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

To: LLCF who wrote (386)	9/15/1999 11:16:00 AM
From: Biomaven	Read Replies (2) \| Respond to of 555

From the "if only I'd paid up a little and stepped out a few more months" division: PCYC (stock perennially depressed for no known reason and it's a van der Broek favorite so it might get a bounce out of H&Q - don't really expect any new news for now, though. Options were cheap when I bought some today - premium for the May 12.5's was 1/8.) (From a post by me on this thread a few months back with the stock under $14 - the other selection in the post, MOGN, was a bust unless you had gone out to July, which I hadn't). Message 9367870 Can't really complain too much though, since I have maintained a big stock holding in PCYC. Peter

To: LLCF who wrote (386)	9/15/1999 2:06:00 PM
From: RWReeves	Read Replies (2) \| Respond to of 555

<You own Genzymes cancer franchise as far as I know.... if they produce a blockbuster, you own it.... it's just that Genz geneal owns a big chunk too.> Thanks. Hmmm...yeah, the franchise part I understand, but aren't we all minority shareholders- we can't ever sell the "company" (GZMO, for example) in a tender (there will never be a tender) without Genzyme spinning it off or getting bought out itself? And we can't get at the doggone cash flows because it won't come out a as a dividend. The Retained Earnings are only of value if you can somehow get at them- At least in my experience, companies that retain 'em don't always do so for the best interest of the shareholders and that's when the shareholders have to be able to vote and say , "Thanks, No" in a variety of ways. What effect does that have on value? Well, I would suggest that BioRad may be the world's oldest tracking stock and has been claimed to trade at about 1/2 to 2/3 of real value simply because of the lack of voting rights- even if you buy all of it you can't own or control the company. This isn't idle theory I'm asking- it matters a heck of a lot how you value these little GZ's running around. I've never gotten a really good analysis of that- may need to GAH! go into the econ. journals and see what the eggheads say. Where's the darn CFO when you need him? RWR