Sillen,
I agree with JM, super article. Thanks.
Joe,
Re: Your earlier response to me, I don't think Houlihan, Lokey, Howard, & Zuken is a rinky-dink IB firm. Quite the opposite, I think they're probably a top notch INVESTMENT BANKING firm. However, I question whether they're a top notch TELECOMMUNICATIONS CONSULTING firm (?). I think we need both. As George E. pointed out and per his own admission, Joe Murphy doesn't claim to be technically oriented. So, where are we getting this type of expertise? There may be an obvious answer -- I just don't know what it is (?).
If you look at the following excerpts taken from its web page, I don't think you'll find they lay claim to being telecom experts.
I'm not trying to slam anything nor do I have my mind made up about anything, I'm just trying to find out who is orchestrating the building of a telcom company with some "value added" (== whole greater than sum of parts). I contend it it's just being managed from a financial and not a technical perspective, we're going to be missing an important (and necessary) part of the picture.
Dan ---------------------------------------------------------------------------------------------------- Private Placements and Leveraged Transactions --------------------------------------- Utilizing the firm's extensive institutional network, Houlihan Lokey assists middle-market companies with private placements of debt and equity capital for company growth, recapitalizations and strategic acquisitions. In many cases, private placements can provide the capital necessary to implement strategic corporate objectives and transactions in a shorter time frame, with a higher degree of confidentiality, and at a lower cost than other capital alternatives.
With one of the industry's fastest growing corporate finance practices, Houlihan Lokey has established relationships and maintains constant contact with the largest and most active capital sources. Houlihan Lokey utilizes its investor relationships, transaction experience and in-depth understanding of value to develop advantageous private placement packages for its clients. ----------------------------------------------------------------------------------------------- Mergers and Acquisitions ---------------------------------------- With in-depth knowledge of thousands of client companies from virtually every industry, Houlihan Lokey provides comprehensive merger, acquisition and divestiture services. Utilizing its proprietary databases of active strategic and financial buyers, sellers and a vast array of business contacts worldwide, the firm identifies the most likely and best-suited parties to a transaction.
Houlihan Lokey carefully structures, negotiates and executes each transaction to meet the goals of its clients whether they are buyers or sellers. Houlihan Lokey's technical expertise, transaction experience, extensive research and industry analysis are applied in every aspect of an exclusive sale or buyer representation engagement. ----------------------------------------------------------------------------------------------------- In structuring and raising capital, Houlihan Lokey assists its clients by:
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