Frenzy For Facebook Shares Heats Up With A New Auction

“Every time we announce that we have stock, we get a surge. There’s so much demand,” says Larry Albukerk, managing partner of EB Exchange Funds, a broker that creates special purpose limited liability companies (LLCs) to buy shares in very late stage private companies. One fund, now closed, that Albukerk created to buy Facebook shares was three times oversubscribed. A Middle Eastern investor wired $2 million to Albukerk’s company escrow account without signing any agreements. (Albukerk sent the funds back.)

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