s.l.,
I, and other shareholders, are also frustrated by the lack of news. It's generally not like Safeguard to keep shareholders in the dark so long, so I do expect another press release relatively soon.
I agree they need to announce a rights offering. I also think the best guess for the value of the private companies is what they are worth as offerings (a dividend model), because that is the only way a shareholder has access to them. And, they only real way to value them, other than on earnings, if any, is what the market will pay. Who can say if an offering is going to be DOCC, OAOT, or a CATP or EBAY? There isn't much real value in Safeguard saying "we think Intellisource (or whatever) is worth $500 million," when, in fact, they are saying the rights companies are worth $5 per share when they go public.
As to the categorization of companies, the venture funds are all traditional venture funds or partnerships, while the private companies tend to be corporations. That's why XL Vision is placed in the company category, not VC fund, because it's run like a company, not a fund. Even though XLV has stated that it is NOT their intention to go public, but to continue spinning off companies. As to ICG, that is trickier, because they are not a corporation, but a LLC, which has been more of a partnership structure, but is becoming more like a corporation (legally, state-by-state) every day. I think ICG is categorized as a partnership company and not a venture fund because Safeguard and ICG intend for ICG to go public (hopefully through a rights offering to SFE shareholders).
Sorry to ramble so long. We're all here just waiting.
--John |
