CDO/Corvis:
1) From the conference call issue:
100% of Venture tracking stock will be outside of Comdisco ownership. Management indicated that there a few ways of allocating the shares: 1 way being that current cdo shareholders would receive Venture stock. Bosco, you are right on the money.
2) Corvis prices:
Corvis prices 31.625 mln. share IPO at $36/shr
NEW YORK, July 27 (Reuters) - Long-distance transmissions equipment producer Corvis Corp. (Nasdaq:CORV - news) sold 31.625 million shares at $36 per share, above the estimated price range, in its initial public offering on Thursday, according to the lead underwriters.
Columbia, Md.-based Corvis raised about $1.14 in the pricing, which it will use for working capital and other general corporate purposes, including the funding of operating losses, sales and marketing, and product research and development. The company had estimated that its shares would price at $28-$30 per share, revised from an earlier estimation of $13-$15 per range.
The company creates all-optical backbone networks that support long-distance transmissions without requiring certain switching equipment.
Corvis Corp, which used Credit Suisse First Boston as the lead underwriters on the IPO, will trade under the symbol ``CORV'' on the Nasdaq stock exchange.
3) Hypothetical Corvis ownership by CDO longs:
152.3 million outstanding CDO shares
5.5 million share ownership (via warrants) of Corvis
For each 100 shares of Comdisco, an investor has a stake of 2.77 shares of Corvis. (Assuming my numbers are right!).
I hope we have a fun day tomorrow! |
