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

To: Torben Noerup Nielsen who wrote (14132)	2/3/1998 4:24:00 PM
From: tonyt	Read Replies (1) \| Respond to of 32384

> I think this is the first time I have accounted for 25% > or so of the total trades in a day! So you bought 50,000 warrants @ $5.50? Just curious... --Tony

To: Torben Noerup Nielsen who wrote (14132)	2/3/1998 4:52:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Torben, I think that buying LGNDW at 5 1/2 is almost as good as Farallon's arbitrage play. I suspect that the low price brought out the buyers so Farallon could begin to cash out. I think that they started with about 1.7 million LGNDW to sell, so there could be several more days like today. Since Farallon wants to unload the LGNDW and the price is tied somewhat to LGND, that overhang may be holding down LGND. Since the prices are artificially low, there's some big time money to be made. Congratulations on your move today. Details of the Farallon situation are at home.att.net