UBID - an IPO spinoff of Creative Computers Message Board

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Technology Stocks : UBID - an IPO spinoff of Creative Computers

UBID 3.000

0.0%

Jan 21 4:00 PM EST

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To: Kip518 who wrote (528)	9/27/1999 10:23:00 PM
From: Rajiv	Read Replies (2) of 581

I apologize for the confusion.. I was initially sidetracked by the part about the delivery of shares on the 29th. This turned out to be standard terminology used in prospectus filings. The secondary was priced and closed on September 23rd. The shares are delivered on the 29th (the settlement date). Any person who has received shares in the secondary would have got them (credited to their account) the very next day - 24th (friday). Banc of America initiated coverage on the 24th and Merrill Lynch reinitiated coverage today. Underwriters cannot make comments before a secondary is closed. My theory (speculation on my part) - the underwriters failed to place all 2 million shares to their clients. When they closed the secondary, they took the unplaced shares into their inventory. A generous UBID management has not issued a press release saying that they have priced at 22.625 (net proceeds of less than 21.3/share to UBID). This gives a window of opportunity for the underwriters and their clients to flip their shares. Probably go short after they are done flipping their shares. As I said before, all the above is speculation on my part. Regards, Rajiv

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