ImmunoGen Inc (IMGN)

[skitahoe]

I hadn't seen that we were either added, or removed from one of the Russell indexes, but with trading of the type you mentioned, that's practically a certainty.

Frankly it's always bothered me that the MM's operate as they do, but it's a fact. In more than one case I've seen the MM's short a company essentially from the time they were added to a Russell Index until a year later when they were removed. I'd like to see the rules changed, but as they are, the MM's can virtually create shares for an indefinite period, instead of purchasing them on the open market, and driving up the price. Of course it's equally true that they'll accumulate shares when a company comes off an index, and not destroy the market by dumping all the shares immediately on the market.

I'm fine with their acting to modulate the market over a short period in these re-balancing actions, I just don't like the fact that they can maintain a short position for a year or more.

Gary