11.  It was found that even existing shareholders had had a very limited knowledge of the savings schemes that investment trusts offer.

12.  And existing shareholders, who likely paid more for their stock, are not thrilled to see a big-block investor get a break on the price.

13.  And some of the private placements of shares are structured to produce less dilution of existing shareholders than if shares were just sold on the open market.

14.  As IBM continued to press for an ownership interest in the Notes business, Manzi said IBM should try to buy a stake from an existing major shareholder.

15.  Because private placements need not be disclosed in advance under Securities and Exchange Commission regulations, existing shareholders often have no idea what has hit them.

16.  A depressed share price would make it inefficient for the tour operator to raise money through a rights issue, or sale of shares to existing shareholders.

17.  A second alternative -- a rights issue to existing shareholders -- would be difficult.

18.  A warrant gives an existing shareholder the right to buy a new issue before it is offered to the public.

19.  But existing shareholders are screaming for the closed-end funds to do something about them.

20.  But even then, MCI will not be able to vote the stock entirely independently because it agreed to vote its shares in the same ratio as existing shareholders.