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Biotech / Medical : Biotech Derivatives

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To: LLCF who wrote (278)	7/1/1999 4:17:00 PM
From: Mike McFarland	Read Replies (1) of 555

Dave and everybody: Can you explain why it is that these large blocks go off in Ariad, and yet the stock does not move at that moment. How can such a transaction go off so peacefully? I assume that it has something to do with the toxic and converting shares, but I do not at all understand how everything seems to be pre-arranged. Does a fellow walk over to somebody physically and say "here's 40k shares" (that was what went off today near the close) "...you want 'em, I don't want em". Sorry for my incredible ignorance on the subject, that's why I'm askin'... Also, I have heard that there is some sort of double counting--so maybe that was only 20k shares?? Thanks!

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