[lbo-talk] RE: Happy Days

Jordan Hayes jmhayes at j-o-r-d-a-n.com
Fri Apr 30 22:36:07 PDT 2004


Doug Henwood <dhenwood at panix.com> writes:


> But this is an unusual deal: the founders have reserved big
> chunks of the shares for themselves - the public would be
> buying a minority interest.

It seems they've cribbed quite a bit from the prospectus of Buffet's Berkshire Hathaway "Class B" shares -- that were designed to ward off mutual funds who mirrored the "Class A" shares through his public statements of holdings. He basically said: I wouldn't buy these shares, and neither should you.

They of course were oversubscribed and today are worth a nice multiple of the IPO price.

/jordan



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