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Gold/Mining/Energy : Mirant Corporation (MIR) -- Ignore unavailable to you. Want to Upgrade?

To: Gary Stern who wrote (723)	9/3/2002 1:58:06 PM
From: Oeconomicus	Read Replies (1) \| Respond to of 903

The offer is for only 19.7 million shares, 4.9% of outstanding, while the float is 400 million shares. If you assume that any rational person would tender their shares as long as the price remains significantly below the offer, then you must also assume that all but a few of those shares tendered will not be accepted. Also, the PR said that share certificates actually sent to the depository agent go to the front of the line and book-entry shares get accepted only after all physical certificates. I'd think institutions would be more likely to have their shares registered and have a physical certificate (or be able to get one quickly) compared to the average Joe with shares held in street name at his broker. To buy today and then immediately tender, you'd have to assume that you acted fast enough to be near the front of the potentially very long line. Seems a bit too uncertain a payoff for arbs and hedge funds to jump all over it. Lastly, the market's down sharply - focusing on other, less positive things. What I wonder, though, is why they wouldn't just accumulate their 4.9% in the open market over a period of weeks instead of paying a 25% premium in a tender offer. Avg volume is over 5 million shares a day - surely they could get a better avg cost than $4.97.

To: Gary Stern who wrote (723)	9/4/2002 3:19:26 PM
From: Bruce A. Thompson	Read Replies (1) \| Respond to of 903

Interesting view of tender from DYN board: ragingbull.lycos.com By: jdojr2 $$$$$ 03 Sep 2002, 02:53 PM EDT Msg. 7725 of 7750 LOL..no wonder we see no movement... I read the tender offer like this: We offer to buy your shares in DYN for $2.88 per share. We don't have the cash to do this, but have warrants that we can sell to buy your shares. Once you promise to sell us your shares, you cannot withdraw the offer, even if it takes us months to sell our warrants. Of course we may decide that we cannot fullfill our tender offer and will have to let you keep your shares. So in effect, if the price increases above $2.88, you can bet your life that they will sell the warrants. If it stays low, they may "discover" that they cannot sell thier warrants. SO they are locking you into a $2.88 price, basically at thier option, not yours. A losing deal fr shareholders. Therefore the DYN board better hurry up and say..."shareholders, don't fall for it". I am unclear what the "warrants are. BUt I gather they are for shares of Mainstreet. Which means that they probably cannot exercise them unless the price of the stocks thy are trying to buy increases above the tender value. BEWARE. all this IMO only..read it an talk to a lawyer or CPA is you really want to understand the offer.