Elan moves before the LYONs roar

Elan Corp. plc is making moves designed to avoid a cash crunch when its LYONS come due 18 months from now. Given the state of both ELN and the equity markets, it's not too soon to plan.

ELN shares have fallen 96% this year, wiping $14.4 billion off its valuation, which is now $702.5 million. The company currently has about $1.3 billion in cash, and $2 billion in debt as of March 31, of which $959.2 million is the LYONs (liquid yield option notes)...