during the morning of the effective day the lead underwriter confirmed the selling agreement with the members of the syndicate folloeing confirmation of the selling agreement selling began members of the syndicate sold share of the offeringthrough oral solicitations to potential investtors because investors were required to receive a final copy of the prospectus with the confirmation of sale and the law allowed investors to back out of purchase orders upon receipt of the final prospectus the offering sale was not realized untill underwriters actually received payment under under-writers would generally cancel orders if payment was not received within five days of the confirmation