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Strategies & Market Trends : Floorless Preferred Stock/Debenture -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (1001)	10/9/1999 4:39:00 PM
From: Larry Brubaker	Read Replies (2) \| Respond to of 1438

Speaking of joining them, yesterday I covered my short of WSTL (sold at $8 13/16, purchased at $7 7/16). My guess is WSTL will trade in a trading range of between $7 and $9 for a while with the bandits covering at the low end and shorting at the high end (like they did with VLNC for several months, IMO). I don't think they will begin the real pressure on the stock until next spring, when they can drive the coversion ceiling down from the high $6s to the mid-$4s. In fact, I don't think the bandits have had a chance to fully hedge their $20 million convertible yet. Next move with WSTL may be to go long if the support comes in around $7 like I am expecting.

To: Zeev Hed who wrote (1001)	10/10/1999 10:56:00 AM
From: Mike McFarland	Read Replies (1) \| Respond to of 1438

Thanks, I'm sure I'll learn at least a few things from the thread. Of course the Ariad toxic is old news, so I don't mind bringing it up here (still long the stock, but patience is nearly run out) and I see there were already a smattering of posts regarding it earlier. My guess is that it is awfully late in the game to get much more out of shorting Ariad--and I have no love for the folks who do it, but if it adds to the squeeze potential later, I guess that would be okay <g>. The much higher volumes of the last few days and the lack of movement, up or down, in the stock, suggest to me that this thing is under pretty tight control now--and maybe some events in the next few months will make things clearer. It's unlikely that management would make such a horrible mistake twice--and if anybody at the company ever reads these boards, they already know they've at least one pissed off shareholder. I should think that Hoechst, which owns something like ten percent of Ariad (forget the exact figure) is more than a little disappointed in their investment. To be sure I'm a bit of a hypocrite--I'd have been delighted if a buck a share was the toxic induced low for the stock--it's pretty obvious now that calling the bottom in these things is next to impossible. And everything from here depends on securing partners, a lot of financing fears go away if they ink a deal. That said, time for me to start zipping through the thread. One final thought however--another read of their annual report reminds me that a lot of the details are not revealed--various terms and conditions--some of which may be kicking in now, some ten months after the series C toxics were issued. That may be important, and while I certainly would not suggest that anybody go long or short this one, their scientific papers of gene therapy regulation are a must read for anybody interested in that stuff--regardless of where the stock goes, it's remarkable stuff.

To: Zeev Hed who wrote (1001)	10/10/1999 11:54:00 PM
From: LLCF	Read Replies (1) \| Respond to of 1438

<often the ceiling is set above the market price, then the stock is shamelessly manipulated > I'm glad to run into someone who is as negative on the buyers of these things as I am.... being a 'derivatives' guy I can't imagine ANY owners of these things not being fully aware that they're whole 'edge' in buying one is in manipulation. They may have had an innocent beginning... but at this point, watch out. From what I know of this one these boys could steal a substantial part of the company... unreal... HOE has a stake here and still may not know what's about to happen. DAK