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Biotech / Medical : Biotech Valuation

CRSP 53.85

-4.5%

Jan 9 9:30 AM EST

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To: tom pope who wrote (8879)	7/29/2003 4:41:51 PM
From: Biomaven	Read Replies (2) of 52153

Tom, From what I hear (nth hand) there may indeed be an innocent explanation for the "inadvertent" purchases - the issue lies in just what shares are attributed to Sacane via the arcane SEC rules in this area. If you examine the filings, you'll see there are now more entities in his "control group" than there used to be. That seems to be what is causing the problem - large numbers of shares held by other entities are now being attributed to him. Attribution rules are notorious for trapping the unwary in both the securities and tax arenas, and they are particularly vicious in this particular area. The idea of the rules is to stop people acquiring control by having all their friends buy. (Of course by this logic Rick may well control KDUS by now. <G>) If this is what in fact happened, Sacane needs to come out with an understandable explanation pronto. FWIW, I bought a little ESPR just before the close. My guess is that this is a storm over not very much. Peter

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