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To: SirRealist who wrote (31166)	2/2/2001 3:09:36 PM
From: SirRealist	Respond to of 49816

Internet Capital to continue cuts in portfolio INTERNET By Peg Brickley, LocalBusiness.com Feb 02, 2001 08:29 AM ET EXCLUSIVE PHILADELPHIA, Feb. 2 (LocalBusiness.com) -- Internet Capital Group is moving into a new phase of its portfolio shakeout, one in which it will stop funding some companies and shut down others, chief financial officer Ed West told a crowd of investors yesterday. © Copyright LocalBusiness.com The Web business incubator (Nasdaq: ICGE) acquired 80 companies when times were good and assembled them into a network structured so they would feed each other business, West said. Now it's bust-up time for the brood, as Internet Capital works to put a lid on its cash burn rate in hopes of surviving the dot-com crackdown in the capital markets. "Frankly, some of them we will not continue to fund at all," West said at a presentation at the Groundhog Day Forum sponsored by Emerald Investment Advisors "Some will be shut down," the CFO added. Earlier this week, Internet Capital added up the results of a couple months of activities -- two sales, a merger and a collapse -- that cut the crowd of companies on which it rides herd. In November, the firm christened 15 of its 80 companies as "developed" companies, the ones on which it would focus resources. Pushed out to the perimeter were 45 companies that Internet Capital decided were "emerging," or farther from profitability. At the time, company officials denied maneuvers had the effect or intent of ditching some of the endangered group. More such moves are on the way, West said, as Internet Capital pursues financial disciplines in its operations and its investments. Also around the corner is "right-sizing" for ICG Europe, which is being consolidated into U.S. operations, West said. Previously, Internet Capital had announced its Japanese and European arms would have to find money on their own or be incorporated into the U.S. operation. ICG in Japan is moving along the self-funded path, while Internet Capital, in a bid to keep 100 percent control of European assets, is collapsing its European arm "to fit up under our numbers," West said. Details on the European shakeout and other activity will await discussion of fourth-quarter earnings, scheduled for Feb. 21. ---------- So will BWAY, VERT, EMRG get cut?