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Biotech / Medical : Ligand (LGND) Breakout!
LGND 185.01-1.8%3:59 PM EST
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To: celeryroot.com who wrote (12231)12/8/1997 9:09:00 AM
From: Henry Niman  Read Replies (1) of 32384
 
Celeryroot, I'm not familiar with the shorting and covering ins and outs, but I assumed that Farallon was mostly interested in LGND from the arbitrage side, and I assumed that such interest would disappear when ALRI was called. They made a killing on the position, which I assumed that they would unwind and go elsewhere. I did't add up the numbers on the Dec 5 filing, but they were clearing unwinding some of their position (and I was guessing that the position included covering within a certain time after the call, but that was just an assumption on my part). Since the total short position was 3.6 million on Nov 15, I would assume that the lion's share of that position was Farallon.
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