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Biotech / Medical : ARIAD Pharmaceuticals -- Ignore unavailable to you. Want to Upgrade?

To: BRAVEHEART who wrote (597)	7/31/1999 4:20:00 PM
From: Mike McFarland	Read Replies (2) \| Respond to of 4474

How low can it go? page 28...this is the printed annual they mail out, but you could probably do a search for "5,933,362" on the SEC document to find it... It says that Ariad has registered 5,933,362 shares of common stock which would become issuable upon conversion of the series C...if the conversion price fell as low as 85 cents. If the conversion price fell even further, then more shares would be issuable. "In addition, subject to certain conditions, we may be required during the month of September 1999 to sell additional shares of series C preferred stock at the then current market price and then applicable conversion prices to the original purchasers of series C preferred stock" I had them send the minutes of the annual meeting...they are pretty short, but it says..."RESOLVED, that the issuance by the company of more than 4,385,500 shares of Common Stock upon conversion of, or as dividends on, its Series C Convertible Preferred Stock to comply within certain rules of the Nasdaq Stock Market is approved." _______ Make no mistake...I really am a goofball who has no idea what all this is about. I slog through this stuff, and I hope that I make a few good connections--but if ARIA ever pays off, I will still have to say it was pure luck that this is the little biotech I decided to keep. But persistence can pay off if you're patient. I bailed on 30k shares of something last fall around 5/8ths...it ended up at $2. On the other hand...microcaps can suck too: I have a test portfolio consisting of CHIR, CORR, CEPH, CELG which I set up on Yahoo seven weeks ago--basically the stocks I would have bought if I wasn't deluded into thinking I could play the microcaps sucessfully. That collection is up nearly 20% since I started tracking it...equal to my ytd gain with the micros I own: I should have swapped micros for second tier right then and there{:-(} Oh--Also in those minutes--There were a few directors re-elected, just for fun, let's see what these fellas do: Felig-- hmmm, he specializes in endocrinology and diabetes, and used to be CEO of Sandoz. That's might be good--maybe we shouldn't fire him just yet. Here is one that is interesting: Bryson--he served as President and CEO of Lilly from 91-93...he was also Vice Chairman of Vector securities for awhile, a director for Chiron etc etc. Vector rings a bell--I think they were one of the market makers when I used to have access to level II. So I would say he knew what they were doing when they did the floorless. Fun to read the annual...imagine there are important connections where likely there are none. The only thing I can probably say for sure, is that a bunch of these guys in Cambridge belong to the same clubs, they golf together, maybe go sailing together--and they most certainly know how to look after their own investments. However... I've no idea if they have our interests in mind, probably not. Is Mike a little crazy? Should I screen his messages out entirely? Perhaps--maybe you should run, not walk, away from this stock: True to form, another long-winded post which says nothing.