1.   The announcement has left shareholders nursing huge losses.

2.   And stock leaves shareholders of the acquired company with stock in the acquiring one, which means if the deal works out everybody gets to share in the prize.

3.   A franked dividend means company tax has been paid, leaving shareholders to pay the difference between that rate and their personal tax rate.

4.   All of these quiet negotiations make some observers uneasy because small shareholders are left out of the debate.

5.   Crowing about a planned purchase of stock and leaving shareholders in the dark about its hiatus is just plain lame.

6.   Crowing about a planned purchase of stock and leaving shareholders in the dark about its hiatus is just plain cheap.

7.   Fully franked means company tax has been paid on the dividend, leaving shareholders to pay the difference between that rate and their own.

8.   In that case the speculative surge on the stock exchange would have quickly gone splat, leaving individual shareholders holding lesser valued stock.

9.   Insolvency would have spurred a lengthy legal battle between French and U.K. courts, whose bankruptcy laws differ, and probably still leave shareholders with nothing.

10.   It stated that, regardless of a purchase, Morrison Knudsen would proceed with its reorganization plan, and that shareholders would be left with little of value.