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

To: D.Lu who wrote (29496)	11/27/1999 8:38:00 PM
From: Torben Noerup Nielsen	Read Replies (2) \| Respond to of 32384

The problem I have with the orchestrated shake-out of the warrant holders is that I don't think there are that many of them in the hands of small investors. My guess would be that the bulk of the 2.9 million outstanding warrants are held by a rather small number of people who each hold substantial positions. Unless I'm badly wrong, the trading in the warrants should come to an end fast; the larger holders simply aren't likely to bite. I wouldn't be surprised if 2 million or so of the outstanding warrants are held by less than 50 entities and assuming those know what they are doing, there isn't that much fruit on the tree. Actually, I'm having a hard time figuring out what to do now. While the early exercise option does sound like a good deal, the $1.12 is rather insignificant if the stock does well in the next 6 months and if Targretin is approved and brought to market, I think it will. Holding warrants till the end is more of a gamble, but it could be an interesting one... At first I thought I'd just exercise early, but now I'm not so sure. Thanks, Torben