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

To: celeryroot.com who wrote (12288)	12/8/1997 6:16:00 PM
From: Snake	Read Replies (2) \| Respond to of 32384

Short against the Box tax treatment did change for sales entered into after June 8, 1997. I could dig up a Internal Revenue Code (IRC)section if it is that important to anyone.

To: celeryroot.com who wrote (12288)	12/8/1997 6:58:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Celeryroot, I realize that they could take exercise their LGNDW to get LGND, but if they did, wouldn't they just use them to cover? What advantage is there to owning LGND after you have already shorted the stock? My past assumption was that Farallon didn't care or know anything about LGND. They justed shorted it to set up their arbitrage position and now that ALRI has been called they would unwind the postion (and my reading of the filing on Friday was that 1/2 of the short position was covered then) and move on.