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Non-Tech : MB TRADING

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To: SteveDavis who wrote (2938)	12/22/1998 11:17:00 AM
From: Kimberly Lee	Read Replies (1) of 7382

<<Does that apply to Morgan if they sold 1000 shares on the IPO? Do they have to be first tier? Where is the cut-off. You know that Morgan had to have sold some shares therefore they are part of the syndicate, even a small part.>> No. GSCO led the underwriting endeavor of EBAY, and it was assisted by DLJP, BTAB and RSSF, all of which were eligible for options in the event of over allotment. The fact that Morgan was able to obtain some syndicate allocation shares for its selected customers did not subject the company to any appearance of conflict of interests when Mary Meeker issued the Buy rating. <<I know that there is definite SEC? imposed amount of "short" prohibition. Everyone talks about shorting IPO's and I was pretty sure you couldn't do that for a period of time regardless of whether the broker would let you or not.>> The issue of marginability applies only within the borders of the United States. There is no law that prohibits US Citizens or residents from opening accounts with trading firms in foreign sovereignty states receptive to shortselling and other related practices, although those firms usually request a mutually non-disclosure relationship with the clients. Hope that helps, Kimberly

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