Trip I am extremey worried about the dilution. That is why it is very important for me to own shares in TRW personally. There has been no dilution in that company. I regard the shares in TRW valued at a fair price. Since these shares are not listed they cannot be expected to trade at a fair price as soon as they become ours. But after an IPO and after increased earnings per share in 2-3 years I regard it as likely that the pps will be more than twice what I regard as a fair price now. Of course there is no guarantee that this will happen.
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