CoalKing says
"how on earth can it be under written currently?"
?? er - underwriting means they enter into an arrangement with someone to take up any shortfall, usually with some underwriting fee attached.
If it is not underwritten "currently" then it ain't underwritten. But that doesn't preclude a deal being done to place any shortfall after the event, with the underwriting fee replaced by a discount.
may day may day come in over, page-38
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