An IPO is an initial public offering. It's a first time a stock is offered for sale to the general population. Now as the firm taking the company public, we set the initial sales price, then sold those shares right back to our friends. The i- Look, I-I know you're not following what I'm saying anyway, right? That's-that's okay. That doesn't matter. The real question is this: was all this legal? Absolutely **** not. But we were making more money than we knew what do with.