Tuesday, April 22, 2008 > Intrepid Potash IPO has sweet smell of success > Intrepid Potash is the hottest kid on the block +59% Intrepid Potash IPI largest producer of potash in US . $32, above initial $24-26 range . 30mm shares up from initial 24mm . $960mm IPO . Pre-IPO grade score: C+, 8
Trading Wednesday, April 23, 2208 > American Water Works IPO raises less than expected -4% American Water Works AWK largest private water utility in US . $21.50 below initial $24-26 range . 58mm shares, down from expected 64mm . $1.25bb IPO . Pre-IPO grade score: C+, 6
EDITORIAL > Most professional money managers who manage other people’s money simply will not even consider buying a small OTCBB or pink sheet company that is not NASDAQ & Sarbanes-Oxley compliant, and most are not
> The intent of Sarbanes-Oxley & NASDAQ corporate governance compliance is to minimize Enron-type situations where shareholders are harmed
> NASDAQ corporate governance requirements address: . Independent Directors, Audit Committees . Conflicts of Interest, Code of Conduct . Shareholder Approval, Shareholder Meetings . Stockholder Voting Rights, Quorum . Solicitation of Proxies, Distribution of Annual and Interim Reports
> Sarbanes-Oxley violations & penalties include . Improperly constituted board of directors -- nullifies prior board decisions . Improperly certified 10K’s and 10Q’s, especially with regard to financial control assertions, loans to officers & directors and other assertions . S-O violations can and do result in actual prison terms & fines.
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