51.  Most of the asset growth in recent years has come from existing shareholders adding to their positions, not new shareholders, he said.

52.  Much of the new money that flowed into the fund in January came from existing shareholders, Lawrence said.

53.  New shares are typically sold at below-market prices to existing shareholders in rights issues.

54.  New World Development said it expects to offer the new shares to its own existing shareholders first.

55.  New World is offering the new shares to its own existing shareholders first.

56.  New shares are typically sold at below-market prices to existing shareholders in rights offers.

57.  One major shareholder who spoke with Zell said it will oppose any Zell plan that dilutes the stake of existing shareholders.

58.  Options are also a titanic but stealthy transfer of wealth from existing shareholders to corporate management.

59.  Options dilute the stake of existing shareholders, but investors can take the dilution into account when valuing stocks because companies publish the number of options they have outstanding.

60.  Or the company can create a subsidiary that takes over responsibility for those assets and businesses and issue shares in the company to its existing shareholders.