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Institutional Financial Markets, Inc. Message Board

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  • ethison ethison Mar 23, 2011 12:19 PM Flag

    afn -cohn-ifmi

    You are right that there are about 10 million shares outstanding.

    You're wrong on the rest. In the merger of AFN and Cohen Brothers, the AFN shareholders got about 60% and Cohen Brothers got about 40%. Because of a goofy tax saving structure, Danny also will ultimately have about 5 million shares of IFMI down the road. Thus, AFN holders got less than 50% for their $87 million in cash (and tons of tax loss carry forwards).

    Cohen Brothers got the cash, but they also took on a similar amount of long term debt. Without a doubt Cohen needed the cash because their bank was on the war path and wanted to get repaid!!!!

    They have not been minting a huge number of new shares and handing them out freely. As the majority shareholders this is not in their interest.

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