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

To: Flagrante Delictu who wrote (19641)	4/26/1998 11:21:00 PM
From: Jack Be Quick	Read Replies (1) \| Respond to of 32384

Bernie, OFF TOPIC, I came across a reference to Sun Tzu on the Art of War on another thread. (http://www.kimsoft.com/polwar.htm) Browsing the 1st chapter I came across: >> 24. Now the general who wins a battle makes many calculations in his temple ere the battle is fought. [Chang Yu tells us that in ancient times it was customary for a temple to be set apart for the use of a general who was about to take the field, in order that he might there elaborate his plan of campaign.] The general who loses a battle makes but few calculations beforehand. Thus do many calculations lead to victory, and few calculations to defeat: how much more no calculation at all! It is by attention to this point that I can foresee who is likely to win or lose. << Enjoy! John

To: Flagrante Delictu who wrote (19641)	4/27/1998 12:17:00 AM
From: John O'Neill	Read Replies (1) \| Respond to of 32384

The warrants are the same as option.... The option to buy at at 7.125 until June 2000. This seems is a relatively cheap premium by any standard when one subtracts the current price form the warrant price; considering the time frame and the volatility of LGND stock. I don't see any difference between viewing the warrant as an option. The key point is the spread..how easy is it to transact between what is a high spread (currently 8 3/16- 8/5/8) Any comments..if I'm this is incorrect please let me know..the only question would be the spread and the reasonableness of the premium for a 2 year option. JO