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Technology Stocks : MRV Communications (MRVC) opinions?
MRVC 9.975-0.1%Aug 15 5:00 PM EST
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To: J. Conley who wrote (29873)2/26/2001 8:57:44 AM
From: Greg h2o   of 42804
 
<<Do you see the dilution associated with a typical unlocking of restricted shares any differently than spinning those restricted LMNE shares to MRVC shareholders and letting them sell? Will our spin-off shares be restricted?>>
i'll answer the second question first... one of the reasons (other than irs letter for non-taxable spinoff) of the at least 6 month period, is due to the restrictions placed on the stock. that will have expired by the time you receive your shares.

the first one is a little more difficult, as it has more to do with shareholder psychology than anything else. if one of the reasons a shareholder owns MRVC is b/c they believe in the LMNE division, they will be apt to hold the shares, as they will no longer have ownership in those shares through MRVC. if the shareholder just owns MRVC for the more aggressive "incubator" aspects of the company, they'd be more apt to shed the LMNE shares when they can. i don't think there will be a mass exit from LMNE shares from the average shareholder. as a matter of fact, there are likely many shareholders that bought MRVC specifically for the spinoff of LMNE shares. it's going to be interesting, though. one of the most difficult things to guage in investing is investor psychology.
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