I remember people calling that a bit of a fiasco... was there anything theoretically wrong with the application of a Dutch auction for that purpose, or was it just that the underwriting community and their clients had every reason to make the situation look bad?
The price basically ended up being set by the underwriters because they big players bought most of the shares and bid at the price they underwriters told them to bid at. It wasn't really a fiasco, it just didn't accomplish what they wanted.
