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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Arthur Radley who wrote (29444)	11/20/1999 2:26:00 AM
From: Cheryl Galt	Read Replies (1) \| Respond to of 32384

> Could we be in store for a similar situation with LGND? I sure hope not. < Well, at least Robinson, Maier, and Respess (especially Robinson) are putting their money where there mouth is. The SEC report says they intend to tender their 70,376 Warrants. --------------- IMO Targretin is likely to do well -- in the relatively near future, even if there is some sort of FDA-delay glitch, which is a standard part of the biotech ballgame. The important thing to me is that they don't run out of money just before payday, and have to take a usurious loan. So I'm glad they made this move. If one is long -- and not holding warrants near the June drop-dead date -- who cares if there's a stormy period just before profitablity? (Which I figure will hit in early 2001) Regards, Cheryl -- and it's only 11:15

To: Arthur Radley who wrote (29444)	11/20/1999 2:51:00 AM
From: Cheryl Galt	Read Replies (1) \| Respond to of 32384

Regarding liquidity ... For us the new stock is unrestricted. From what it says in the SEC report, it's not clear to me whether the officers would have to file a form 144 before selling any. I quote: "The Company has further been advised that the Shares issued pursuant to the Exchange Offer are not restricted securities and may be resold by the recipients thereof without regard to the limitation of Rule 144 and without such recipients being deemed underwriters for purposes of the Securities Act; except that shares issued in exchange for Warrants that are held by affiliates of the Company will be entitled to tack the period during which such Warrants were held by the recipient prior to the exchange. Accordingly, such affiliates who have held their Warrants for more than one year will be able to sell or transfer the Shares received in exchange for their Warrants in accordance with the volume limitations and manner of sale limitations and other provisions set forth in Rule 144." ------------------- Mud is more clear than that! Does it say that -- because of their long-term holding of the warrants -- there's a Form 144 provision that says they are not restricted by the limitations of Form 144? Who invented Legalese? Spaghetti language :( To what purpose? (as if i didn't know ...) There oughta be a law ... Is their stock restricted or not? (My guess is "not.") Regards, Cheryl