To: changedmyname who wrote (13047 ) 8/2/2001 2:59:45 PM From: Sir Francis Drake Respond to I often think about all that "smart" money that bought GX when they did their offering last year - high-volume trades were going off at $33 for seemingly days on end. I also keep thinking about whoever it was that took the other side of Winnick's recent collar. I mean, we are talking substantial amounts of money. Did they just say to themselves: "boy, 10 mln. shares at $12 - what a deal"? And why did they do it that way? Usually, when you do a deal like that, it is because you don't believe you can buy 10 mln shares without affecting the market, i.e. if you were to buy 10 mln. shares in the open market, you'd have to pay a lot more because of the resulting buying pressure. So, you go for a deal like that, and sometimes pay a premium of 10% above current market value. But it seems there should have been no difficulty in getting 10 mln. shares of GX below $8 easy - look at volumes trading when GX was below $8 - 20-30 mln. Patient buying over several weeks could have easily gotten you the 10 mln. shares below $8 (if you count today, below $7 as well, LOL!).
