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Technology Stocks : America On-Line: will it survive ...?
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To: Tim Kenney who wrote (10511)6/30/1998 12:40:00 PM
From: slipnsip  Read Replies (2) of 13594
 
It is probably like the convert deal. An investment banking syndicate "bought" the deal paying AOL some unspecified price, and is distributing it. Last time, Goldman Sachs led the offering.

Wrong wrong wrong.. Yes there might have been a syndicate but the deal was so small. In any event, if the offering was "oversubscribed" then all of the shares were spoken for by the end investor. Not the investment banking firms. They put it on their books for a matter of hours and it is off. Pass through, nip the underwriting spread, and onto the next deal. Considering the suprise of this deal to everyone, it was a private placement which means the general investing public could not buy any.

So no the investment banks didn't really buy the shares more than momentarily. It went to an end investor at a specified and undisclosed price as best I can ascertain.
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