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To: rkral who wrote (65021)	10/28/2003 5:59:41 PM
From: willcousa	Read Replies (1) \| Respond to of 77400

I am aware of companies in similar circumstances who were told the same thing by the SEC - going back to the 50's.

To: rkral who wrote (65021)	10/28/2003 8:37:52 PM
From: RetiredNow	Read Replies (1) \| Respond to of 77400

To be honest with you I can't remember the specific rules, but I do remember that once you start to sell shares to a bunch of people, the company no longer qualifies as a closely held private company. Then all sorts of disclosure rules start kicking in. This is to protect investors from companies pumping and dumping shares with hype, rather than organizing salres with substance to back up perceived value. Apparently, this is what has happened to Google. As far as labor force, I found some info at this link: bls.gov Labor force The civilian labor force is projected to increase by 17 million over the 2000-2010 period, reaching 158 million in 2010. This 12.0-percent increase is only slightly greater than the 11.9-percent increase over the previous decade, 1990-2000, when the labor force grew by 15 million. (See table 5.) The demographic composition of the labor force is expected to change because of changes in both the demographic composition of the population and in the rates of workforce participation across demographic groups. * In 2010, the baby-boom cohort will be ages 46 to 64, and this age group will account for a substantial share of the labor force. The median age of the labor force will continue to rise, even though the youth labor force (aged 16 to 24) is expected to grow more rapidly than the overall labor force for the first time in 25 years. So anyway, I need to see if I can find the data again that shows how when those baby boomers start to retire in the decade after 2010, it will create a shortage of workers. But that second paragraph gives you a preview of this imminent problem. Here's some other statistics on it: bls.gov

To: rkral who wrote (65021)	11/5/2003 9:56:56 PM
From: Amy J	Read Replies (1) \| Respond to of 77400

OT Hi rkral, I seem to recall a corporate lawyer said no more than 100 investors, otherwise you end up spending huge administrative expenses for reporting requirements that are more time intensive, stringent and extremely costly (requires marcom, legal review etc.) than simple private equity reports done for Boards (income statement, balance sheet, cash flow), VCs and Angels. But one article I recently read said 150 investors, not 100, so am not sure. VCs generally try to kick the Angels out of the rounds, unless the Angel has brand value. There are other requirements too. Regards, Amy J