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

To: Henry Niman who wrote (12286)	12/8/1997 6:08:00 PM
From: celeryroot.com	Read Replies (2) \| Respond to of 32384

By owning Lgndw , they have the shares of Lgnd if they chose to exercise. The warrents are exercisable at anytime before exercise date. Thus, they do not have a naked short and do not have to go to the open market to cover. A few years back, the tax law was such that you could short against the box , get the cash and go to your grave without paying the taxes as long as you didn't cover. I believe the IRS has closed that down, although I am not sure. If not, they have no reason to cover until the exercise date.