Let Us Hope That This Doesn't Mean Ms. Cox's "Star is Rising", over at Whitehouse Station. . . .

Over the weekend, it became known, via Stacey Burling, of the Philadelphia Inquirer, that the chief of Merck's vaccine unit was retiring early. Schering-Plough has very little in the way of true vaccine businesses. Nonetheless, I worry at least a little bit that this is an opening partially-engineered by one Carrie "Air Hassan Flight Attendant" Cox (from Peter Loftus -- do go read all of his report! -- for The Wall Street Journal):

. . . .Sanford C. Bernstein analyst Tim Anderson said Ms. McGlynn's departure was unexpected.

"Our understanding is that over the coming weeks there could be a significant shake-up in the most senior ranks of the company [Merck], some of which could come as a surprise to investors," Anderson wrote in a research note. He added that while the moves may present a near-term distraction, they could enhance the long-term value of the post-merger Merck.

It is already known that CEO Mr. Clark plans to continue in the top spot when the Schering-Plough deal closes, which is expected by year end. Merck has told employees that Mr. Clark expects to announce a new structure and leadership team by late August.

Mr. Clark said last month that he wants "to take the best management from Schering-Plough [Yikes!]," and was in the process of making final decisions on the leadership of the merged companies. "We're spending a great deal of time knowing and interviewing Schering-Plough leadership on a global basis. . . ."

The article goes on to mention Cox, Bertolini and Koestler, individually, as top talent at Schering. But not Kohan, Saunders or Sabatino. Interesting.

In any event, as you review the top right projected payout graphic (click above and below -- to enlarge each image), remember that Ms. Cox netted about $11 million (about $29 million in gross proceeds) by exercisng options in the in April and May of 2007, before the release of the disappointing ENHANCE results. That amount is not in any of the above figures -- but one ought to consider it as part of her "takeover haul" -- at a bare-minimum. And, perhaps, if we were to accept the securities fraud plaintiffs' view -- we should think of the $11 million as truly "ill-gotten gains". Thus, from a recent filing in the In Re Schering-Plough ENHANCE Securitites Litigation (Case No. 08-397, US Dist. Ct., N.J.):



That would push her total Schering-Plough "bust-up transaction" payoff range to between $47 million, and $55 million. This all would be comical -- if at least an additional 16,000 people weren't going to be put out of work, in the process.

And still, she may yet land a seat -- over at Whitehouse Station, at New Merck? Let's hope not -- but if it turns out to be so, "God Bless America!" is all I can think to say. Truly baffling.