Jim Cramer:TSCM, Mad Money &amp; The Street.com

TheStreet.com prices IPO at $19

Top 2. May 10, 1999 8:36 PM

» JenL_3 - TSCM - High Flier IPO??

This from MarketWatch.com:

an excerpt:

NEW YORK (CBS.MW) -- Online financial-news publisher TheStreet.com priced its 5.5 million-share initial public offering at the top end of an already increased range, a sign that the stock will perform well out of the gate Tuesday.

"This deal has all the earmarks of a high flier," said David Menlow, president of IPO Financial Network, a Millburn, N.J., firm that predicts opening premiums for new issues.

.....Jen

-- posted by JenL_3

Top 3. May 11, 1999 3:45 AM

» TONYBRIG - Yea Good Luck Jay

It should go.
Very good hype/publicity.
Who hasn't heard of Cramer/Street.Com

vbolhh

-- posted by TONYBRIG

Top 4. May 11, 1999 5:23 AM

» Jaybird248 - MEANSTREET.COM

Jen, thanks for preparing the route for a ticker tape parade. And thanks, Tony for the good luck. Unfortunately, neither will be used today.

After opening an E*Trade account especially for this; after following all procedures and numerous confirming phone calls to be sure they got done; after rushing to the bank to wire them more money when they repriced yesterday; I got this email last night:

"RE TSCM IPO, we are unable to allocate shares. Possible reasons: High demand for shares"

I called them this AM. Nice kid answered, but the answer still equalled "tough nougies" (Tony will appreciate that New Yorkism.)

Of course, they had the appropriate weasel words in the announcement letter. "After pricing, we will let you know how many, if any, shares we will be able to allocate to you", but it's a hell of a way to treat subscribers.

This is, of course, the same thing that happened in the Goldman IPO last week. Several brokers thought they'd been allocated shares for their retail investors. But when it came time to share, the cupboard was bare. Somebody should be investigating this, for sure. Especially if it was used to generate new accounts or increased account activity (fees).

What can I say? That I don't want to know how high it flies? Yeah, I'll look. That nothing's really lost. That they'll even refund my 20 bucks wire fee?

Maybe just fall back on the old saying "I'm too old to cry, but it hurts too much to laugh."

One thing's for sure. I'll be writing a strongly worded letter to Jim-Bob Cramer!

-- posted by Jaybird248

Top 5. May 11, 1999 5:36 AM

» Thruhiker - oversubscribed

25 times oversubscribed per the WSJ

-- posted by Thruhiker

Top 6. May 11, 1999 6:04 AM

» Jaybird248 - And here's that strongly worded letter.....

To Jim Cramer, TSC:

Jim, you and I have corresponded before, so I'm writing to you now.

I was one of the winners in the subscriber IPO lottery...or thought I was. Even though I followed all procedures, I still got this coldly surgical email from Etrade last night:

(email inserted)

Oh they had the appropriate weasel words in the announcement letter... But hey, cmon. I didnt pick you for this. You picked me! Didn't the underwriters include enough of the good stuff for at least the lottery group 100 lots among the 5.5mm units made public? Didnt they learn anything from the Goldman IPO fiasco last week. Especially as Goldman was one of the underwriters?

I congratulate every TSCer in this hour of success. You guys have earned it and more. But I think TSC should allocate 100 shares from the remaining private stock to each lottery winner, at offering price.

I know you're not the trigger guy in this, but somebody there is. Find him/her and shake vigorously til the right move comes out.

Details and paperwork on request.

Still a subscriber.

-- posted by Jaybird248

Top 7. May 11, 1999 6:22 AM

» RandeS - Jay,

Jay,

Good luck. Please keep us posted on any response from the Reverend.

-- posted by RandeS

Top 8. May 11, 1999 7:54 AM

» JenL_3 - Not Fair!

Jay - I logged in here this AM especially to see how you were doing with the TSCM IPO. What a disappointment! :+(

Sure sounds fishy to me. I hope that you get some results from your letter to Cramer. Good Luck!....Jen

-- posted by JenL_3

Top 9. May 11, 1999 9:30 AM

» Jaybird248 - Thanks, Guys

I appreciate your support. Let's give Cramer a day to eat, drink and be merry before expecting a response or doing anything further. If he owns 10% of this puppy, his net worth has just increased by about $100MM...not a bad day's work.

Maybe it will put him in a magnanimous mood.

-- posted by Jaybird248

Top 10. May 11, 1999 9:41 AM

» RandeS - Jay,

Jay,

With a current price of about $61, Jim-Bob's 3.4 million shares are now worth $207,400,000. Wonder if he needs a good avisor to help with a little tax-efficient diversification?

-- posted by RandeS