Wednesday, May 20, 2009
Bank of America's capital raise
BAC sold 825 million shares at $10 last night, and sold a total of 1.25 billion shares in their secondary, at an average cost of $10.77. That means BAC sold their 400 million shares in their ATM offering at a price above $13.
(825mmx10=8.25 billion)+(400mmx13=5.25 billion)=13.5 billion.
So if BAC opens at any price near yesterday's after hour action (and the lemmings will be wanting to play) you buy the cheap calls on BAC, because the shares, sold in the hole at 10, are not shares the public can price their share price against.
They are the shares sold at the ATM offering at 13.
And 13 will be a magnet for BAC common.
Because the ATM offering is the missing link in pricing!
And speaking of missing links, did anyone see Google's website today?
Or yesterday's press?
They now found our "missing" link. A lemur with dull fingernails and a thumb.
The above fossil on the left was the one that wasn't faked. The fossil on the right was the one that was. (The parts that don't "glow" are fake.) And the lemur is real.
A fossil that was found in 1983, split up and sold to two people, and part of the fossil was then faked. She "died" because of a broken wrist, that caused her to slip in subconsciousness and drown in a volcanic lake--and supposedly they can tell you whatever else she did for the past year of her life!
Heck, next we'll find that there was a pencil in her hand!
In fact, this find was considered to be the holy grail of fossils. The equivalent of finding the ark of the covenant.
But would anyone misplace the ark of the covenant for 26 years? And not know it?
A princess kisses a frog, and we get a prince and we call it a fairytale.
Give it 47 million years, and you call it science.
And get a Google logo to boot!
It's shortseller science!
Posted by Palmoni at 6:17 AM