Which of the following statements would you NOT agree with?

	If a stock is sold before the ex-right date then the new owner of the stock is entitled to the right
	In a firm commitment, the underwriter buys the whole IPO issue and then sells it to its clients
	In a rights offering, a firm offers the right to its current shareholders to buy additional shares at a higher price than the current one
	Subscriptions to IPOs are usually offered to the best clients of the IPO's underwriters