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Technology Stocks : Softbank Group Corp
SFTBY 57.09-0.4%9:32 AM EST
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To: Ilaine who wrote (4526)3/22/2000 11:51:00 AM
From: Netwit  Read Replies (1) of 6020
 
Most US Securities laws regulate disclosure only. The theory is that when investors have enough information, they can make a rational decision. Given that the Economist found all this info from the required disclosure, I don't see a legal problem. And, by the way, the "Certain Transactions" section many companies 10-K's disclose interested party transactions. I would be surprised if CMGI's 10-K doesn't contain some interesting intercompany stuff as well. If I recall, at CMGI a number of the principals hold direct interects in some of the ventures as part of the corporate compensation scheme--but some have cried foul because the personal interests of the executives could be at odds with those of the shareholders. (CMGI may have taken some steps to rectify this--there was quite a stink about it for a while.)

Also, as we've discussed on this board before, I suspect that the reason Softbank doesn't do an ADR in the US, if it has so decided, is more connected with US Holding Company regulations which these venture capital firms run afoul off by virtue of the fact that they hold significant minority shareholder interests in companies--in fact this is the backbone of Softbank's strategy. I own a private stake in Idealab (which is not yet public, and I think the regulatory issue on Holding Company regulations have put off their IPO efforts at least for the time being. Remember CMGI changed its stripes and acquired Altavista to establish an operating base of companies to overcome its Holding Company issues. Also, ICGE obtained an exemption from the act for its structure for a period of time.
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