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Subject:Re: Are You Sure? (Fri.) From:"Gene Kim-Eng" <techwr -at- genek -dot- com> To:"Bill Swallow" <techcommdood -at- gmail -dot- com> Date:Fri, 9 Dec 2005 11:21:40 -0800
Hey, if I was one of those lucky #$%'ers who managed to score
shares of this company at 16 I'd have sold them by now. According
to reports, the error brought the company's IPO price down from
610k to about 400k. That's an instant 25,000% profit from 16, and
nothing the company did in the future could ever come close to that.
I doubt that anyone who grabbed those shares intends to keep them
much past the first few days of trading, so they'll do ok.
The company will probably be ok, as the 610k was a pre-IPO
estimate and it's Japan's biggest advertising agency. .
The brokerage will definitely lose the difference between the 400k
they'll have to pay for each share they deliver at 16. That's got to
I expect the broker who entered the sell order will end up being one
of the most famous ramen cart operators in Tokyo.
----- Original Message -----
From: "Bill Swallow" <techcommdood -at- gmail -dot- com>
To: "Gene Kim-Eng" <techwr -at- genek -dot- com>
Cc: "John Posada" <jposada01 -at- yahoo -dot- com>; "List,Techwriter"
<techwr-l -at- lists -dot- techwr-l -dot- com>
Sent: Friday, December 09, 2005 10:57 AM
Subject: Re: Are You Sure? (Fri.)
You're absolutely right. Without a computation check on the order
prior to processing, there would be no way to catch such an error.
Sounds like the company and the seller got hit, where all the buyers
may also get hit if this error tanks the company.
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