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Non-Tech : Any info about Iomega (IOM)?
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To: who wrote (3138)6/18/1996 2:06:00 AM
From:    of 58324
 
Just thought I would add my two cents. I, as an Iomegan, did not get screwed. Why, because I had purchased long before the stock split.

On the Friday before the stock split, the price was $69 ( $34 1/2 after split ). This is what I believed helped to set the secondary price. Iomega priced the secondary offering relevant to the price per share before the shorters were able to cover their shorts.

The people that got screwed were the shorters that had to cover at $55 ( $110 pre-split ). Lesson to be learned: When you try to jump on a bandwagon, sometimes you get run over by the wheels.

Once again, I believe KE protected his long term investors by providing a solid point for support.

Incidentally, I also sold much of my stock @ $54 for a handsome profit at that point.
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