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Biotech / Medical : ARIAD Pharmaceuticals
ARIA 23.990.0%Feb 17 4:00 PM EST
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To: Dr. John M. de Castro who wrote (486)2/8/1999 11:02:00 AM
From: Biomaven   of 4474
 
John,

Thanks for the correction about the number of days - as you point out it's 4 not 3 and 22 not 21.

It's important to realize that any such shorting attempt doesn't have to take place this week - they can basically wait and pick their time. Further, they are getting dividends on the preferred, so they have an incentive to wait - maybe for years. It's not like a fixed convertible (like SEPR), where holders short the common and then sit on the preferred until maturation (or it is called) with a completely hedged postion, collecting the preferred dividend all the time. Here, if they short and don't immediately convert, they are at risk if the price goes up.

Peter
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