Bruce,
I hate to lay this out for you like this, but not having long term debt after a recent IPO is not an unusual situation. Venture backed start-ups rarely have debt unless it is convertible (either a corporate investment or a leveraged buyout), therefore you shouldn't be so surprised. I'd be surprised if they did have LTD. Most silicon valley companies that go public pay off their long term debt, especially if they think they can make it, either through operations and the sale of their products, or a corporate partner, or here it comes.... a buyout. These guys have already had a liquidity event, and this BORL deal gives them a second, and releases those that could not previously unload their shares, although there probably will be some restrictions on the sale of BORL shares exchanged in the acquisition. Maybe VSGN figured out that it couldn't make it on its own and decided to hold some of that value that they have created.............
Best regards,
Scott. |
