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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: Biomaven who wrote (6035)	6/17/2002 10:24:17 PM
From: Londo	Read Replies (1) \| Respond to of 10280

I agree that this form of repricing sometimes produces perverse incentives, but note that here the company has decided not to include officers and directors in this offer. I read the SEC filing too hastily, I see the line now that has this exclusion. I'll revert my opinion to "caution" rather than "dead money". However, what I'd expect what would happen is that those officers and directors would get one huge option grant coming their way, so it's not as if they're going to be left out or anything. We'll see when the next year's proxy comes out. Please do note that anything I call dead money has a strange ability to head up! Generally speaking, all of this silliness with the 6 month rule should cease once they implement proper expense accounting of options.