Ebb & Flow

ImClone (IMCL) boosted its war chest by half a billion dollars last week, thanks to a bumped-up convertible note deal. What's more, the company does not expect that it will have to earmark the proceeds to pay off $240 million of notes that mature in February 2005.

The reason is that the 2005 notes are in the money. They convert into stock at $55.09, which is a 16% discount to IMCL's Friday close of $65.77. ...