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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (94358)	4/15/2001 10:34:48 PM
From: leum	Read Replies (1) \| Respond to of 436258

np ... sorry for the heat ... my appology to Don and those offended. Dave Leum

To: Ilaine who wrote (94358)	4/15/2001 10:48:47 PM
From: Ken98	Respond to of 436258

<<Just Who Brought Those Duds to Market? By ANDREW ROSS SORKIN [...] Shares of theglobe.com, a youth-oriented Web site, trade for less than a quarter. At times, they have dipped below a nickel, down from a high of nearly $40 in 1999. And the overall record of Bear, Stearns in initial public offerings looks little better. Of the 49 companies it has taken public since 1998, 13 — more than one-fourth of them — now trade for under $1 or have been delisted by Nasdaq, according to an analysis by Thomson Financial, which tracks securities data. Some are close to bankruptcy. [...] It would be one thing if such poor performance were confined to Bear, Stearns. But many Wall Street investment banks, from top-tier firms like Goldman, Sachs, which have brought companies to the public markets for years, to newer entrants like Thomas Weisel Partners of San Francisco, have reason to blush. In one blindingly fast riches-to-rags story, Pets.com filed for bankruptcy just nine months after Merrill Lynch took it public. Of course, investment banks that took these underperforming companies public may not care. They bagged enormous fees, a total of more than $600 million directly related to initial offerings involving just the companies whose stocks are now under $1. [...] Of the 1,262 companies that went public from 1998 though the end of last year, the shares of 152, or 12 percent, can now be bought for less than a dollar, Thomson Financial said, and only a small fraction of the companies Wall Street took public over the last four years have been successes. The I.P.O. trash bin is so overflowing with companies whose stocks sell for pennies that Frank Quattrone, the legendary head of the technology group at Credit Suisse First Boston, jokingly likes to call them "our friends who no longer have a digit next to the fraction." [...]>> nytimes.com