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To: Sarmad Y. Hermiz who wrote (46511)	3/19/1999 2:21:00 PM
From: H James Morris	Respond to of 164684

>>MKTW did something similar on its IPO day.<< Sarmad, you know how this works. The underwriters or elephants whichever you want to call them. Offer these shares to their preferred. Then they're all gobbled up. Now the elephants mark it up. Now the sheep come in. If they're really hungry. The elephants just keep marking it up. What I don't understand is, how come the elephants just don't give all the opening price $money to the companies they underwrite? Instead of making their preferred rich and, letting the sheep left, just scratching their wool. Now the elephants will tell us that they really don't know how many sheep want to eat. Until they've counted all the sheep. My reply to the elephants is, Yeah right!