Roger's 1997 Short Picks Message Board

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Strategies & Market Trends : Roger's 1997 Short Picks

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To: tcarnes who wrote (8634)	12/19/1997 4:17:00 PM
From: Bill Wexler	Read Replies (3) of 9285

I'm still studying that deal. I agree that they are playing a shell game: Red flag #1: The new company was formed in Bermuda. Red flag #2: There is an attached warrant to each unit to purchase a share of BVF at (snicker) $40.00. Red flag #3: BVF has the right to call back all the stock at fixed premiums (which weren't disclosed in the press release) for a period up to 5 years. Correct me if I'm wrong - but isn't this a dilutive ass-backward convertible?

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