Blank Check IPOs (SPACS) Message Board

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Technology Stocks : Blank Check IPOs (SPACS)

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To: Glenn Petersen who wrote (1143)	8/9/2007 1:17:04 PM
From: Rollcast...	Read Replies (2) of 3862

PIP wts - someone wants them 100k bidding this morning. FYI - listened to the replay of the call. Quick Notes. - They go before the Chancery Court Friday. Say they are "breaking new ground" legally but expect the court process to take 2-4 weeks (minimum IMO). - reitirated what was in releases.... They had sufficient votes (after insiders purchased 400k more shares, that the merger was approved, they are proceeding forward as PharmAthene, Inc.... The court's opinion may differ. If so, warrants worthless and funds distributed to common holders. - based on the call the play appears to be in the stock (no merger = $7.60 distribution, merger = PharmaThene). The warrants are a real gamble (as always) but the only value will be there if the merger is Ok'd by the court. My guess is that some spots shorted the warrants on the bet the merger wouldn't go thru... 1 of the questioners in the conference call was clearly disconcerted that the warrants had even re-opened. Someone is covering seeing the odds favoring PIP leading to the size on the bid today. ALL IMO and based on my interpretation of what was said of course. Regards all.

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