Research Paper on:
IPO Delay and University Clubs

Unformatted Sample Text from the Research Paper:
Once again, I apologize for the administrative oversight that has disrupted communication between us. As you know, your situation is unique in that you own less than one  full minimum unit. Both you and your investment partners owning the balance of your jointly-held single unit will receive all routine communications from University Clubs in the future, I  am writing now to summarize what has transpired in the past and to clarify University Clubs current IPO position. We understand the concern  that you and your investment partners have had in the past and that you have considered withdrawing your investment funds. As single units can be invested only in single  blocks of $100,000, the same restriction applies to withdrawals as well. Your investment partners have decided to retain their investment in University Clubs, meaning that you will need to  take an alternate route to divesting your interest in University Clubs. That option does exist, but we hope that you, as your investment partners have done, will decide to  remain with University Clubs beyond the January 30 decision date after which your interest could be sold to another current investor. The attached  document outlines University Clubs decision to delay its IPO, and I hope that after reading it you will come to understand that the decision is a positive one, rather than  negative. If after reviewing the delay rationale you still wish to withdraw from University Clubs, your fractional investment can be released to a secondary market during the second quarter.  Sincerely, X.X. Masters Market Conditions At the time of the decline of the stock