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underwriting syndicate

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Unlike shares sold short related to the greenshoe option, the underwriting syndicate risks losing money by engaging in naked short sales.

en.wikipedia.org

The charges relate to losses incurred by the underwriting syndicate, which has been hit heavily by a rise in personal injury claims in recent years.

www.telegraph.co.uk

The six companies were going to sell shares without an underwriting syndicate.

www.theglobeandmail.com