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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Earlie who wrote (87138)3/28/2001 6:46:28 PM
From: UnBelievable  Read Replies (1) of 436258
 
The Fact That The Stock, Upon The Commencement of Trading, Traded For Less Than The Issue Price Constitutes Grounds For Returning The Stock

When the underwriter prices the issue they are giving an opinion, as a licensed professional, that the stock is in fact worth the issue price at the time of issue. That opinion carries with it the same type of liability that a lawyers or auditors opinion carries.

There really was a time when when the last thing an investment bank would ever do is price an issue anywhere close to where they thought it would really trade. I'll even bet that you remember those times, Uncle Earlie.

If I had the stock I'd hold it for a little while and see if it goes up - if not then return it.
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