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Technology Stocks : Taiwan Semiconductor (NYSE: TSM) -- Ignore unavailable to you. Want to Upgrade?

To: Artslaw who wrote (508)	6/2/1999 5:21:00 PM
From: Sun Tzu	Read Replies (2) \| Respond to of 684

>> purpose of the conversion policy was to allow Philips to sells some of their TSM No the main purpose for the conversion policy was to let the big shareholders dump their shares at a 50% premium in US and make easy money just like the directors. This was necessary to shut them up at the annual meetings and reduce their annoying calls to the company. >> Taiwan's screw-job is still in the ADR holder's benefit. Not really. No reasonable investor (read expecting to hold the shares for at least 6 months) will buy the ADRs at 50% premium when he knows that for the foreseeable future, every quarter more than one months worth of trades will be dumped on the market. This decision simply ensures that the Taiwanese shareholders get to screw us before the foreign ones do. Wait and see; once most of the Taiwanese are done dumping their shares and the premium has been reduced, TSM will agree to let the foreign holders do the same. Meanwhile, ADR holders will suffer a typical water torture a.k.a death by a thousand paper cuts. Sun Tzu