We are short BioDelivery Sciences International (BDSI), a money losing opioid manufacturer that is connected to Dr. Frank O’Donnell, Jonnie Williams’ long-time business partner. Dr. Frank O’Donnell and Jonnie Williams are business partners whose companies have a 30-year history of stock wipeouts, SEC investigations, shareholder lawsuits, and even bribery of a governor. BDSI engages in questionable business practices similar to Insys & Purdue Pharma – co-pay cards for free opioids; paying suspect doctors; and convincing doctors to increase dosage. However BDSI is different from other opioid companies in that they burn through cash hand over fist. Over $6.5m of negative Free Cash Flow from Operations per quarter! 10-K disclosure around the Teva settlement shows that a generic Belbuca could be coming much sooner than management has indicated.