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Technology Stocks : Blank Check IPOs (SPACS)
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To: Glenn Petersen who wrote (172)1/1/2007 11:54:49 PM
From: Buckey  Read Replies (1) of 3862
 
I think I am finally getting the gig on why they seem to never do a deal

The gig is basically the person who set it up gets a shitload of shares at a penny and they get a 90k salary plus expenses - I reaLIZE they may have paid startup costs but they are repaid with ipo proceeds. so at the end they wind it down and they get say about $5.50 a share.

In effect all the losses of the other people are funnelled to them
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