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

To: celeryroot.com who wrote (12196)	12/6/1997 9:54:00 PM
From: CYBERKEN	Respond to of 32384

What do you think he meant?

To: celeryroot.com who wrote (12196)	12/6/1997 9:55:00 PM
From: Andrew H	Read Replies (3) \| Respond to of 32384

>>This, I suspect was done over a short period of time thru Nov 3.<< Celery, I thought ALRI was shorting all the way through the closing of the call until they received their shares. That would have been well past Nov. 3rd, no?

To: celeryroot.com who wrote (12196)	12/8/1997 8:22:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Celeryroot, When I mentioned Farallon abandoning ship, I was refering to their unwinding of their arbitrage postion (using the LGND recieved for ALRI to cover their shorts on LGND). Their Dec 5 filing, indicates that indeed they took the LGND shares received for ALRI and delivered them to a 3rd party to cover their shorts. As I had indicated a year or two ago, this coverage does not require buying stock in the equity market. The stock used to cover come directly from the ALRI conversion. Short interest rose 400,000 between Oct 15 through Nov 15 and the period used to determine the conversion rate between ALRI and LGND was Oct 23 through Nov 19. I don't think that these events were unrelated.