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Non-Tech : Knight/Trimark Group, Inc.
KCG 20.000.0%Aug 17 5:00 PM EST
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To: Sir Francis Drake who wrote (3435)8/11/1999 10:38:00 PM
From: Joseph Silent  Read Replies (2) of 10027
 
Morgan, at 50, $20Mil would have bought 400,000 shares.

I think, if I was NITE management, I'd have asked
"what's the point?", given lockup expiry etc. Also, given
that in Oct 1998 they may not have been able to predict
what was going to happen with competition etc in 1999 and
2000, I think it was reasonable for them to cancel.

It would have been better if they delayed the cancellation,
but perhaps there is some rule against that.

On the positive side, observe that LP and others would
have benefited (since they were selling a few shares)
from a "supporting buy-back effort". They did not attempt
to take advantage of this.

Perhaps we are making too much of a small thing. Given
the stock behavior, we are looking for all kinds of
reasons. All of us. Its only natural.

Joseph

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