Mattress Bathtub & Past faces chapter and will get assist with items

Customers carry bags from Bed Bath & Beyond Store on April 10, 2013 in Los Angeles, California.

Kevork Djansezian | News from Getty Images | Getty Images

bed bath beyond announced on Wednesday that it is working with Hilco Global to get goods back on shelves in the company’s recent effort to stay afloat and avoid bankruptcy.

The housewares retailer has entered into a supplier consignment program with ReStore Capital, an investment manager at Hilco that provides “creative financing solutions” for struggling businesses.

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Under the terms of the agreement, ReStore Capital will purchase up to $120 million of pre-order merchandise from Bed Bath’s key suppliers on a revolving basis at any time to increase inventory at its namesake chain and Buybuy Baby.

Bed Bath has struggled to replenish its shelves after its suppliers tightened credit terms, cut limits and required upfront payments before agreeing to fill orders, the company previously said.

CEO Sue Gove said Bed Bath remains “relentless” in its attempts to overcome its operational and financial challenges.

“Our new supplier consignment program allows us to increase our stock position on top items that customers buy and improve the customer experience. This low-capital solution may allow us to strengthen commodity availability and better meet demand,” Gove said in a press release.

“We’re doing what we have to do to sustain our business immediately and unlock our true value over the long term – for everyone involved.”

Noting the support the company has received from its top suppliers, Gove said it shows Bed Bath’s “potential for sustained improvement”.

“We know that the performance and value of our company today is not representative of our full potential,” Gove continued. “Our entire organization is focused on expanding and accelerating improvement.”

Bed Bath has exhausted all efforts to avoid bankruptcy court after a series of dismal quarters plunged the company into the red and drained its cash flow.

Last week, the company announced preliminary results for the fourth fiscal quarter. It announced net sales of approximately $1.2 billion and comparable-store sales declined in a range of 40% to 50%. Bed Bath said negative operating losses continued despite noting it hasn’t used up its free cash flow.

The company reported revenue of $2.05 billion for the fourth quarter of fiscal 2021.

In February, it announced what was then believed to be a Hail Mary stock offering that was supposed to bring the company more than $1 billion in equity but ultimately only raised $360 million, the company said.

On March 30, Bed Bath announced another $300 million stock offering, warning that it would likely have to file for bankruptcy protection if it didn’t go through.

The two deals diluted Bed Bath’s stock, which has been in steady decline, and hampered fundraising efforts. The company’s shares were trading at around 35 cents. Its market value is $151.5 million at the close on Tuesday.

J&J pays $8.9 billion for most cancers remedies with beauty talc merchandise

Containers of Johnson’s baby powder, manufactured by Johnson and Johnson, are displayed on a shelf July 13, 2018 in San Francisco, California.

Justin Sullivan | Getty Images

Johnson&Johnson on Tuesday said it would pay $8.9 billion over the next 25 years to settle allegations that the company’s baby powder and other talc products caused cancer.

The company disclosed the proposed settlement in a securities filing. J&J’s subsidiary, LTL Management, also filed again for Chapter 11 bankruptcy protection after its first attempt was thwarted, the filing said.

More than 60,000 applicants have pledged to support the proposed order, which would require bankruptcy court approval, the filing added.

“Resolving this matter through the proposed reorganization plan is both fairer and more efficient, allows for timely compensation for beneficiaries and allows the company to remain focused on our commitment to make a profound and positive impact on the health of humanity,” said Erik Haas , J&J’s global vice president of litigation, in a statement.

But J&J still pushed back on the Talk allegations.

“The Company continues to believe these claims are flimsy and lack scientific merit,” Haas added.

The company ended sales of its talc-based baby powder worldwide this year after facing thousands of lawsuits from customers claiming that its talc products caused cancer due to contamination with the cancer-causing asbestos.

J&J spun off LTL management in October 2021 to reduce its litigation and settlement losses. The company escalated its Talk claims to the subsidiary and promptly filed for bankruptcy protection.

A judge confirmed J&J’s ability to employ the Chapter 11 strategy in February 2022.

But the US Circuit Court of Appeals for the 3rd Circuit reversed the ruling in January this year, saying neither LTL nor J&J had a legitimate need for bankruptcy protection because they were not in “financial distress.”

Leigh O’Dell, one of the lead attorneys representing the plaintiffs in the Talk lawsuits, told CNBC at the time that the ruling was another step toward ending J&J’s “attempted abuse of the bankruptcy system.”

O’Dell said in a statement to CNBC on Tuesday that J&J “is aiming for an extremely high discount on equity and isn’t really offering anything other than another bankruptcy and more delay, delay and delay.”

“This new motion should be viewed as a shameful attempt to shorten the time for people dying of cancer and to convince some advocates to give up,” she said.

Mikal Watts, one of the plaintiffs’ attorneys who negotiated the proposed settlement, said J&J was committed to “fairly compensate these deserving women” who have battled cancer as a result of the talc products. “Our job is to get our customers paid fairly for their injuries, and this settlement is the culmination of a job well done.”

J&J said last month it would take the case to the Supreme Court.

The company paid $7.4 billion in legal costs between 2020 and 2021, according to an annual filing. The company said Talk litigation has been a top source of legal costs over those years.

Trump’s speech was so loopy that tv stations interrupted him

Donald Trump’s remarks in Mar-a-Lago were so disjointed and confused that some broadcasters cut him off when the former president broke up on national television.

Trump began by claiming his only crime was defending America:

Trump comes right out of the gate and says, “The only crime I have committed is to fearlessly defend our nation from those who seek to destroy it.” pic.twitter.com/dOSPvV7kwi

— Sarah Reese Jones (@PoliticusSarah) April 5, 2023

That was the oh-oh moment, because if Trump was that far away, it was a warning sign of where this was going.

After about eight minutes of campaigning and every other kind of conspiracy, ABC News cut Trump off when he claimed Biden would start World War III:

Trump comes right out of the gate and says, “The only crime I have committed is to fearlessly defend our nation from those who seek to destroy it.” pic.twitter.com/dOSPvV7kwi

— Sarah Reese Jones (@PoliticusSarah) April 5, 2023

CNN is all in on Trump, so they stuck by, and their audience learned how the government is using a new law called the Espionage Act of 1917 to potentially execute Trump:

CNN still shows Trump’s total disintegration as he fails to attack Special Counsel Jack Smith and claims the government is using a new statute of the 1917 Espionage Act to potentially execute him. pic.twitter.com/rHVrdCKcgY

— Sarah Reese Jones (@PoliticusSarah) April 5, 2023

Finally, at 8:49 p.m. ET, CNN pulled the plug on Trump after he claimed that all Ukrainians who died due to the Russian invasion would still be alive if he were president:

CNN interrupts Trump after he claims every Ukrainian who died in the Russian invasion would have been saved had he been president. pic.twitter.com/bI9afbQyvL

— Sarah Reese Jones (@PoliticusSarah) April 5, 2023

MSNBC didn’t show Trump’s speech, and conservative media stayed with him live.

When there was any doubt about how Trump would respond to a criminal indictment, the answer came in the form of pure, unbridled insanity. Trump is like an accused criminal who is cornered, so he throws everything at the wall hoping something will stick.

Republicans should take note as this is a preview of their 2024 presidential campaign if Trump wins the nomination.

Forget eligibility, Trump’s speech raised legitimate questions about whether or not he’s allowed on the streets and in public.

For a handful of primetime minutes in the United States, Donald J. Trump had captured the nation’s attention. He used his time to remind all but his most loyal supporters why he can never come back to power.

Jason is the managing editor. He is also a White House press pool and congressional correspondent for PoliticusUSA. Jason has a bachelor’s degree in political science. His thesis focused on public policy with a specialization in social reform movements.

Awards and professional memberships

Member of the Society of Professional Journalists and the American Political Science Association

Tamika Scott states that she has no costs towards LaTocha

days later La Tocha Scott apologized in tears Tamika Scott— her sister and Xscape groupmate — takes up the situation and announces she’s ready to move forward.

Tamika says she is ready to make up with LaTocha

When TMZ touched down in New York City on Monday, she caught up with Tamika and was having tea.

After realizing that LaTocha “changed her number” since their argument, Tamika shared that since LaTocha has officially apologized, she hopes the sisters can continue their relationship.

“Hopefully we can get together and just crush this madness that’s going on.”

She added, “Life is short … It’s about loving one another, forgiving one another, [and] to hug.”

Tamika Scott spills more tea with Andy Cohen

Later that same evening, Tamika appeared on Watch What Happens Live with Andy Cohen to further discuss the current situation with her sister. While she is only concerned with bringing about forgiveness, she is also determined to speak her truth!

RELATED: Xscapin’ The Drama! LaTocha Scott apologizes to sister Tamika, denies stealing $30,000 and admits to “opening up” marriage to Rocky

If Andy Cohen Tamika asked about the $30,000 in royalties she accuses LaTocha of stealing from her, she doubled down. In fact, she stated that “there is no doubt about it [her] remember” that LaTocha and her husband, Rocky Bivenscashed her fee checks.

Tamika further noted that although LaTocha was living with her mother at the time, she doesn’t think her mother knew what was going on.

“I don’t think my mother knew it was starting. But when I found out, I told my mom so everyone will know what happened.”

Regarding her mom, Tamika added, “It was almost like she was mad at me for bringing it to the fore.”

Before adding that the Scott sisters still “didn’t have any communication,” Tamika briefly explained why she didn’t ultimately press charges against LaTocha.

“I didn’t want my sister to go to jail.”

We should also add that Tamika briefly accused LaTocha of swooping in to steal a gospel deal meant for the both of them.

There are no further updates on the situation between Tamika and LaTocha Scott. We wish the sisters all the best for further development.

Virgin Orbit is submitting for Chapter 11 chapter safety

The company’s modified 747 “Cosmic Girl” jet in Mojave, California.

Virgo Orbit

Virgin Orbit filed for Chapter 11 bankruptcy protection in the US on Tuesday after failing to secure a lifeline for funding.

The California-based satellite launch company filed the petition in US bankruptcy court for the District of Delaware and intends to sell its assets.

It comes after CNBC received audio from Virgin Orbit CEO Dan Hart telling employees during an all-hands meeting last week that the company would be ceasing operations “for the foreseeable future.” The company also said it would lay off almost all of its workforce.

“While we have made great efforts to put our financial position in order and secure additional funding, ultimately we must do what is best for the company,” Hart said in a statement Tuesday.

“We believe the state-of-the-art introductory technology this team has developed will resonate with buyers as we continue the process of selling the company. At this point, we believe the Chapter 11 process is the best way to identify and complete an efficient and value-maximizing sale,” he added.

Virgin Orbit said it is focused on completing the sale process quickly to provide clarity on the company’s future.

Virgin Orbit said a commitment from Virgin Investments enabled the company to secure $31.6 million in new money through debtor-owned funding. This process, sometimes referred to as DIP funding, refers to the funding of companies that have filed for Chapter 11 bankruptcy protection so that they can continue to operate.

What happened?

Virgin Orbit has developed a system that uses a modified 747 jet to send satellites into space by dropping a rocket under the plane’s wing mid-flight.

The company’s final mission suffered an in-flight failure, with a problem during launch preventing the rocket from reaching orbit. It fell into the sea.

Virgin Orbit is among a select few US rocket companies to successfully get into orbit with a privately developed launch vehicle. It has launched six missions since 2020, counting four successes and two failures.

It has been seeking new funding for several months, with majority owner Richard Branson unwilling to continue funding the company.

Branson founded the company in 2017 and owns a 75% stake. Abu Dhabi sovereign wealth fund Mubadala holds the second largest stake at 18%.

The company began commercial services in 2021 and began public trading on the Nasdaq exchange after a so-called SPAC merger. The deal called for the company to be valued at nearly $4 billion at the time.

A significantly different picture is currently emerging. Virgin Orbit had a market value of around $65 million, according to Monday’s closing price.

“Today, my thoughts and concerns are with the many talented teammates and friends who are now finding their way forward and committed to the mission and promise of all that represents Virgin Orbit,” said CEO Dan Hart.

“I am confident in what we have built and hope to achieve a transaction that positions our company and technology for future opportunities and endeavors,” he added.

– CNBC’s Michael Sheetz contributed to this report.

FTC orders Illumina to divest Grail acquisition

Francis deSouza, Chief Executive Officer of Illumina Inc., during a panel session on day three of the World Economic Forum (WEF) in Davos, Switzerland on Thursday, January 19, 2023.

Stefan Wermuth | Bloomberg | Getty Images

The Federal Trade Commission ruled on Monday Enlightenment to divest its controversial acquisition of cancer test developer Grail, saying the deal would stifle competition and innovation.

The decision reverses an administrative judge’s September ruling that dismissed the FTC’s initial challenge to the $7.1 billion deal.

“The Commission determined that the acquisition would hamper innovation in the US market [multi-cancer early detection] testing while increasing prices and reducing the choice and quality of testing,” the FTC said in a press release.

Illumina said in a statement that it intends to appeal the FTC’s decision in federal court and seek an expedited decision. The DNA sequencing company noted that it believes it has a “strong case on appeal,” noting how it prevailed against the FTC last year.

Illumina shares fell more than 2% in afternoon trade on Monday.

Illumina said it expects a final decision on an appeal in late 2023 or early 2024. At that time, the company also awaits a decision on its appeal of a similar order by European Union regulators, Illumina added.

The EU’s executive body, the European Commission, blocked the acquisition of Illumina last year over similar concerns that it would hurt consumer choice and innovation. Illumina said last month it had challenged the European Commission, arguing that the agency had no jurisdiction to block the merger between the two US companies.

Said Illumina Monday that the success of those appointments “would maximize value for shareholders,” the company added.

“It enables Illumina to expand the availability, affordability and profitability of the breakthrough Galleri test in the $44 billion multi-cancer screening market,” said Illumina, noting a single-test Grail testing product screened for more than 50 types of cancer blood draw.

The test generated $55 million in revenue in 2022 and is expected to bring in up to $110 million this year, according to Illumina.

The FTC issued a statement accompanying its order Monday, highlighting that Illumina is the dominant manufacturer of next-generation genetic sequencing platforms. These products are a “critical component” of multi-cancer screening tests because they are used to analyze genetic material from blood samples taken for the tests, the commission noted.

Illumina is likely to remain the “only viable provider” of these platforms in the near term, which could hurt competition, the FTC said.

“The acquisition of GRAIL may provide Illumina with incentives to favor GRAIL over its competitors by providing GRAIL with preferential access or preferential terms for acquiring NGS inputs,” the FTC said. “Such preferences could distort competition in the research, development and commercialization of [multi-cancer early detection] Exams.”

Illumina “could make significantly more profit selling GRAIL tests than supporting competing test developers,” the commission added.

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The FTC also dismissed Illumina’s claims that the acquisition would “save lives” by accelerating the development, approval and adoption of Grail’s cancer tests. The Commission’s opinion says it believes that an increase in competition “would do more to save lives than allow a monopolist to integrate vertically and conquer the market”.

Illumina’s acquisition of Grail has sparked a backlash from another opponent, activist investor Carl Icahn, who owns a 1.4% stake in Illumina. His opposition to the deal stems from Illumina’s decision to complete it without antitrust approval. Icahn launched a proxy fight last month to seek seats on Illumina’s board and urge the company to back out of the deal.

Icahn did not immediately respond to a request for comment.

Disney CEO Iger slams DeSantis over Florida retaliation

Bob Iger called Florida Gov. Ron DeSantis actions Monday The Walt Disney Co. Retaliation, “Anti-Business” and “Anti-Florida”.

The feud between DeSantis and the company escalated early Monday when the governor asked the state’s inspector general to determine whether the House of Mouse’s clever move to retain control of the outer borders of Orange and Osceola counties is legal — and whether any of the company’s executives were involved in the scheme.

During the company’s annual shareholder meeting on Monday, Disney CEO Iger addressed investor inquiries about the ongoing dispute between the company and Florida lawmakers. He pointed out that Disney has more than 75,000 employees in the state and has created thousands of indirect jobs, brings about 50 million visitors to Florida each year, and is the state’s largest taxpayer

“A year ago, the company commented on pending legislation in Florida,” Iger said, apparently referring to what critics called the “Don’t Say Gay” law. “And while the company may not have handled the position it took very well, just like individuals, a company has a right to free speech.”

Bob Iger, CEO, Disney, during a CNBC interview, February 9, 2023.

Randy Shropshire | CNBC

He added: “The governor was very angry with the position Disney has taken and it appears he has decided to retaliate against us, including naming a new board to oversee the property and business. Indeed, to try to punish a company for exercising a constitutional right. And that seems really wrong to me.”

Disney's power play: DeSantis board of directors ousted until 2053

Iger said Disney plans to spend more than $17 billion investing in Walt Disney World over the next decade, which would create about 13,000 jobs at the company and generate even more taxes for Florida.

“Our point on this is that any action that supports this effort simply to retaliate for a position the company has taken sounds not only anti-business but also anti-Florida,” he said. “And I’ll just leave it at that.”

Last week, the newly appointed DeSantis board of directors for the Reedy Creek district, now called the Central Florida Tourism Oversight District, revealed that the former Disney-allied board signed a long-term agreement that drastically reduces the control that can be exercised over the company restricts and its district.

Florida Gov. Ron DeSantis speaks during The Florida Blueprint event on Long Island, New York, U.S. April 1, 2023. Ron DeSantis commented on the grand jury indictment of Donald J. Trump, 45th President of the United States, in Manhattan , New York.

Kyle Mazza | Anadolu Agency | Getty Images

The agreement was signed on Feb. 8, a day before the House of Florida voted to put DeSantis in charge. DeSantis replaced all Disney-allied board members with five Republicans on February 27. Only then was Disney’s new binding agreement discovered.

The agreement contains a clause that dates back to 1692 in Britain. The “Declaration is intended to remain in force until 21 years after the death of the last surviving descendant of King Charles III, King of England, who is alive at the time of this Declaration,” the document said.

The governor’s letter called the board’s agreement an attempt “to usurp the authority of the CFTOD board” and “overturn recently passed legislation, undermine Florida’s legislative process and defy the will of Florida residents.”

He said there were also “legal weaknesses” with the agreement, including inadequate notification, improper delegation of authority and ethical violations.

However, Disney has said all of the board’s maneuvers were perfectly legal — the agreement was discussed and approved in open, respected public forums in accordance with Florida’s Sunshine Act.

Developments in the conflict between DeSantis and Disney mark just the latest step in one of several partisan struggles waged by the Republican governor.

DeSantis is widely believed to be laying the groundwork for launching a presidential campaign in 2024. That move is expected to come not long after the current Florida legislature ends in early May. Polls show DeSantis is the most competitive of the potential opponents for former President Donald Trump in a GOP primary.

Florida’s governor took aim at Disney after the company publicly challenged Florida’s HB 1557 law earlier last year. HB 1557, dubbed the “Don’t Say Gay” law by critics, restricts teaching in early childhood education about sexual orientation or gender identity.

Republican Rep. Randy Fine told CNBC’s Squawk Box last April that the Reedy Creek dissolution bill was not retaliatory, but then said, “When Disney entered the hornet’s nest, we looked at specific counties.”

Until recently, there hasn’t been much public discussion about the dissolution of Disney’s 55-year special borough, leading DeSantis critics to question the timing and speed with which the governor had cracked down on the company.

The fight between DeSantis and Disney shows no signs of slowing down. During a book tour in Georgia last week, DeSantis told attendees, “You haven’t seen anything.”

Kelly Clarkson Lastly Reveals Why She Missed Cher’s In-Individual Interview

Kelly Clarkson still kicks herself for missing a moment like this.

The Kelly Clarkson Show host booked the interview of a lifetime when she got to sit down with the only one Cher for a December 2022 episode of her talk show. But while the “Believe” singer was in the studio in person to chat, Kelly was at home and had to video conference in. And now she’s finally revealing why.

“It was the saddest thing ever,” the American Idol alum exclusively revealed Adrienne Bailon Houghton one! News’ April 3 Kelly Clarkson Takeover Special. “I found out I have COVID and I was fine at first. I thought, ‘Wait, what? It came back positive?’ And the first thing that struck me was that I couldn’t interview her because I was so excited.”

While Kelly admitted she was “so depressed” that she had to quarantine, Cher couldn’t have been a greater pro on the situation.

Walmart introduces new search for web site and app

Walmart redesigned its website and app to encourage shoppers to browse and buy more.

Walmart

WalmartThe digital shop has a new look.

Starting this week, all customers browsing the company’s website and app will see larger and glossier photos, videos, and social media-inspired content that Walmart hopes will lead to more purchases.

Tom Ward, Walmart’s chief e-commerce officer, said the goal is to make online shopping easier and more engaging.

“When you walk into a store, you are inspired and excited by what you see,” he said. “And so we thought, ‘How do you drive that same inspiration and excitement into our closest store — our app?'”

The major retailer’s online makeover comes as consumers grow hesitant to buy any goods like clothing and consumer electronics while paying higher prices for essentials like groceries and housing. Sales of discretionary general merchandise in the U.S. are down 4% year over year in dollars and 5% in units since February, according to Circana, the merged market research firm formerly known as The NPD Group and IRI.

Walmart felt it too. In recent quarters, sales have increasingly come from groceries rather than general merchandise. Walmart’s CFO John David Rainey told CNBC in February that consumers’ more price-conscious mentality had an impact on the company’s prospects for this year.

Walmart expects weaker sales in the coming months. It expects Walmart US same-store sales to rise between 2% and 2.5% excluding fuel in the coming fiscal year. The company expects adjusted earnings per share for the fiscal year to be between $5.90 and $6.05, excluding fuel.

That would mark a decline from last fiscal year, when same-store sales for Walmart US rose 6.6% and adjusted earnings per share were $6.29, excluding fuel.

Ward acknowledged that “there’s a lot of conversation going on right now about wants and needs.” He said Walmart not only wants to offer low prices, but also to grab customers’ attention by bringing them fresh, trendy, and seasonal items like spring dresses, patio furniture, and Easter basket toys.

He said the new look of the site and app could also boost sales from third-party retailers that have joined or may join Walmart’s marketplace. In addition to selling its own wares, Walmart has the playbook of riffelt Amazon B. by using a third-party marketplace to expand its range of items online and making money by selling fulfillment services.

E-commerce has become a more important part of Walmart’s business, especially after a push sparked by the Covid pandemic. Online sales accounted for about $53.4 billion — or nearly 13% — of Walmart US’s total net sales for its fiscal year that ended in late January, according to the company. That’s a jump of $15.7 billion, or about 5% of all Walmart US net sales in 2019.

Online sales for Walmart US grew 17% year over year for the holiday quarter and 12% year over year for the full fiscal year.

The retailer is expected to present its latest guidance and strategy at an investor day in Tampa, Fla. this week.

Illumina Urges Shareholders to Reject Carl Icahn’s Board Nominees

Rafael Henrique | Light Rocket | Getty Images

Enlightenment on Thursday urged shareholders to reject Carl Icahn’s three board nominees at this year’s annual meeting because they would “endanger” the progress of the biotech’s core business.

“Carl Icahn’s participation in Illumina puts the company’s long-term success at risk, and its nominee directors do not bring relevant skills to the board,” San Diego-based Illumina said in a preliminary proxy statement filing.

The DNA sequencing company asked shareholders to discard any proxy cards sent by the activist investor or its affiliates. Illumina also urged shareholders to vote for the proposed board of directors and noted that final proxy statement material will be mailed soon.

The company has not announced the date of its annual stockholders meeting at which Icahn intends to nominate its candidates for election.

Illumina said it will provide more information about “the strength of our board and management team, our strategy for creating shareholder value — with innovation at its core — and the potential for Mr. Icahn’s associated nominees to damage that strategy.”

Illumina’s comments are the latest step in a looming proxy fight with Icahn, which owns a 1.4% stake in the company. Icahn is seeking board seats and is urging Illumina to reverse its $7.1 billion acquisition of cancer test developer Grail, which he previously described as “a new low in corporate governance.”

Icahn said in a statement to CNBC, “I would find it funny if it weren’t so reprehensible that ILMN’s stock price has fallen 63% because CEO Francis deSouza made such an absurd and questionable purchase.”

“And what’s really funny is the idea that it’s hard to find good CEOs in this space,” he added. “I reckon it would be hard to find someone who could lose $50 billion in shareholder value in a matter of months but still get 87% more for a grand total of $26.8 million in 2022.”

DeSouza joined Illumina as CEO in 2016. Icahn was referring to its total compensation, which nearly doubled despite a dramatic decline in Illumina’s market value over the past year. The company’s market cap has shrunk to around $35 billion from about $75 billion in August 2021, the month it struck the Grail deal.

Icahn said Wednesday that Illumina should bring back its former CEO, Jay Flatley, to “correct the situation immediately.”

Carl Icahn speaks at Delivering Alpha in New York on September 13, 2016.

David A Grogan | CNBC

On Thursday, Illumina said Icahn had previously said more positive things about deSouza. The company said Icahn “supported” deSouza’s actions as CEO during a meeting earlier this month, but noted that he will not publicly repeat those comments.

Illumina emphasized that Icahn was not a long-term shareholder and had not looked into the company before requesting representation on the board. The company noted that it acted “swiftly and deliberately” to meet with Icahn, interview its nominees in good faith and explore possible alternatives to a proxy fight.

But Icahn is “unwilling to compromise” and insisted the board add its three nominees without input from shareholders, Illumina said. The company also claimed that Icahn said he wanted his nominees on the board because they were not independent and he could control them directly.

“My guys report to me,” Icahn said of his nominees, according to Illumina.

The company said Icahn’s decisions had no relevant healthcare or genomics expertise on paper. After interviewing the nominees, Illumina concluded that they also lacked any “original perspective or detail” about how they would like to see the company differently.

“Each candidate instead recited the same poorly researched and unworkable ideas regarding GRAIL,” Illumina said.

The company added, “It has become abundantly clear that neither Mr. Icahn nor his three associate nominees – Jesse Lynn, Andrew Teno or Vincent Intrieri – understand the Illumina or GRAIL business and the regulatory processes involved.”

Intrieri, Founder and CEO of VDA Capital Management, was previously employed at Icahn. Lynn is general counsel of Icahn Enterprises and Teno is a portfolio manager at Icahn Capital LP, a firm where Icahn manages mutual funds.

Illumina said its board identified two independent candidates and offered Icahn to meet with them. But Icahn refused, saying he “wouldn’t even endorse Jesus Christ” as an independent candidate over his own candidates, Illumina said.

Illumina shares rose 1.5% on Thursday.