Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 203.18

-1.4%

Nov 28 9:30 AM EST

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To: celeryroot.com who wrote (12300)	12/8/1997 7:32:00 PM
From: Henry Niman	Read Replies (1) of 32384

Celeryroot, I expect them to cover shorted LGND with LGND from exercised LGNDW. However, I expect such a change to happen virtually simultaneously. Thus, as soon as they received the LGND from Ligand, they delivered it to the third party. Similarly, I expect Farallon to deliver LGND for more covering just as soon as they execise LGNDW. Thus the 3.4 million LGND would ALL be in the form of LGNDW since they still have a 1.7 million share short position remaining after Friday's filing and associated action. Similarly, I don't see any mechanism for a traditional short covering, other than the relatively small number of shares that are naked shorts.

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