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Technology Stocks : ITURF Inc. ( NASDAQ:TURF )
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To: Nine_USA who wrote (316)5/12/1999 1:01:00 PM
From: Jason Compson  Read Replies (1) of 614
 
I suppose that is one way for the arbitrage spread to disappear. Probably not the most likely (Too many taxes). As I have stated before, I believe that DLIA will close the arbitrage spread by distributing its TURF shares to the DLIA shareholders by way of a tax free reorganization. Remember, the Kahn family owns over 50% of DLIA and thus, indirectly, about 40% of TURF. The Kahns may get some psychic income from indirectly owning TURF at a high valuation. But they can't get any real income unless and until TURF and DLIA converge in price or until the TURF shares are distributed to them and they sell them.

In any event, the discount at which the market is valuing DLIA's holdings of TURF is simply too steep. The prices of TURF and DLIA will converge. Maybe not today and maybe not tomorrow, but soon and for the rest of your life.
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