Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.640

+8.8%

3:59 PM EST

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To: Steve Fancy who wrote (371)	11/11/1997 4:55:00 PM
From: DMaA	Read Replies (2) of 22640

I thought I understood ADRs but wow I guess I don't. I did not know that those shares in the bank valt could be owned by someone else ( eg. the country of Brazil ) How can you have a capital gain if you don't own the underlying equity? If and when they take TBR public, do they call back those shares in the bank valt and sell them leaving the ADR holder with.....what? Or do holders of the ADR get shares in the company 1 to 1? If say half the shares in the company are stored in the bank valt, is this the same as saying the company is really half public? Exactly how many ways can you get screwed if you own an ADR?

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