Bruce Wayne is going public with his new business. Berkman Investment Bank will be his banker and is doing a best efforts sale with a 3.8% commission fee. The SEC has authorized Wayne 4,790,000 shares...

 Bruce Wayne is going public with his new business. Berkman Investment Bank will be his banker and is doing a best efforts sale with a

commission fee. The SEC has authorized Wayne

shares for this issue. He plans to keep

shares for​ himself, hold back an additional

shares according to the​ green-shoe provision for Berkman Investment​ Bank, pay off Venture Capitalists with

​shares, and sell the remaining shares at

a share. Given the bids at the auction​

distribute the shares to all bidders using a​ pro-rata share​ procedure, and assume Berkman Investment Bank takes its​ green-shoe shares. What is the total cash flow to Wayne after the​ sale? To Berkman Investment​ Bank?

Bidder Quantity Bid

Gotham Pension Fund 1,990,000

Clark Kent Investors 1,250,000

Central City Insurance 610,000

Arthur Curry 440,000

Barry Allen 350,000

Total 4,640,000