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To: Ben Wa who wrote (93)11/12/1999 3:04:00 PM
From: Elliot Puritz  Read Replies (1) | Respond to of 235
 
HI: Do not have the offering statement in front of me. Will try to give you an answer shortly...believe the firms pay less then the offering price for their shares so that they make an instantaneous profit on what they sell. Thus, offering price might be $44, they pay $41.50...just an example. If they keep these shares they can sell them at a greater profit. Let me do some research.

Elliot

Elliot