Question: the underwriter and the FTT shares inventory, page-2

Olef - I think you'll find that the underwriting brokerwas able to find sub underwriters for the rights issue. If that is right, then the overhang will have been spread across an unknown number of HNW clients of TC. Some will have participated because they want stock, and others soley for the sub underwriting fee. How many shares went to each type of sub underwriter is impossible to know. But with time, those there for the fee will lessen.