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To: Crimson Ghost who wrote (37318)	9/15/2005 8:25:47 PM
From: PAST	Respond to of 116555

WRT the ad in the Palm Beach Post that offered to sell unsecured debt that possibly institutions have refused to buy, here is something that caught my eye. Credit Card debt will be difficult at best to collect - why not sell IT in the form of a new IPO of stock shares in Master Card and then use the proceeds as pay out to the original Bank owners. Neat, hunh? MasterCard plans IPO Unveils new governance structure Wednesday, August 31, 2005 By IE Staff MasterCard Inc., one of the world’s largest credit-card brands, today proposed an initial public offering of its shares and changes to its corporate governance. The plan the appointment of a new board of directors comprised of a majority of independent directors, the establishment of a charitable foundation and Under the proposed structure, MasterCard’s current shareholders, approximately 1,400 financial institutions worldwide, are expected to retain a 41% equity interest in MasterCard Inc. through their ownership of non-voting Class B common stock. In addition, existing shareholders will receive Class M common stock that will have no economic rights but will provide them with certain rights, including the right to elect several directors from financial institutions around the world. MasterCard also intends to issue shares of voting Class A common stock to public investors through an initial public offering. Upon successful completion of the offering, these public investors will hold shares representing an expected 49% of the company’s equity and 83% of its voting rights. Additional shares of Class A common stock, representing an expected 10% of the company’s equity and the remainder of its voting rights, will be issued to a new MasterCard charitable foundation. MasterCard intends to use a portion of the net proceeds from the proposed IPO to redeem shares of Class B common stock from its existing financial institution shareholders. Implementation of the new corporate governance and ownership structure is subject to various contingencies, including shareholder approval and the requisite regulatory filings. www.investmentexecutive.com