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

To: WTDEC who wrote (19633)	4/27/1998 12:34:00 AM
From: Flagrante Delictu	Respond to of 32384

Walter, Re: Farallon position in stock & options mentioned by H.N. in a Dec. post. If I read Henry's post correctly, he seemed to be alluding to a position wherein Farallon was long 3,400,000 warrants & short 1,700,000 common shares of LGND. If true, Farallon would be a net holder then of 1,700, 000 unhedged warrants. Since I have had difficulty finding sufficient filings by Farallon to show their actual position, my estimate that they might currently have an unhedged long warrant position currently equal to about 1,550,000 LGND shares is less than 10% different than what Henry seemed to indicate back in Dec.. My guess is solely a seat of the pants estimate. It would seem irrational that Farallon traded around 1,700,000 warrants into stock so as to arrive at the difference between what Henry perceived & I perceive, because they would have given the warrant time premium gratis to the company. If some of our more astute data miners on this thread can dig up the actual reported purchases & sales of Farallon in both stock & warrants of LGND, the puzzle may become clearer.