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Technology Stocks : barnesandnoble.com (BNBN) -- Ignore unavailable to you. Want to Upgrade?

To: CoffeePot who wrote (743)	2/29/2000 8:44:00 AM
From: Bird	Read Replies (1) \| Respond to of 766

The 25 million shares of BNBN being offered to the public are Class A Common Shares. BKS will hold 1 (one) Class B share after the IPO, and Bertelsmann will hold 1 Class C share. The Class B and Class C shares will each hold equity that is equivalent to 57,500,001 Class A shares. Each Class B and Class C "membership unit" is equivalent to one Class A share, in terms of equity. The difference is that the Class B and Class C shares hold far greater voting rights, which is designed to allow BKS and Bertelsmann to retain voting control of BNBN even if BNBN issues more Class A shares. The "membership unit" terminology can seem confusing, but is necessary to distinguish between the different voting privileges accorded to Class A, Class B, and Class C equity. So, in effect, the value is in having the interests of Bertelsmann and BKS. Beats going it alone, like AMZN which just went to Europe for loans. Bird