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

To: scaram(o)uche who wrote (390)	3/13/2000 2:10:00 AM
From: michael_f_murphy	Respond to of 427

GZBS Valuation A little different calculation: GZSP last bid 12.75/.6060 GZBS conversion ratio => $21.03 GZTR last bid 7.5/.3352 => $22.37 GZBS BXM last of $26.75 seems to be a bit more than than cash plus GZBS implied value. Don't have the figures right to hand but seem to recall the spread being a bit wider just after announcement so a "long GZSP/short BXM" risk arb made sense at the time(for those with the budget to cover the spreads).

To: scaram(o)uche who wrote (390)	3/17/2000 4:27:00 PM
From: scaram(o)uche	Respond to of 427

David Tice (plays with OPM) on CNBC right now. First commentary segment, didn't make a strong point at all. Largely name-dropping, so and so number one and numbers 2, 3 and 4 all say the market is going to hell in hand basket. Second commentary segment..... numbers don't accurately reflect what's going on in economy. Borrowing is sustaining party. Tie askew, looks like he had one too many at lunch. "The debt is still there, and that's what gets us in trouble." Using numbers as scare tactic, not rationale. "We think......." Did not make a good presentation at all, IMO.