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

To: bluejeans who wrote (15507)	2/20/1998 2:59:00 PM
From: Henry Niman	Respond to of 32384

I think that the 91,000+ share short position also had too many 9's.

To: bluejeans who wrote (15507)	2/20/1998 3:03:00 PM
From: tonyt	Respond to of 32384

tonyt99999@hotmail.com > Would you like to attempt to answer my LGND warrant arbitrage question? I saw that bernie answered your question to him. What part of his response didn't answer your question? --Tony

To: bluejeans who wrote (15507)	2/20/1998 4:53:00 PM
From: Flagrante Delictu	Read Replies (1) \| Respond to of 32384

bluejeans, Re: warrant arbitrage question. Arbitrage implies an offsetting transaction in the form of a stock or option purchase versus the sale of a block of LGNDW at the bottom. I didn't notice any offsetting transaction. Unless you have certain knowledge that there was an offsetting buy against that sale, there was no arbitrage. In this case, it appears to be simply an unfortunate {for the seller} unloading at a discount of a block large enough to create the bottom in the warrants. Bernie.