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Bidder Gotham Pension Fund Clark Kent Investors Central City Insurance Arthur Curry Barry Allen Total Quantity Bid 1,980,000 1,400,000 520,000 430,000 270,000 4,600,000 Issuing securities.

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Bidder Gotham Pension Fund Clark Kent Investors Central City Insurance Arthur Curry Barry Allen Total Quantity Bid 1,980,000 1,400,000 520,000 430,000 270,000 4,600,000 Issuing securities. Bruce Wayne is going public with his new business. Berkman Investment Bank will be his banker and is doing a best efforts sale with a 3.8% commission fee. The SEC has authorized Wayne 5,170,000 shares for this issue. He plans to keep 1,130,000 shares for himself, hold back an additional 240,000 shares according to the green-shoe provision for Berkman Investment Bank, pay off Venture Capitalists with 550,000 shares, and sell the remaining shares at $16.32 a share. Given the bids at the auction (shown on the table here: BE ), distribute the shares to all bidders using a pro-rata share procedure, and assume Berkman Investment Bank takes its green-shoe shares. What is the total cash flow to Wayne after the sale? To Berkman Investment Bank

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