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Biotech / Medical : Biotech Holdings

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To: fivedollar who wrote (103)	5/13/1998 8:27:00 PM
From: William Whitehead Jr.	Read Replies (1) of 224

Re: Current Situation My feeling on the current situation is that the market got a little nervous when the company had to ask for the 45 day extension to the expiry of their warrants. The warrants are being held by off shore investors. If they (insiders) wouldn't want to buy - why would the rest of the market. I think these same warrant holders also participated in the initial offer and hence hold some of the long term debt. So it becomes a question of should the warrants be exercised and the proceeds use to reduce long term debt or applied to equity. In any event, during the short to medium term it doesn't make any real difference. The stock and the company is very attractive and these present levels.

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