November 04, 2000
MILBERG WEISS RAISES ITS IPO OFFERING PRICE
San Diego, CA /DenounceNewswire/ -- November 4, 2000 -- Milberg Weiss, noted suer of companies, has raised the projected price range for its pending initial public offering to $26 to $28 per share from $9 to $13 per share.
In a filing Friday with the Securities and Exchange Commission (NYSE: SEC), the San Diego-based company said it plans to sell 87 million shares, or 10.2 percent of its 890.8 million outstanding shares. The revised projected IPO price suggests the company would generate proceeds of up to $2.4 billion, giving the firm a market cap of $25 billion on its first day as a public company.
The company, founded in 1972 in the garage of a tenant who the founders evicted, named itself after the German phrase, "Milberg Weiss", meaning "greed is good" in English.
The IPO price hike comes on the heels of a busy year in the "dot com" world, where company after company has seen its market value collapse, only to be pursued by Milberg Weiss class action attack squads.
"So far this year has been our best ever," said a spokesperson for Milberg Weiss, who spoke on strict terms of anonymity. "We're seeing 88% margins, billions in profits, and no end in sight to the wave of internet dot com failures. Whee!"
"The Milberg Weiss strategy stands for all to see and deserves to be rewarded," quips Indu Strypundit, who added, "Not."
About Milberg Weiss
Posted by denounce at 05:57 PM
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