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

To: Torben Noerup Nielsen who wrote (14242)	2/4/1998 9:24:00 PM
From: Flagrante Delictu	Read Replies (2) \| Respond to of 32384

Torben,<< Given your reputation, you might drool even more if you could look out my window >> Please explain. Bernie. ,,

To: Torben Noerup Nielsen who wrote (14242)	2/4/1998 11:33:00 PM
From: Flagrante Delictu	Read Replies (1) \| Respond to of 32384

Torben, Thanks for your explanation. I thought you were referring to my well known reputation as a savorer of fine provisions. Your reference to Harrod's Food Halls brought back salivating memories. So, when you indicated that I would probably " drool even more" were I to look out your window, I, naturally, assumed that you had arranged outside on your terrace a display of the finest fish, fowl, meats, vegetables, fruits & desserts & cheeses that were available. And because the fine citizens of Hawaii have a unique mode of dress, I want you to know that it is ok with me no matter what you choose to wear. Just be yourself. Mahalo. Bernie.

To: Torben Noerup Nielsen who wrote (14242)	2/5/1998 11:14:00 AM
From: HB	Read Replies (1) \| Respond to of 32384

Torben... when you start drooling is usually a good time to stay off margin -g-. Re the premium for the warrants, Bernie's response to WTDEC is right on the money, I think. If you buy Ligand instead of 100 LGNDW, borrowing the difference, you still have to pay back the difference if Ligand goes to zero, on top of losing the $600 (for you, $550) you could have put into the warrants. If you bought the warrants, you lose "only" the $600. It's an insurance premium. Whether it's reasonable according to Black-Scholes, I don't know. Howard