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Buffalo have humps, but we prefer not to refer to them as "lovely lady lumps." It's kind of a sensitive issue.



Three Paths to IPO

There are three ways an underwriter commits to love, honor, and eBay when they are taking a company public:

Best Efforts. Odd legal term: what would Worst Efforts be? In practice, Best Efforts means that the underwriter is committed to only buy securities as a reseller or agent, not as a principal. They buy them and then turn around and dump—er, sell them. One of the big issues underwriters deal with is the question, "How much is enough?" That is, would The Sauce Company s...

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