And that's why they call it book equity.

Then you would have to do another write down.

That's a bargain! That's a real bargain!

So I'm willing to pay a premium to their book value.

Sounds like the big league. Sure, it's the big league.

Transaction

A bargain!

This was the first enrollment made when Quirinius was governor of Syria.

(And this taxing was first made when Cyrenius was governor of Syria.)

That's a big deal. Give me a hand for that. That's a big deal.

In other words, a good deal that used to be a great deal is not nearly as good as an awful deal that was once a horrible deal.

BNP Paribas hoped to place the bonds with UK pension funds, but so far the issue has not been fully subscribed. Most of the likely buyers are slow to make up their minds, since trustees, fund managers, consultants, and employer sponsors must all become comfortable that the new concept is consistent with their fiduciary obligations.

Well what happens if the market price is below the book price?

JC ...a round of applause... (Applause)

(Clapping) (Applause)

It's... well, it's a deal.

Big deal!

We got a deal.

A rough deal.

It's a bargain.

Fair? I robbed him.

Encouraged by investor excitement and indications of over subscription, underwriters hiked the IPO s price well above what they had first deemed reasonable.

And so if the book value is understated, that means that either the assets are understated, or the

That's the situation where the market price is above the book value.

The Real Lima Deal

The Biodiversity Bargain

It's a good deal.

Give it up for that.

It is a great deal!

Got a trade?

Louis, I'll make a deal with you.

I made a deal with her.

I came here with a straight proposition.

Make sure it's serious.

It's a swell bargain.

That's a bargain.

Now here's the deal.

Did you make a deal?

Once around for the deal, huh?

Then it's a deal?

That's a lousy agreement.

Underwriting had collapsed, and banks were more than ready to get out of the securities business.

Then the number that pops out on the equity side, that is a book value of your equity.

The person who's paying 12.00 a share is assuming that this is understated, the book value is understated.

Promoting a pan European private placement market might help, as would aligning standards for covered bonds. But both strategies would face serious legal obstacles.