broadside against the CEO of the company, calling for his termination if he does not resign voluntarily. In the letter, Loeb makes several allegations about the $100 million corporate facility that McDade is building in Redwood City to house the PDL operations. Loeb repeatedly called it a “Taj Mahal” and said that McDade is building it to shorten his commute, even though the move will force many employees to leave the company. More details...
