A couple of new facts:
2 13f filings were made by Morgan Stanley and Seligmann communications
showing ownership of 2,580,000 and 3,100,000 shares respectively. Heres a theory I posted on the Yahoo board:
Just another new theory in the neverending aklm theory club.
After the CC the holder of the $50mm in notes made a decision that since they already had a monster
profit, they would like to lock it in(since apparently there were not to be huge numbers for Q2-per Fish,
why wait around?-they had over a 100% gain on $50,000,000.
Not being pigs they worked something out with the major buying firms(Alex Brown and Robert
Stephenson), that they would settle for a price of $9.50-$10.50 per share. Between them they were able to
influence the market to take that dip that morning right after the CC-now we're in a period where buyers are being lined up to take the whole 10,000,000 shares(its always possible they could keep some of it, but it appears that a decision has been made to sell a majority of the shares. By dropping the price to around $10 average, Franklin is allowing the buyers to come in at a good price and is locking in a significant profit for itself.
The 13g filings by Morgan Stanley and Seligman represent two big pieces of the pie.
This has happened to aklm several times before-does anyone remember when TCI was liquidating a several million share position, and the stock just wallowed until it was gone. Also a few months back
before we made the big run, it seemed that there was a seller with several million shares.
Well its happening again, and this time its 10,000,000 shares, of which a good potion is gone.
New facts-new theories. |
