Biotech Values

[DragonBits]

jbog, so your thought is that the underwriters had a naked short position of 350,000 shares.

They would have had to close that position first.

The way they close that position is to buy the stock from Momenta at 14.35 and use it to close that naked short.

If the underwriters had a naked short position of 2 million shares, how would that have affected the reported numbers? Are you saying a naked short position reduces the number of shares that are sold in the underwritering, and also reduces the money Momenta recieves?