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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: DWB who wrote (5781)4/24/2000 2:16:00 PM
From: Big Bucks  Read Replies (1) of 15615
 
DWB,
Yes, I knew about the GC IPO, and expected some additional
shares to be distributed but not another 3.4 BILLION. I
honestly expected possibly another 500M-800M shares in order
to keep the value of the stock high. Who could have known
that the share price would have dropped 57% in less than
4 weeks and that management would decide to dilute the
intrinsic value even further by pushing such a foolish
plan, especially with the price this low. If this has been
planned all along it would have been more palatable when
the price was above $50/share. I suggest you re-read the
proposal and understand the long term implications of the
authorization. There is a lot of obvious ambiguity in the
"details" which gives the BOD free reign to act as they
wish, regardless of whether it is good for maintaining
stockholder value or not.

JMO,
BB
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