The MARKET PRICE of EMIS shares on August 21, 2009 was just shy of a buck.

He received a share plus a warrant for 0.6 additional shares for $0.67 a piece, as part of a highly dilutive financing.

They were cash strapped, he's the majority shareholder, a note holder, and a director.

The "white knight" that you're following has shareholders by the balls.

"Emisphere also announced the completion of its previously announced sale of 6,015,037 shares of its common stock and warrants to purchase up to 3,729,323 additional shares of its common stock in a private placement with certain affiliates of MHR Fund Management LLC, resulting in gross proceeds of $4 million (the “Private Placement”). Each unit, consisting of one share of common stock and a warrant to purchase 0.62 of a share of common stock, was sold for a purchase price of $0.665. The warrants to purchase additional shares will be exercisable at an exercise price of $0.70 per share beginning immediately after issuance and will expire 5 years from the date they are first exercisable."

http://finance.yahoo.com/news/Emisphere-...