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Biotech / Medical : ARIAD Pharmaceuticals
ARIA 23.990.0%Feb 17 4:00 PM EST
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To: Biomaven who wrote (725)10/12/1999 3:56:00 PM
From: scaram(o)uche  Read Replies (1) of 4474
 
"They sell and then exercise"

Not really certain that I understand this.... if I short 5K shares in one account and buy 5K shares in a second account, how many shares do I own?

5K shares, correct? Someone else owns the 5K shares that I shorted?

See what I'm trying to understand? From my [limited and naive] perspective, they'd own what they exercise. Please tell me where my logic is screwed up. Thanks.

Makes a big difference in how one approaches this, in terms of timing, as it would appear that they could only exercise about 1.2 million first round (simplified thinking, exercise ----> sell in all or none ownership lumps)?

Now..... if I were Berger and I had this toxic out there...... I'd collect a whole bunch of good news..... then, I'd force the conversion with the release of a little bit of it.

average of the four lowest closing bid
prices for the common stock during the 22 trading days preceding the date of conversion.

So, the conversion will certainly be finished in 18 trading days. What are the dynamics that lead to this settling in at 1 1/8? It looks like we'll have a company that, by the end of the year, will have $1.50/share cash and ARGENT.

Thanks for any additional thoughts.
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