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"Syrian grain imports are being transacted in large volumes using offices in Lebanon to handle the paperwork and act as initial buyer," one trader said.
The initial estimates are based on reports of transactions in securities; sales involving long-term securities, like Treasury bonds and notes, reflect only the initial buyer.
A second concern in any transaction, let alone a conflict-ridden management-led buyout, are the rights given to the initial buyer and whether they can act to frustrate a competing bid.
Consider now an initial buyer group S of size ( s^ ).
A promisor who breaches a contract (for example, a seller who delivers her goods not to her initial buyer but to a third party who offers a higher price) may thus retain the ex post gains from this so-called "efficient breach".
Formally, the customers that founded the initial buyer group solve the problem { hbox{max} }_{s} left{ {CS_{BG} left( s right) + t} right} = left{ {CS_{BG} left( s right) + frac{{s - s^{{s^left[ {CS_{BG} left( s right) - CS_{i} left( s right)} right]} right}.
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Initial buyers receive 20-year memberships at no charge; lifetime memberships, for 40,000 euros, or $50,000, have no greens fees.
The initial buyers never paid the full purchase price, just a deposit of up to 20%; the new buyers then take over next-stage payments.
If the price bid by initial buyers goes too high, there may be few takers once the shares start trading in the stock market.
Some retailers said initial buyers included not only current Mac customers, but first-time computer users as well as users of Windows-based desktops.
Ms. Yellin, one of the initial buyers, paid $7,200 for her 1,800-square-foot 1,800-square-foot 1,800-square-foott in 1986 for $170,000.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com