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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: Daniel Chisholm who wrote (1295)	2/18/1999 7:40:00 PM
From: porcupine --''''>	Respond to of 1722

"I guess what I'm trying to figure is whether that million share sale was made by someone smart and panicked or someone stupid and impatient." Sounds like a good question, Daniel. Of course, I have no idea what the answer is --'''':>

To: Daniel Chisholm who wrote (1295)	2/18/1999 9:54:00 PM
From: Freedom Fighter	Respond to of 1722

Hi Daniel, >>Why would anyone just dump a million shares of SBA at $23.50 on 17-Feb-99, substantially lower than the trading price prior or since? Is this the case of a big seller who doesn't much care what price he gets since he's dealing with other peoples' money (mutual fund)?<< I think it was $24.50, but I agree it makes no sense. I don't know who did it or why. I only know it wasn't a Sbarro family member. The only ways it could be logical are: The person was forced to liquidate a position and raise cash. (I doubt it) They thought they had a better opportunity in another stock. (maybe) They think the deal isn't going to happen. (I doubt it) They are nutso. >>Since the Sbarro family has offered $28.85, are they somehow prohibited from buying stock in the meantime? Seems to me like both they and the seller of that million shares could have both been better off. Or is there a rule that says if you make an offer to buy stock, you're not allowed to buy stock in the meantime? I guess this sounds stupid enough to be true....<< I agree with you 100%. I don't think it's a stupid question though, because I don't know the rule either. I will try to find out. >>I guess what I'm trying to figure is whether that million share sale was made by someone smart and panicked or someone stupid and impatient. Oh well, I'll bet this is the sort of thing that we'll never know...<< Time will tell! Wayne