I have an opportunity to grab a local banks IPO

[thefed]

I have only scattered details as my fiance is relaying this to me from the in laws...but here it is

IN LAW has 10,000 shares, accumulated last year originally valued at $1 each (they arent public, so i dunno where this 'value' comes from). They cannot sell these for 5 years from this april

Fiance can buy up to xxx dollars worth since she was an account holder between x and x dates. (its a big #, like $150k limit)

IPO is $10, supposedly...this is for emloyees and customers only.employees have the chance to cash in 401k for stock

Then April 1 or so, they go on sale to the public public

Company has about 9bil in assets, and is offering 97.7 million shares

SO, whithout any other info, whaddaya think? The only other # i remember seeing is they have an interest cost of 280 mil/yr..

The bank is THIRD FEDERAL SAVINGS of Cleveland OHIO

I am leary because :Why the hell would they give EVERY VESTED EMPLOYEE 10,000 shares last year, 'valued' at a buck, if they will be worth 100,000 in a few weeks?

MY GUESS is that the company will go public, MAYBE the price goes up a touch if there's public interest (i doubt it)..then over 5 years, it declines down to a miserable level and then tanks at year 5 when all employees sell!



Any input or pointers as to what i can do to further investigate the situation? (other than look at the paperwork sent to the inlaws)

i feel bad for my mom in law as she is convinced she is now 'out of debt'. arggg