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To: K. Joseph who wrote (10296)12/2/1998 7:38:00 AM
From: TraderGreg  Respond to of 11708
 
If you start with the .15 x .165 pre spinoff bid/ask, you get the same results as you did...around $5MM market cap for all three pieces(shell, ADHT, ETECT)

I kept the bid at .15 in the contest based on the assumption that the .15 pie is getting divvied up into pieces that still add up to at least .15.

If you believe the .4038 x .4442 to be low, then give me YOUR prices that you would BUY the stock at if you were a market maker(BID) and the prices that you would SELL the stock at if you were a market maker(ASK).

TG.