| To: Rob C. who wrote (394) | 3/26/2001 12:13:04 PM | | From: BWAC | | | | Any DIR stockholders and account holders who want to continue to do business with CSFB step right up? They will take your DIR now for $4. Thanks a bunch. I'll be gone as a customer. Customer Service 101----Don't screw them over. CSFB should have done the right thing and taken this step at the same time they bought DLJ and for a similarly valued price. But nope, there were people to be taken advantage of. Think about that when you make your next (and hopefully) last trades with CSFB.
Monday March 26 11:38 AM ET
CSFB to Buy the Balance of CSFBdirect
NEW YORK (Reuters) - Investment bank Credit Suisse First Boston said on Monday it would buy the balance of the outstanding shares of its online brokerage unit CSFBdirect (NYSE:DIR - news) as flailing markets cut into the online trading business.
The firm said it would buy about 18.4 million shares, or 18 percent, of CSFBdirect's common stock for about $4 in cash. |
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| To: BWAC who wrote (395) | 3/26/2001 11:18:46 PM | | From: Joan Winston | | | | Strange Valuation in ONLINE Brokerage. wrt to CSFBdirect
it sounds like CSFB is trying to place a price on the
NUMBER of accounts at around $880 each and saying this
is rich compared to other online brokers.
I truly hope they will take into consideration the
fact that the average account holder at CSFB has almost
3 times the assets as the other discount brokerages.
Also, it was the merger last year that stalled DLJDIRECT marketing and stifled account growth in the Fall 2000. The costly rebranding was only necessary because of the CSFB merger and it surely is responsible in part for the low stock price.
CSFBdirect application is now powering and receiving
revenue from many independent brokerages and these
revenues are growing at an excellent rate but are not
even being considered in their offering price.
This seems almost unjust that they can now just suck
these publicly traded stocks back in at a bargain basement
$4 by a vote of the CSFB board of directors but it looks
like they can because they own 85% of the stock.
I look forward to reading their filings with the SEC on
this one. |
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| To: Joan Winston who wrote (396) | 3/28/2001 1:02:27 PM | | From: domtess | | | | | Exclude this tracking stock from the DLJ acquisition when it was priced $11 by the market (8/29/2000), let the stock drop as low as possible with no volume and take it over a few months later for 1/3 of the then market value. A very good deal indeed... FOR THEM. Who said you should trust your banker? |
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| To: Eman03 who wrote (399) | 3/29/2001 8:00:13 PM | | From: PAFOOFNICK | | | | | O U C H !!!!!! My thinking is they will at least make the offer in the 9-10 range, I dont think the sec will have any say in this and I dont think the board of directors gives a rats A$$ about the investors. Im pulling out my accounts if they persist. |
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| To: PAFOOFNICK who wrote (400) | 4/2/2001 7:12:06 PM | | From: Mark Rosneck | | | | In this whole ugly mess, what I don't understand is:
1) Let's say that DIR just went to zero, what bad things happen to CSFB (other than more of a few of us being really upset)?
2) If CSFB buys up the shares of DIR, how does that make any money for CSFB?
3) If someone else gains control of DIR other than CSFB, what bad things happen to CSFB?
It's all probably academic but CSFB's motivation and the money trail for all of this are at least interesting.
On a side note, I really disliked the whole notion of a tracking stock but bought into DIR because CERTAINLY DIR management wouldn't do EXACTLY WHAT THEY DID to shareholders since many shareholders are also customers. I have a rather visceral reaction every time I get my statement. I guess there's a lesson to be learned here but I'm not exactly sure what it is. I just wished it weren't so doggone expensive to learn whatever it is we're in the process of learning.
Mark |
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| To: Mark Rosneck who wrote (401) | 4/26/2001 6:32:13 PM | | From: domtess | | | | | hopefully those of you who have a DIR account will let them know - while they are being advised on the Proposed Acquisition - that you will not be happy with a $4 buyout... it's one thing to lose its shareholders' confidence but it is something else to lose its customers' account. |
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| To: domtess who wrote (402) | 5/13/2001 5:12:53 PM | | From: Maywood | | | | Does anyone here have an account with csfbdirect and try to get IPOs? If so, how hard is it to get IPOs? (I know it would be pretty hard to tell right now anyway since the IPO market hasn't been doing much for many months now.) I've been considering opening an account there mainly to see if I can get any IPOs, now that E*Trade hardly gets any. Do they allocate IPOs on a random basis (once you qualify), or do they allocate based on amount of money in your account, the number of trades you make, or some other factors?
I couldn't find any other message boards anywhere where they discuss csfbdirect IPOs. Anyone know of one? |
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| To: Maywood who wrote (403) | 5/16/2001 9:33:09 PM | | From: E.J. Neitz Jr | | | | | First, you need $100,000 min in account. Second, the allocation is then made on trading activity and how long the account has been open. If you do get an IPO, and you flip it within a day or two, you will not get further IPO's for a few months. Also, the least attractive the IPO, the more assured you will get an allocation. The best IPO's only get a very small allocation to CSFBdirect. I have received about 3 allocations last year after indicating an interest in about 6. I flipped them and they cut me off for a few months(no notice-just suspicion). Hope that helps. Ed |
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