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

To: Henry Niman who wrote (14166)	2/3/1998 10:36:00 PM
From: Machaon	Read Replies (1) \| Respond to of 32384

Henry, Farallon's relationship to LGND's strange negative stock price action is beginning to make some sense to me. But, I've got some questions, if you don't mind. Right now, if you could get LGNDW for $5, it means that you have basically locked in a $12.125 price for LGND until June, 2000, right? That means that you can purchase LGND, right now, for only a $5 per share capital outlay. That also means that you would be paying a premium of about $1, if you exercised right now. It sounds like a great way to invest in LGND without shelling out a lot of cash. It really seems a lot more stable than an option, which has a "time" penalty built into the price. How do you know about the $7.125 warrant exercise price? Do you know a source that one could read describing LGNDW? Does one have to call LGND in order to look at the Prospectus? I was hoping that it would be somewhere on the Internet. Thanks, Bob