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Technology Stocks : Andover.Net (ANDN) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (17)	12/3/1999 5:23:00 PM
From: Gopher Broke	Respond to of 160

I agree, but you have to draw the line somewhere. If it is priced above $30 I will probably be glad not to participate. I doubt it would be priced higher in any case. They have the leeway to price at a "reasonable" level and then do a percentage allocation to anyone bidding above that level. In this case I believe that your allocation is purely done by number of shares requested and not the level of your bid. I don't think that there is a problem with the Dutch Auction process itself. I just think that so far Dutch Auctions have been used as a way of shifting dud stock that could not be offloaded via more traditional means. With Andover I think that the company has more potential than those others and there will be more people wanting a piece of the pie. We shall see.

To: Mohan Marette who wrote (17)	12/5/1999 9:26:00 PM
From: Norman Stone	Read Replies (2) \| Respond to of 160

>>why not at 100?<< Actually, Mohan, you are correct, as long as everyone doesn't follow the same strategy. The auction is a practical application of game theory (e.g. the prisoner's dilemma). If everyone bids 100, then everyone pays 100. But if I bid 100 and everyone else bids 30, everyone (me included) pays 30, but only I get exactly what I want -- which is my benefit for the extra risk I took. So far, OpenIPO auctions have demonstrated a tendency not to be runaways, so it may be safe to bid high for as many shares as you know you want, bid low for the extras you can afford if the price is right, and bid a buck for 20k more shares... But this is all moot unless you hold a Hambrecht account (cf #23 below).