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Idearc will begin trading on the distribution date (17 Nov 2006, I believe) and then any one can buy them under the ticker IAR.

Idearc is currently trading as a "when issued" stock. Greenblatt doesn't discuss it in his book, but this article talks to it a little bit.

http://biz.yahoo.com/ap/060815/market_spotlight_when_issued.html?.v=1

According to the article, you can buy when issued shares but you are locked in until the distribution date. Personally, I'd just wait until the shares are distributed and have fallen a bit, but that's a call you'd have to make. It all depends on how favorably you think the market will react to the new stock and whether you think there will be any indiscriminate selling. BTW, I haven't pulled the trigger fast enough on some recent spins, so maybe I'm not a good person to listen to. Just so you know. ; )

The lack of headlines is a good thing and pretty common, unless it's a Western Union or Hanesbrands type event. The less interest the better.

v/r

Jim

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