Ligand - LGND - thread for non-PhDs Message Board

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Biotech / Medical : Ligand - LGND - thread for non-PhDs

LGND 206.54

+3.2%

Jan 9 9:30 AM EST

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To: John Grandy who wrote ()	1/20/1997 7:21:00 AM
From: Henry Niman	of 57

As far as ALRIZ, LGND, and aribtrage is concerned, I don't think that Banker's Trust is involved. The arbitrage calls for shorting LGND and buying 1/2 as much ALRIZ. Thus buying LGND wouldn't come into play. I believe that the entire arbitrage position is held by two entities, Farallon Management and Streyer, et al. Each has approximately 3/4 million shares of ALRIZ. The 1 1/2 million shares of ALRIZ covers the 3 million share short postion on LGND (each unit of ALRIZ contains 2 five years warrants for LGND). Its hard for big institutions to take a large arbitrage possition at this point because ALRIZ is thinly traded and if the 1/2 million share postion of Harvard College (which I don't think is arbitrage) is added in, then 2 million of the 3.25 million shares are already accounted for, so there is not much ALRIZ to buy without pressuring the price which would elimiante the discount which makes the arbtrage position possible. Henry

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