InterVU (ITVU) Message Board

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Technology Stocks : InterVU (ITVU)

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To: Tom Hua who wrote (920)	4/7/1999 6:57:00 PM
From: coachbobknight	Read Replies (1) of 1015

ITVU--the tertiary means many things... to the thread, i was a banker with alex brown from '91 to '94... ipos and secondaries were my bread and butter...we did 25 secondaries in one crazy year...i state these facts simply as a baseline... the secondary or in this case tertiary will be sold to institutions...the 3 million new shares<including the over allotment> will be priced at the closing price on the day (ususally 25-30 days after the offering is first announced>... so guess what???...institutions are not lemmings...which means they are careful about the price they pay...especially for a secondary...so in order to make the offering happen, the sponsoring MMs HAVE to bring the price down to a level that these institutions will accept...that's how the game is played...it's ugly to the little guy, but the institutions won't take the risk unless the price is cheap...so the MMs earn their pay by bringing it down, and down further, until the institutions that Josepthal and Cruttendon have lined up, say yes... look for itvu tertiary to price between 42-47 about 20 days from now...you might hate me for saying it...but you will see the pattern...

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