Rick,
Once the shares get distributed to the individual partners, you lose track of them completely. No individual partner holds 5%, and the shares also no longer get attributed to the general partner, Pinkas, and so we don't see the shares indirectly either. Pinkas never held these shares personally, by the way, and so even if they are now gone it isn't really fair to say that he bailed.
Typically limited partners sell once the shares get distributed to them. High VC ownership is always something of a reddish flag, as a lot of these shares usually end up in the hands of the public at some point down the road. There don't appear to be any VC's who hold more than 5% left, but there may still be some who hold under 5%.
Morgenthaler had bailed completely as of 12/31/98 - in fact likely in December. Don't know if this was a distribution to partners or just a sale. If it was a distribution and these partners sold it would explain the weakness, as they held over 640,000 shares, which is a lot considering the low volume.
Peter |
