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Biotech / Medical : Paracelsian Inc (PRLN)
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To: FRANK J who wrote (1769)2/16/1997 1:22:00 PM
From: Elllk   of 4342
 
FRANK J, you will be a good upper case balance to paul and sue. Rick may be right about Robin being the warrants expert but as I recall, and you better check this with Robin, the warrants have a conversion price of 3.75 and expire 9/97. There is, however, speculation here, led by the lower case contingent (primarily paul), that the expiration date will be extended which, if it happens, will lead to a short term pop in their value. With warrants as with options, you get a time premium, which is why they now have value even though they are below the conversion price. As conversion date or calling of them approaches they are worth whatever above the conversion price they are--if on conversion date (now in 9/97) prln is at 15 (Yowzer!!) they are worth 11.75 (if I am right about conversion price of 3.75).

Larry
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