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Biotech / Medical : Ligand (LGND) Breakout!
LGND 198.070.0%12:50 PM EST
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To: lavalamp who wrote (8128)10/1/1997 12:33:00 AM
From: Earl Sacerdoti   of 32384
 
WoofWoof,

I don't think your analysis works for the arbitrageurs. They're already short LGND and long LGNDW. I'm asking why don't they unwind the position now? They get their cash out and capture the time premium on the warrants. Andrew isn't in the same position because he's not short LGND (I hope!)

(At least he hasn't told us about it. And if he did, I'm sure he'd tell us about it partway through since he's just human and puts on his shorts one leg at a time.)

--Earl
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