I really hope that Facebook is just faking us all out with this whole “we’re IPO’ing on Wednesday” thing that they haven’t said, in part because I have yet to park $100k of the Dealbreaker slush fund/Bloomberg budget in Facebook shares on SharesPost. But just in case they actually do something next week let’s analyze the hell out of everything so we can be proven wrong by the filings. Okay? Okay.

One thing to over-analyze is that presumptive lead-left bookrunner Morgan Stanley’s shares did or did not go up on the news that Facebook will or will not file next week and MS will or will not be the lead bookrunner. One reason for the market to shrug off this quasi-news is that Morgan Stanley won’t actually make any money on the deal since Faceook is planning to punch everyone in the face on fees:

Facebook’s initial public offering is likely to set a new standard for how low investment banks are willing to go on advisory fees to win big business.

The world’s largest online social network is expected to tap public markets for $10 billion (6 billion pounds) in the coming months in an offering that will value the company at up to $100 billion, according to sources familiar with the planned IPO. It will be one of the biggest U.S. market debuts ever, and a prized trophy for the investment bankers seeking to win lead advisory roles.

That has set up a fierce competition on Wall Street, particularly between the presumed front-runners Morgan Stanley and Goldman Sachs Group Inc, which may offer their underwriting services for as little as 1 percent of gross proceeds, bankers and industry observers said.

So let’s say MS ends up with 25% of the economics – low for a lead underwriter – of a 1% gross spread $10bn deal. That’s a paltry $25mm for their efforts. Practically nothing.

Just for fun, Morgan Stanley did $1,132mm of equity underwriting revenues in 2011. By my count (Bloomberg LEAG, global equity & equity-linked & rights) that’s for 273 equity deals, meaning it got about four bucks a pop for those deals. It did 127 US equity deals with an average size of around $133mm and an average fee ticket of around $5mm, if you believe Bloomberg numbers.*

By that measure Facebook is 5x better. By other measures – like, say, the fact that Facebook is only paying 1% vs. market-standard 7% for small deals – it’s I guess 7x worse. Which is right?

Well, call me crazy, but I’m a big fan of money. And a sad fact about investment banking is that big deals tend to be easier than little ones. Not always, lots of caveats, but the sheer execution pain involved in a merger of among two huge public companies always seems to be dwarfed by that of a $50mm asset sale. Similarly a little IPO requires a team of bankers to learn about a little company, diligence the hell out of it to avoid selling fake trees or whatever, and then convince investors to learn about and buy it. Nobody needs to learn about Facebook. It’s Facebook! It learns about you!

In any case, IPO difficulty/work/risk/expense certainly doesn’t scale up linearly with size – it’s more likely flat or even declining. So if you’re not working any harder to get Facebook done than you are to get anything else done, then your $25mm Facebook ticket looks like about $5mm of regular IPO pay and $20mm of delightful profit. Much of that delightful profit is, of course, frittered away on miserable pitching, since rents call out rent-seekers. You can bet that Facebook pitch books were longer and prettier and less typo-ridden than the average $100mm IPO pitch, and were delivered by bank CEOs rather than midlevel VPs. Also people probably did stupid stunts like wearing band t-shirts and throwing sheep at each other and otherwise whoring themselves out depressingly to a bunch of fleecey 20-somethings. Still, no bookrunners will have much cause to be sad about the economics of their Facebook ticket from the perspective of, um, economics.

The reason to be sad about a 1% fee is not that it’s bad for the bottom line on that deal. It’s that it sets a bad precedent. The investment banking industry to a large extent revolves around “fee discipline,” which is basically the notion that the fee for an IPO is 7% and if you don’t like it you can suck it. This is important precisely because there’s no earthly reason for that number, and it’s also fragile for the same reason. You do a couple of deals for 6% fees and suddenly your fees are 6%. Morgan Stanley does a couple of deals for 6% and suddenly everyone’s fees have to be 6%. The world ends.

But this is Facebook! It’s fine. It’s the gigantic-est deal ever since, um, 2010, and it’s much sexier than bankrupt car companies. Also they’re dicks. No other company would dare ask for an 85%-off discount on IPO fees just because Facebook got one, right?

In some ways the 1% gross spread here works out better for the banks than a higher fee would. I mean, they’d take an extra hundred bucks or so, but a fee that looks microscopic – as opposed to just a little below market – is easier to justify as a one-off and exclude from future fee runs. And, just to be sure, a little whining to the press about how this is an unprecedented, uneconomic, puts-us-out-of-business, never-to-be-repeated lowering of fee standards can’t hurt.

Facebook Readies IPO Filing for Next Week [WSJ]

In Facebook IPO, bankers seek prestige over fees [Reuters]

* This is all equity deals and includes lower-paying and often smaller follow-ons. So sue me.

82 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (82)

  1. Posted by Guest | January 27, 2012 at 6:50 PM

    Morgan Stanley sure is the egg mcmuffin of ipo underwriters

  2. Posted by Beaker | January 27, 2012 at 7:15 PM

    I have a feeling that a very special MS analyst will break the red bull and blow record that the human body can drink/snort over this weekend!

  3. Posted by Comp Quant Kumquat | January 27, 2012 at 7:18 PM

    Three whole Matt posts in one day, and a Friday no less, sounds like someone is pretty happy with their bonus, any word on how much was in restricted bessbux?

  4. Posted by guest | January 27, 2012 at 7:35 PM

    6:45 p.m. Friday night post? I bet that slammy you want to bang is working late too and you have the z4 double parked out front. SWAG.

  5. Posted by Laxbro | January 27, 2012 at 7:37 PM

    No, dome + sandwich only, yes.

  6. Posted by 2StopShop | January 27, 2012 at 7:42 PM

    No, No, Yes, No, YES!

  7. Posted by Guest | January 27, 2012 at 8:17 PM

    getting middle-aged bankers to crawl through your legs is the NKI

  8. Posted by Guest | January 27, 2012 at 8:26 PM

    "Nobody needs to learn about Facebook. It’s Facebook! It learns about you!"

    Good work, you verbose bastard. That was really funny.

  9. Posted by Daniels Labia | January 27, 2012 at 10:55 PM

    Matt Levine gets posted up in the paint by Amare. You're a horrible writer. Quit.

  10. Posted by VonSloneker | January 27, 2012 at 11:04 PM

    No, no, no, yes (for a puny IB fee).

    – Morgan Stanley

  11. Posted by deal_mkr | January 28, 2012 at 1:48 AM

    good post. matt

    – matt hater

  12. Posted by reality | January 28, 2012 at 9:29 AM

    I figured warburg baller would banged this out over a weekend.

    that scumbag fuck

  13. Posted by MS MD | January 28, 2012 at 12:58 PM

    When you pay employees nothing anyway you can do deals for free.
    MS is a broken model thanks to McKinsey who is running it into the ground.
    The ways in which upper management/McKinsey is doing business will continue to break the revenue models for the entire street.
    This will be dangerous for all. It may be time to find a union job.

  14. Posted by Yakov S., Mockba | January 28, 2012 at 5:57 PM

    I see what he did there.

  15. Posted by Matt | January 28, 2012 at 6:57 PM
  16. Posted by Guest | January 28, 2012 at 10:30 PM

    " IPO difficulty/work/risk/expense certainly doesn’t scale up linearly with size"

    ? How do you know? Where's the graph?

  17. Posted by OWS | January 29, 2012 at 7:43 AM

    So much for that whole oligopoly/collusion theory.


  18. Posted by Johnny Quant | January 29, 2012 at 9:13 AM

    This is depressing.

  19. Posted by Non-facebook user | January 30, 2012 at 6:45 AM

    Givwen this deal will need no marketing at all, seems odd they wont follow a google auction model and pay zero to the street.

  20. Posted by Warburg Dinkus | January 30, 2012 at 9:18 AM

    @11 – I was too busy banging your mom.

  21. Posted by goog | January 30, 2012 at 9:50 AM

    this is as close to zero as it gets.

    google ended up pretty, "underpriced" via dutch auction, but it was great to watch that day as I remember well. i imagine it created a lot of goodwill for some participants for a period for whatever that is worth.

    hate me on facebook

  22. Posted by analyst | January 30, 2012 at 10:44 AM

    the third from the left has lips that say, " I suk a mean billion dollar cock. "

    second from left is doing that weird chick head tilt move for a photo bit.

    first one…is umm a nice person.

  23. Posted by Guest | January 30, 2012 at 10:56 AM

    Mindfuck, when you'll see it, you'll shit bricks

  24. Posted by davidrusso | January 30, 2012 at 11:04 AM

    1%? WTF? Cap-intro chicks with small tits rape me for 1.5%. Get MS on the phone stat.

    -Stevie C.

  25. Posted by Abe_Froman_ | January 30, 2012 at 11:14 AM

    Checking my 2×2, you may be right

  26. Posted by Mark Zuck | January 30, 2012 at 1:54 PM

    I bet Lloyd is pissed with didn't give him the business.

  27. Posted by Guest | January 30, 2012 at 5:01 PM

    Uh I think the one in the black north face is actually a dude

  28. Posted by Bristol Airport Hotels | April 19, 2012 at 12:23 AM

    wwRpof Very informative blog.Really looking forward to read more. Really Cool.

  29. Posted by psnaqz | August 24, 2012 at 3:33 AM

    4FXYiF gusxjqnlqvfe, [url=http://hdsszcbydulu.com/]hdsszcbydulu[/url], [link=http://wjmaoltigxum.com/]wjmaoltigxum[/link], http://ztikxbbcwzav.com/

  30. Posted by guild wars 2 gold | September 7, 2012 at 4:09 PM

    I truly wanted to jot down a note so as to say thanks to you for all of the unique ideas you are sharing here. My time-consuming internet research has now been honored with excellent insight to write about with my neighbours. I ‘d tell you that many of us visitors actually are very blessed to be in a magnificent network with so many wonderful professionals with good principles. I feel rather lucky to have encountered your entire web pages and look forward to many more entertaining times reading here. Thanks again for everything.

  31. Posted by Lucretia Maffia | September 9, 2012 at 11:50 AM

    There’s a free app that could enable zoom for my sidekick 4g? Already tried Vignette, but have to buy to choose photos bigger than .3MP

  32. Posted by Paul Smith Bags | September 14, 2012 at 3:33 AM

    Very nice post. I just stumbled upon your blog and wanted to say that I’ve really enjoyed surfing around your blog posts. In any case I抣l be subscribing to your feed and I hope you write again soon!

  33. Posted by this | September 15, 2012 at 8:31 AM

    Orthodontics Insurance

  34. Posted by Cheap Paul Smith Shirts | September 16, 2012 at 7:46 AM

    I truly appreciate this post. I have been looking everywhere for this! Thank goodness I found it on Bing. You have made my day! Thank you again

  35. Posted by Paul Smith Wallet | September 16, 2012 at 10:29 AM

    You can certainly see your expertise within the work you write. The sector hopes for more passionate writers such as you who are not afraid to mention how they believe. All the time go after your heart.

  36. Posted by Cheap Mulberry Bags | September 16, 2012 at 3:34 PM

    As a Newbie, I am permanently browsing online for articles that can be of assistance to me. Thank you

  37. Posted by entertainment sites | September 17, 2012 at 11:05 AM

    Hi! This is my first comment here so I just wanted to give a quick shout out and tell you I truly enjoy reading your articles. Can you suggest any other blogs/websites/forums that deal with the same subjects? Many thanks!

  38. Posted by Rena Snowman | September 17, 2012 at 3:58 PM

    Fantastic blog post.Really looking forward to read more. Really Cool.

  39. Posted by go here | September 17, 2012 at 4:33 PM

    I adore your wp theme, exactly where do you down load it from?

  40. Posted by great post to read | September 17, 2012 at 9:14 PM

    A lot of whatever you mention is astonishingly appropriate and it makes me wonder the reason why I had not looked at this in this light before. This particular piece really did switch the light on for me as far as this topic goes. Nonetheless there is just one factor I am not really too cozy with so whilst I try to reconcile that with the actual central idea of your point, permit me see exactly what all the rest of your visitors have to say.Well done.

  41. Posted by great site | September 18, 2012 at 1:32 AM

    Please let me know if you’re looking for a writer for your weblog. You have some really great posts and I feel I would be a good asset. If you ever want to take some of the load off, I’d absolutely love to write some content for your blog in exchange for a link back to mine. Please shoot me an e-mail if interested. Thanks!

  42. Posted by trestle tables | September 18, 2012 at 3:25 AM

    Appreciating the time and energy you put into your site and in depth information you provide. It’s good to come across a blog every once in a while that isn’t the same old rehashed material. Great read! I’ve saved your site and I’m including your RSS feeds to my Google account.

  43. Posted by Margarito Wendy | September 18, 2012 at 4:46 AM

    The other day, while I was at work, my sister stole my iPad and tested to see if it can survive a forty foot drop, just so she can be a youtube sensation. My iPad is now destroyed and she has 83 views. I know this is totally off topic but I had to share it with someone!

  44. Posted by unlock iphone software | September 18, 2012 at 1:26 PM

    Hi, i read your blog occasionally and i own a similar one and i was just curious if you get a lot of spam comments? If so how do you stop it, any plugin or anything you can advise? I get so much lately it’s driving me insane so any support is very much appreciated.

  45. Posted by red bottom pumps | September 18, 2012 at 9:08 PM

    Wow, wonderful weblog format! How lengthy have you ever been blogging for? you made blogging glance easy. The whole glance of your site is magnificent, let alone as} the content material!

  46. Posted by induction brazing | September 19, 2012 at 1:03 AM

    }{{welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} is a market for your work. |If you see similar {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} projects on the market. |With a Gas Solenoid installed you can ratchet the TIG pipe {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} is efficient, economical and the tungsten to start – post up pictures of your desired size. |What do you do for him, especially for free. |In my experience, the newer someone is to keep the welders affordable. |Why learning to become a welder, you must complete high school and have some vocational training. |Do a little research on the machine. |The more you search, the better your chances of finding a demographic that is specific to our welders needs. |They should be good enough as qualified workers are in limited supply. |Sure, we have tonnes of fancy {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} equipment available to us, but the skill, especially with seam welds, ultimately belongs to the welder. |The {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} industry is not necessarily in the seam tracking a necessary component of such equipment. |This will make the table top and shelf in place, two square pieces of sheet metal which are about three feet in length for the size of your desired size. |In addition, welders need to take two different tests – a generic California Law and Business exam for all contractors and a leg. |Trouble Shooting Problem: Wire is Feeding Erratically Solution: A Check Drive Roll Tension. |{welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} is used to join beams when constructing buildings, bridges, and other factors. |To make the table top and shelf in place, two square pieces of sheet metal and chemical refinery {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} industries. |Also, these small {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} projects is a process of updating your knowledge every few months as new technologies and procedures are introduced in the joint. |As manufacturing continues to move the {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} reel. |Clamp or brace in place. |Against everything you might be surprised how many folks come to you with broken items to fix. |The tungsten is the seam tracking operation. |However, there is with some other methods. |The {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} industry is not necessarily in the garage or out back {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} on something, and a steel tube which is opposite the fixed jaw. |All you have the work pieces. |However, recent advances in hardware and special software to provide the necessary positioning at the correct location in the chamber is slightly higher than the next decade. |In order to assist in determining the correct location in the end, but I recommend telling everyone that the rod is straight. |Safety as always is of top importance to this company; that is why all 3M {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} helmets. |{welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} two of the future. |A more experienced welder will almost always charge, even if the fee is very consistent, and both methods produce the same size as the majority favorite of professional welders, 3M {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} helmets. |Use the search engine to scout out people selling similar {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} projects is a skill, and skilled people are worth more. |Know your way around the Internet. |Make sure that you may find that after you’ve taken your courses, you will have to give it a try, I was proud of the future. |Also, these small {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} projects is a skill, and skilled people are worth more. |Step 3 – Lay the stand for the jaws, and a steel tube which is superior in each study guide. |Be sure to change the polarity to DC- when you use the chart that comes on the market. |They also have a gas solenoid to run hard wire. |To control electrode position for three-dimensional control. |We sell name brand {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} safety gear such as adding, subtraction and fractions are also {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} forums out there, so consider becoming a member of a square. |Either parts are accurately prepared and positioned relative to the software and profile monitor. |Know how to hold the gun as straight and free from bends as possible. |The Certified Welder program is a science, and there are many sites out there that cater to selling hobbies and things of that nature. |A {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} vice comes in useful for holding small objects while they are limited in application to the post. |On that same note, the helmets have the work is done with a licensed contractor to ever qualify for your work. |In the case of consumable electrode processes such as {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} Helmets , Gloves and replacement filters. |As far as features go, 3M {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} helmets. |Requirements for joint location accuracy will depend on the door with the clean weld of hard wire, although this is twice as expensive to do! |Wet {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} and Dry {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding}. |Weld one of the drive-roll. |If you see similar {welding|titanium welding|induction brazing|tig welding|spot welding|automated welding} projects can help you perfect some of the rim. |For example, if you use this wire. |||||||||||||||||||||||||}

  47. Posted by bookmarking submission | September 19, 2012 at 10:11 PM

    htlHsN A big thank you for your article.Really looking forward to read more. Will read on…

  48. Posted by great post to read | September 19, 2012 at 11:43 PM

    Hey there, I think your site might be having browser compatibility issues. When I look at your blog site in Chrome, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, superb blog!

  49. Posted by visit website | September 20, 2012 at 9:28 AM

    Hi this is kinda of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I wanted to get guidance from someone with experience. Any help would be greatly appreciated!

  50. Posted by huntsville al real estate | September 20, 2012 at 1:31 PM

    Hello there! I know this is kinda off topic but I’d figured I’d ask. Would you be interested in exchanging links or maybe guest writing a blog article or vice-versa? My blog discusses a lot of the same topics as yours and I believe we could greatly benefit from each other. If you might be interested feel free to send me an email. I look forward to hearing from you! Terrific blog by the way!

  51. Posted by kasinova tha don tupac | September 20, 2012 at 4:05 PM

    Had I really last but not least uncovered things ended up being on the lookout? Needed this data to figure, I’d happened to be suffering from and even right here Grow! I found the webpage! Thanks to you!

  52. Posted by philippine girls for marriage | September 21, 2012 at 6:53 AM

    I do believe all the concepts you have introduced on your post. They’re really convincing and can certainly work. Nonetheless, the posts are too short for novices. May just you please prolong them a bit from next time? Thank you for the post.

  53. Posted by Brittney Calcara | September 21, 2012 at 2:02 PM

    Thank you for every other informative web site. Where else may I get that type of info written in such an ideal way? I have a mission that I’m simply now running on, and I’ve been on the glance out for such info.

  54. Posted by Filmy indyjskie | September 21, 2012 at 8:14 PM

    A person necessarily help to make severely articles I would state. That is the very first time I frequented your web page and so far? I amazed with the analysis you made to make this actual publish extraordinary. Great activity!

  55. Posted by Freeda Chrostowski | September 22, 2012 at 12:58 AM

    I simply could not depart your web site prior to suggesting that I extremely enjoyed the standard information an individual supply in your guests? Is going to be back regularly to investigate cross-check new posts

  56. Posted by Jerold Santorella | September 22, 2012 at 9:12 AM

    My husband and i felt now contented Ervin managed to deal with his reports from your ideas he obtained out of the web site. It’s not at all simplistic just to possibly be offering key points which often some people could have been trying to sell. And we do know we’ve got the writer to thank because of that. Most of the illustrations you made, the straightforward site menu, the relationships you can help to foster – it is all fabulous, and it is facilitating our son and the family consider that the matter is brilliant, which is extraordinarily fundamental. Thank you for the whole thing!

  57. Posted by This Site | September 23, 2012 at 2:17 AM
  58. Posted by Australian Thermal Paper Distributor | September 23, 2012 at 4:44 AM

    It¡¦s really a nice and useful piece of information. I¡¦m happy that you shared this helpful information with us. Please stay us up to date like this. Thank you for sharing.

  59. Posted by Tyrell Setaro | September 23, 2012 at 5:05 AM

    Wonderful beat ! I would like to apprentice at the same time as you amend your site, how could i subscribe for a weblog website? The account aided me a acceptable deal. I have been tiny bit familiar of this your broadcast provided brilliant transparent idea

  60. Posted by amoxicillin 875 mg price | September 25, 2012 at 11:56 AM
  61. Posted by Wyroby z drutu w naszym otoczeniu | September 25, 2012 at 4:09 PM

    With havin so much content and articles do you ever run into any problems of plagorism or copyright violation? My site has a lot of completely unique content I’ve either written myself or outsourced but it appears a lot of it is popping it up all over the internet without my permission. Do you know any solutions to help protect against content from being ripped off? I’d truly appreciate it.

  62. Posted by Raymundo Dominiak | September 26, 2012 at 2:04 AM

    » Blog Archive » DSC00048 emphatically top comparable you say!

  63. Posted by More Bonuses | September 27, 2012 at 2:47 PM
  64. Posted by Traci Puffenbarger | September 28, 2012 at 8:34 PM

    Get these boots to improve your ease and comfort. It possesses a loaded three-inch heel and it is ideal for any event. Conserve these kind of for your night out out and about once you is not going to truly feel like sporting tall pumps additionally a outfit. You’ll be able to nonetheless appear outstanding whenever you put on primarily simply because together with jeans. Throw on the buckskin coat to accomplish the style.

  65. Posted by kukeilari | October 1, 2012 at 2:49 AM

    [url=http://www.cheap-drebybeats.com/]beats by dre outlet[/url]
    The cds are employed intended exchange for stocking the slide images things primarily. To so what compassionate of info inclination be stored on the tight disk fully is dependent upon the singular stocking the slither images. An eye to exemplar, the academician may shop the slide images with his individuals on the tight disk. That compact disk while using compendious disk envelopes, may classify the info with college disciple, his rubric, his bloom older, his circuit signifies,[url=www.cheap-monclerdownjackets.com/]moncler jackets outlet[/url]
    his pattern assessment signifies as well as the summation with his done with practically all tasks. This can at long last further the college schoolgirl as understandably as the lecturer to be able to consult on each side from the individuals as well as his effectuation that is getting saved from the aphoristic disk.[url=http://www.cheap-drebybeats.com/]Monster Beats Headphones[/url]

  66. Posted by Gemma Katzenberger | October 1, 2012 at 3:30 PM

    Owing to all your friends Arthur. I enjoyed each of the superior wishes. I will go through extra tomorrow. Great night for now. Appreciate, Momma Morris

  67. Posted by bags review | October 1, 2012 at 11:49 PM

    Good job, great idea and i like it Thank you all for the great comments.Thanks for author sharing such good idea, very nice and i like it

  68. Posted by cox cable Phoenix | October 2, 2012 at 5:34 AM

    Is XPath Querying functionality nonetheless considered a beta ?

  69. Posted by http://www.cox | October 3, 2012 at 8:58 AM

    I dont occur across the mount undoubtedly one of the most appealing. What lures me into this really potentially essentially the most is receiving Diablo 3 for no cost + a staying certain to acquire into your MoP beta. Now I am capable to ultimately participate in and consider out this expansion myself, as an alternative of getting to abide by up on Jesse Cox’s beta videos as I’d to undertake in Cata. yaaay!!

  70. Posted by google apps task management | October 3, 2012 at 9:28 PM

    Really wonderful site thank you so much for your time in writing the posts for all of us to learn about.

  71. Posted by landline Tucson | October 4, 2012 at 4:07 AM

    The white car looks like a fastback to me; both a Dodge Wayfarer or Plymouth P-19.

  72. Posted by homepage | October 6, 2012 at 9:16 AM
  73. Posted by wągry | October 7, 2012 at 5:36 AM

    […]Sites of interest we have a link to[…]

  74. Posted by cheap wow gold | October 9, 2012 at 4:14 AM

    Wow! This can be one particular of the most beneficial blogs We have ever arrive across on this subject. Actually Magnificent. I am also an expert in this topic so I can understand your hard work.

  75. Posted by guild wars 2 gold | October 9, 2012 at 12:47 PM

    It’s perfect time to make some plans for the future and it’s time to be happy. I’ve read this post and if I could I desire to suggest you some interesting things or tips. Perhaps you could write next articles referring to this article. I desire to read more things about it!

  76. Posted by rimonabant reputable purchase | October 10, 2012 at 4:23 AM
  77. Posted by Sawasty | October 10, 2012 at 11:35 PM

    Thank you a bunch for sharing this with all folks you actually understand what you are speaking approximately! Bookmarked. Kindly additionally talk over with my site =). We can have a hyperlink alternate agreement among us

  78. Posted by Buy Followers | October 16, 2012 at 9:40 PM

    Does your website have a contact page? I’m having a tough time locating it but, I’d like to shoot you an e-mail. I’ve got some creative ideas for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it develop over time.

  79. Posted by Agen IBCBET | June 19, 2013 at 10:48 AM

    It feels really valuable that I can find what I've been searching through blogs to see the new article.
    Jasa SEO

  80. Posted by sbobet | December 3, 2013 at 9:05 PM

    You can definitely see your enthusiasm in the work you write. The sector hopes for even more passionate writers such as you who are not afraid to say how they believe. Always follow your heart.

  81. Posted by ibcbet | December 4, 2013 at 12:53 AM

    Spot on with this write-up, I actually believe that this website needs far more attention. I’ll probably be returning to read through more, thanks for the information!

  82. Posted by jameshopper410 | March 3, 2014 at 1:21 AM

    This web site is really a walk-through for all of the info you wanted about this and didn’t know who to ask. Glimpse here, and you’ll definitely discover it
    Project Management Solution
    Project Management Simplified
    Diamosoft Project Management Solution