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Strategies & Market Trends : Charts for Quick CASH $$$

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To: Doug Baer who wrote (6141)	2/9/1998 1:30:00 PM
From: Henry Niman	Read Replies (1) of 9262

I'm not sure about Farallon's present position. I believe that they have to file by tomorrow. At the end of the year, I believe that they had 3.4 million LGNDW. This was based in part by the 2 to 1 formula for the arbitrage position (short 2 LGND for each ALRIZ) and the fact that they received about 1.7 million LGND for ALRI (which converted almost 1:1 - it was 0.97). I believe Cerleryroot called Farallon right after they turned over the 1.7 million LGND to cover 1/2 of their short position, and they indicated that the still had 3.4 million LGNDW (the phone call was made in late Nov or Dec).

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