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To: XoFruitCake who wrote (2767)	5/22/2012 10:57:26 PM
From: Covenant	Respond to of 3249

Re: re FB - interesting to see so much blame for the FB IPO but is Mo And what is wrong with getting highest price possible? Nothing is wrong with that. Keep in mind IPO pricing is just a tactic in furtherance of an overall strategy of sell ALL stock that wants to be sold for the highest combined overall price. The shares in lockup are going to suffer because the tactic of maximizing the present takes away from the future, and there are a lot more shares in the future than at the IPO. Those subject to the lockup got screwed for the benefit of those selling now. There wasn't much foresight done. MS represent the seller well (selling more at a higher price) but taking all the IPO buyers out for a ride and they will pay for their dirty deed for years to come.. Nasdaq is the one who took the buyers for the ride. That doesn't effect me much because I already focus on NYSE listed stocks. Those who trade in Nascaq stocks a lot might want to reconsider.

To: XoFruitCake who wrote (2767)	5/23/2012 7:21:01 AM
From: Flipper2058	1 Recommendation Read Replies (1) \| Respond to of 3249

Re: re FB - interesting to see so much blame for the FB IPO but is Mo ""And what is wrong with getting highest price possible? "" You are getting your answer now. The bad press is brutal and you killed your trust with your buyers. YOU want to be the guy that buys at the top tick? Funds SAY they are long term but would you want an instant loss or a gain? If you have low priced shares would you be likely to add later? Probably... Think of it like getting a 20% coupon to shop at a store. Generally the way these SHOULD work...like LKND did it. Sell a small amount of company stock and make your IPO a success. Prove to the street you can run a public firm and your Underwriter and the street is going to provide research, THEN you and your selling shareholding pals can sell stock. Alex Brown was a master at this in the 1980's and can be largely credited with bringing the tech IPO market a life. I worked there for a time then, fascinating. Prior to that it was mostly venture funds and Salomon and Forst Boston would never touch "venture capital underwriting". The firms were too small for most to touch. In reality it is mostly true. FB is going to HAVE to switch Underwriters as no one will touch their deals now. If FB trys to sell more stock traders are going to short the hell out it before hand and give them a lower price for fear of a busted deal. You would too.... Anyway this game has been prefected over the last 100 years. The problem is when management starts telling the B/D what to do as in the FB case. You think MS wanted this bad press too? They buried a LOT of accounts with this one. It will cost them a lot of business down the road. Dumb, dumb.

To: XoFruitCake who wrote (2767)	5/23/2012 10:07:59 AM
From: Spekulatius	Respond to of 3249

Re: re FB - interesting to see so much blame for the FB IPO but is Mo >>MS represent the seller well (selling more at a higher price) but taking all the IPO buyers out for a ride and they will pay for their dirty deed for years to come..<< Stupid question (maybe) but is MS representing the seller (Facebook and it's investor's) or both the sellers and buyers in this IPO.? I always thought they represent the seller although in the past they were representing themselves and earning extra free money via the greenshoes and the kickbacks from their customers (extra commission business) that are thankful for getting in at a low offering price. I do think that selective information releases are a problem but the SEC disclosure takes wind out of that one too.