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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (3428)	10/22/2002 8:50:05 AM
From: William Partmann	Respond to of 10345

<<Either these "people" are really dumb or there exists a grander scheme that we haven't yet been able to grasp>> Sums up my thoughts. Good luck to all. Bill

To: Icebrg who wrote (3428)	10/22/2002 9:37:24 AM
From: biostruggle	Read Replies (1) \| Respond to of 10345

You may be right or wrong. Disclosure on whether Elan must maintain 1:1 ratio of collateral is not clear from disclosure. Page 92 annual report. "The investments and cash in EPIL III are held as security against the EPIL III senior guaranteed notes. These assets are not available for distribution outside EPIL III. The EPIL III senior guaranteed notes are guaranteed on a subordinated basis by Elan and, consequently, in accordance with the provisions of Financial Reporting Standard 5, “Reporting the Substance of Transactions” (“FRS 5”), the EPIL III senior guaranteed notes, investments and cash are included separately on the Company’s balance sheet."