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Non-Tech : Barnes & Noble (BKS) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Welsh who wrote (1433)	5/27/1999 2:30:00 PM
From: Ralph Cosenza	Read Replies (1) \| Respond to of 1691

The 25 day lock up period is simple. After a company goes public with its stock(IPO), the underwriters will not discuss or mention the stock until 25 days pass after the IPO. Examples are PCNTF & NETP. There are many others but the point is the stock will get a push after 25 days. When BNBN gets this push then BKS will naturely get the push along with it.

To: Jim Welsh who wrote (1433)	5/27/1999 3:02:00 PM
From: Anaxagoras	Read Replies (1) \| Respond to of 1691

<<Could you explain what the "25 day lock up period" is? >> Once upon a time, long, long ago (well, at least before there was such a thing as an I'nut IPO) it used to take a while, maybe even several weeks, for underwriters to get rid of their entire allocation of shares. So basically there was a silence period put in place so these guys couldn't manipulate the share price to their advantage. The same black out period applies to marginability in part for related reasons. Nowadays one can question the value of this rule. I've seen it suggested that it would be good to revisit it and lift the silence period once all shares have been distributed. Makes sense, and it's easy to determine when this happens with today's technology. I believe the following section 11(d) of the Securities and Exchange Act of 1934 covers the marginability issue, and perhaps the coverage issue to a dgree, but it's unclear to me. The coverage issue might be in the same general area, however. <<It shall be unlawful for a member of a national securities exchange who is both a dealer and a broker, or for any person who both as a broker and a dealer transacts a business in securities through the medium of a member or otherwise, to effect through the use of any facility of a national securities exchange or of the mails or of any means or instrumentality of interstate commerce, or otherwise in the case of a member, any transaction in connection with which, directly or indirectly, he extends or maintains or arranges for the extension or maintenance of credit to or for a customer on any security (other than an exempted security) which was a part of a new issue the distribution of which he participated as a member of a selling syndicate or group within thirty days prior to such transaction....>> Anaxagoras