TD - Toronto Dominion Bank Message Board

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Gold/Mining/Energy : TD - Toronto Dominion Bank

TD 82.13

+0.3%

Oct 31 3:59 PM EST

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To: csm who wrote (282)	6/11/1999 7:20:00 PM
From: Mama Bear	Read Replies (2) of 358

csm, no, the parent has never IPO'd 100% of the new company. Note that a spin-off is a different situation. My best trade YTD was a short of DLIA, and they maintained control of 97% of TURF. Forget the 'value' of the underlying holding. Lots of folks go through the contortion of saying DLIA's is worth $x per share + x.x times (TURFs price). The fact was the market ran up DLIA to significantly more than it was worth based on its underlying value, forget to discount the restriction on the shares of the new company owned, the tax liability if the shares are sold, the amount the market would discount the shares if the parent showed a lack of faith in the new company by selling, and the fact that the real interest was in the new company, not the parent. Notwithstanding, TD at this point has not run up anywhere near enough to be a short when TWE IPOs IMO. If we see 70 (USD) by the time TWE is priced, I'll reconsider. Another consideration is that the market is quite as frenzied as it was in the first few months of the year. We'll see what happens. Barb

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