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Dec 31, 1999

Shareholder cosmos

A testing time for US transfer agents

Astronomer Carl Sagan was wont to rhapsodize about the cosmos in hyperbolic terms of millions and billions, then offer up some everyday comparisons so mere mortals could understand just how big he was talking. We could use his help now in assessing the expanding universe of shareholders. When Metropolitan Life Insurance Co goes public this quarter, it may be the largest-ever IPO in the US. The demutualization will see about $6.5 bn in stock distributed to as many as 11 mn MetLife policyholders,

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