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To: Roderick Francey who wrote (19512)	9/22/1998 2:56:00 PM
From: Roderick Francey	Respond to of 116758

OT: Goldman Sachs IPO: Thought someone might find this interesting. AJC has been awfully quiet these last few days -- wonder why?. ;) SAN FRANCISCO - Continued market turmoil could delay the initial public stock offering from Goldman Sachs, senior executives at the Wall Street investment bank say. The much-anticipated IPO, originally scheduled for late October or early November, may be pushed into the new year because of the current volatility of global markets. Senior Goldman executives say the venerable firm is unlikely to proceed with its share offering at the same time it's advising clients against wading into today's foreboding markets to raise cash. With financial services stocks down 25% since the stock market peak in mid-July, some high-level advisers are urging restraint until the climate improves. That view is not universal. Others in Goldman are arguing there's enough momentum behind the IPO to make it an overwhelming success. As if to underscore the optimistic view, Goldman is launching one of the few IPOs to be seen in recent weeks, with Thursday's offering in Internet auction house eBay. The deal is expected to be priced Wednesday night at $14 to $16 a share, with the company hoping to raise $52.5 million, giving eBay a market value of $636 million. A final decision on timing of Goldman's foray into the markets rests with its ruling six-member executive committee, led by co-CEOs Jon Corzine and Henry Paulson. Goldman will likely put off the choice until early October, when it is expected to file additional details of its offering in a so-called red herring prospectus with the Securities and Exchange Commission. Goldman partners agreed earlier this summer to do away with the highly successful 129-year-old partnership structure and sell a 10% to 15% stake. The IPO could value the company at about $30 billion, making the share sales one of the biggest in history. Goldman sees the move as a chance to stabilize its capital base and also make acquisitions using stock. A Goldman spokesman declined comment because the IPO is in registration. By Thor Valdmanis, USA TODAY usatoday.com