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

To: Les H who wrote (125043)	9/23/2001 2:23:23 PM
From: Les H	Read Replies (1) \| Respond to of 436258

Goldman made good money on the Disney dump SID BASS AND DISNEY.... Maybe you heard about the big block of DIS stock that moved today. Here's what I know. The seller was Sid Bass (not the Bass Brothers). Apparently what happened is that Bass borrowed against his Disney stock to make other investments, from what I understand, one of which was in European cable companies. Disney stock was in the low $40s a year ago. Before the WTC attack it had fallen to $23 and change. On Monday DIS opened at around $19, now it is at $17. He's been selling all week, and today was the culmination of it. Sid sold 135 million shares to Goldman at $14. Goldman then sold a block to Disney at $15 (nice spread, dudes!!!) and then apparently the other 85 million shares to the public. The big print was at $15.50; maybe that includes commission, not sure on that one. So that 135 million-share chunk of DIS was once worth $5.4 billion. Bass sold it out at $1.89 billion. Youch!!!! Remember this was a famously wonderful investment for Bass. He has said that he would never sell his DIS stock. Well, he just did, and for what? He bet his fortune by leveraging his DIS shares to speculate in Euro cables. Now this fortune is toast. Greedy? Well let's just say, Sid, that you only need to get rich once.... As for Disney, well they paid $750 million for a block of stock that closed today just under $850 million. Not bad.