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Non-Tech : E*Trade (NYSE:ET)
ET 17.35-0.6%Jan 16 9:30 AM EST
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To: Francis Muir who wrote (9772)12/8/1999 12:31:00 PM
From: Curtis E. Bemis  Read Replies (1) of 13953
 
Softbank, lightning up and dilution

Evidently, OTS requires Softbank to be below 25%. Just
reading my paper copy of the Annual Meeting Proxy materials,
Softbank Holdings has 62.591688 M Shares out of 239.822633
M Shares as of 9/30/1999 about, 26.1%. They would have to
let go of 2.64 M Shares, or the outstanding has to grow by
10.55 M Shares. Note that the 11.9 M Shares proposed as an
increase in the Stock Incentive Program are not counted as
"outstanding", so that would'nt help here.

I see no evidence of any arbitrage play as TBFC is still 6.5-7 points below EGRP and there is no movement either way
except fluctuations
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