The company could launch an IPO for a minority stake in the range of 10% to 20%, retaining control of B&L and drumming up cash, he figures. And cash, of course, is desperately needed to pay off debt. Worries that Valeant ($VRX) may not fulfill its debt agreements--spurred by news that the company wouldn't hit its regulatory filing deadlines, thanks to accounting missteps--have decimated the Canadian drugmaker's share price, sending it down by 51% in a single day last week.