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To: Glenn Petersen who wrote (3520)11/7/2009 4:42:40 PM
From: stockman_scott  Respond to of 6763
 
Six Social Media Trends for 2010

darmano.typepad.com



To: Glenn Petersen who wrote (3520)11/7/2009 5:01:52 PM
From: stockman_scott  Respond to of 6763
 
Uncovering Steve Jobs' Presentation Secrets

businessweek.com



To: Glenn Petersen who wrote (3520)11/7/2009 7:15:28 PM
From: stockman_scott  Respond to of 6763
 
Crepe expectations: Forget Paris—this simple, cheap and tasty staple is making a Chicago stand

chicago.metromix.com



To: Glenn Petersen who wrote (3520)11/9/2009 1:20:44 AM
From: stockman_scott  Respond to of 6763
 
Viridity Points to Greener, and Cheaper, Data Centers

xconomy.com

By Wade Roush

11/9/09 -- Any company that owns or manages a data center, even a small one, knows how power-hungry they can be. It’s not unusual for operators of large data centers—say, 50,000 square feet—to pay $10 million a year or more for electricity. Under those circumstances, companies have every incentive to look to virtualization and other technologies that help them be more efficient. But data center energy management, it turns out, isn’t exactly a science: there’s no precise way to predict how much consolidating a few servers, for example, will reduce a company’s energy bills.

That’s the problem Viridity Software, a Burlington, MA, startup coming out of stealth mode today, hopes to solve. “We want to be able to tell a customer exactly what to do to optimize the life of their data center and decrease their energy footprint, or increase the amount of work they can do on the same energy and capital footprint,” says Mike Rowan, the company’s founder and chief technology officer.

To pursue that vision, Viridity has raised $7 million in Series A funding from North Bridge Venture Partners and Battery Ventures, and has 22 employees working to ship a series of software products starting in the first quarter of 2010. The first product, Rowan says, will be a planning aid that helps data center managers see how adding or moving servers will change overall electrical load. Next will come a control module that provides a real-time picture of power utilization, not just by IT equipment, but by a data center’s heating and cooling systems. Finally, building on the data provided by the control module will be an optimization tool that studies a data center’s historical power use patterns and recommends the changes system administrators and facilities engineers should make to reduce power consumption.

“The cost of power in data centers is approaching the cost of the capital equipment,” says Rowan. Reducing power consumption, he says, is mainly a matter of understanding how power needs change under various computing workloads, and balancing those workloads more intelligently.

While Viridity is striking a mildly green pose—the company logo features a little green leaf sprouting from the “V”—Rowan thinks it’s the high cost of electricity, rather than concern about carbon emissions or climate change, that will ultimately send customers his way.

“You can put a business case around everyone of these decisions,” he says. “Why overtly talk about how it’s the right thing for the planet, when there’s a business case around it? You will get more done with less cost and less power.”



To: Glenn Petersen who wrote (3520)11/9/2009 3:25:08 AM
From: stockman_scott  Respond to of 6763
 
Ev Williams on Twitter at Web2.0 Summit

dondodge.typepad.com



To: Glenn Petersen who wrote (3520)11/9/2009 3:18:53 PM
From: stockman_scott  Respond to of 6763
 
Archipelago Learning Sets IPO Terms
_______________________________________________________________

November 9th, 2009 -- Archipelago Learning Inc., a Dallas-based provider of online education tools and services, has set its IPO terms to 6.25 million common shares being offered at between $15 and $17 per share. It would have an initial market cap of approximately $427 million, were it to price at the high end of its range.

The company plans to trade on the Nasdaq under ticker symbol ARCL, with BoA Merrill Lynch and William Blair & Co. serving as co-lead underwriters. Providence Equity Partners acquired a majority stake in Archipelago Learning in January 2007, for $84.5 million. It currently holds a 70.1% position. archipelagolearning.com



To: Glenn Petersen who wrote (3520)11/10/2009 12:27:00 AM
From: stockman_scott  Respond to of 6763
 
How is VC Like Baseball?

ovp.com



To: Glenn Petersen who wrote (3520)11/10/2009 12:58:43 AM
From: stockman_scott  Respond to of 6763
 
Chemicals in Our Food, and Bodies
_____________________________________________________________

By NICHOLAS D. KRISTOF
Op-Ed Columnist
The New York Times
November 8, 2009

Your body is probably home to a chemical called bisphenol A, or BPA. It’s a synthetic estrogen that United States factories now use in everything from plastics to epoxies — to the tune of six pounds per American per year. That’s a lot of estrogen.

More than 92 percent of Americans have BPA in their urine, and scientists have linked it — though not conclusively — to everything from breast cancer to obesity, from attention deficit disorder to genital abnormalities in boys and girls alike.

Now it turns out it’s in our food.

Consumer Reports magazine tested an array of brand-name canned foods for a report in its December issue and found BPA in almost all of them. The magazine says that relatively high levels turned up, for example, in Progresso vegetable soup, Campbell’s condensed chicken noodle soup, and Del Monte Blue Lake cut green beans.

The magazine also says it found BPA in the canned liquid version of Similac Advance infant formula (but not in the powdered version) and in canned Nestlé Juicy Juice (but not in the juice boxes). The BPA in the food probably came from an interior coating used in many cans.

Should we be alarmed?

The chemical industry doesn’t think so. Steven Hentges of the American Chemistry Council dismissed the testing, noting that Americans absorb quantities of BPA at levels that government regulators have found to be safe. Mr. Hentges also pointed to a new study indicating that BPA exposure did not cause abnormalities in the reproductive health of rats.

But more than 200 other studies have shown links between low doses of BPA and adverse health effects, according to the Breast Cancer Fund, which is trying to ban the chemical from food and beverage containers.

“The vast majority of independent scientists — those not working for industry — are concerned about early-life low-dose exposures to BPA,” said Janet Gray, a Vassar College professor who is science adviser to the Breast Cancer Fund.

Published journal articles have found that BPA given to pregnant rats or mice can cause malformed genitals in their offspring, as well as reduced sperm count among males. For example, a European journal found that male mice exposed to BPA were less likely to make females pregnant, and the Journal of Occupational Health found that male rats administered BPA had less sperm production and lower testicular weight.

This year, the journal Environmental Health Perspectives found that pregnant mice exposed to BPA had babies with abnormalities in the cervix, uterus and vagina. Reproductive Toxicology found that even low-level exposure to BPA led to the mouse equivalent of early puberty for females. And an array of animal studies link prenatal BPA exposure to breast cancer and prostate cancer.

While most of the studies are on animals, the Journal of the American Medical Association reported last year that humans with higher levels of BPA in their blood have “an increased prevalence of cardiovascular disease, diabetes and liver-enzyme abnormalities.” Another published study found that women with higher levels of BPA in their blood had more miscarriages.

Scholars have noted some increasing reports of boys born with malformed genitals, girls who begin puberty at age 6 or 8 or even earlier, breast cancer in women and men alike, and declining sperm counts among men. The Endocrine Society, an association of endocrinologists, warned this year that these kinds of abnormalities may be a consequence of the rise of endocrine-disrupting chemicals, and it specifically called on regulators to re-evaluate BPA.

Last year, Canada became the first country to conclude that BPA can be hazardous to humans, and Massachusetts issued a public health advisory in August warning against any exposure to BPA by pregnant or breast-feeding women or by children under the age of 2.

The Food and Drug Administration, which in the past has relied largely on industry studies — and has generally been asleep at the wheel — is studying the issue again. Bills are also pending in Congress to ban BPA from food and beverage containers.

“When you have 92 percent of the American population exposed to a chemical, this is not one where you want to be wrong,” said Dr. Ted Schettler of the Science and Environmental Health Network. “Are we going to quibble over individual rodent studies, or are we going to act?”

While the evidence isn’t conclusive, it justifies precautions. In my family, we’re cutting down on the use of those plastic containers that contain BPA to store or microwave food, and I’m drinking water out of a metal bottle now. In my reporting around the world, I’ve come to terms with the threats from warlords, bandits and tarantulas. But endocrine disrupting chemicals — they give me the willies.

Copyright 2009 The New York Times Company



To: Glenn Petersen who wrote (3520)11/10/2009 5:38:14 AM
From: stockman_scott  Respond to of 6763
 
Marginal Revolution: High-speed rail fact of the day

bit.ly



To: Glenn Petersen who wrote (3520)11/10/2009 9:35:42 AM
From: stockman_scott  Read Replies (1) | Respond to of 6763
 
It’s a pretty good day — and year — for Accel Partners

deals.venturebeat.com



To: Glenn Petersen who wrote (3520)11/10/2009 3:58:06 PM
From: stockman_scott  Respond to of 6763
 
When Angel capital is not so ‘angelic’

jonathantower.wordpress.com



To: Glenn Petersen who wrote (3520)11/10/2009 7:21:11 PM
From: stockman_scott  Respond to of 6763
 
Hedge Funds Are Ready for New Boom in Start-Ups:

Commentary by Matthew Lynn

Nov. 10 (Bloomberg) -- There are tough new regulations on the horizon. There are scandals and arrests. Investors, shaken by the credit crunch, are nervous about taking risks.

Yes, there has never been a better time to polish your CV, shine your shoes and start a new hedge fund.

The world is perfectly poised for hedge funds to make huge sums of money in the next five years. Asset prices are still way off their highs. The “carry trade” that allows you to borrow cheaply is back. Most of all, there are bubbles popping and fizzing all over the world.

Hedge funds are ready to mint themselves a fortune again. The only question is: When should you get on that bus?

Politicians are menacing the industry with new rules that are prompting many London-based funds to move to Switzerland.

The industry is also beset by scandal. Helmut Kiener, who founded the K1 Group hedge-fund firm, was arrested in Germany last week, and Raj Rajaratnam, the Galleon Group hedge-fund founder, was taken into U.S. custody on insider-trading charges last month.

Those incidents, particularly after the Bernard Madoff fraud, taint the whole industry. Nobody wants to put their money into an investment if they suspect they won’t get it back.

So you wouldn’t be surprised if ambitious young financiers decided they should be battening down the hatches, and clinging on to their jobs until the prospects for the industry improve. If they didn’t climb on board the hedge-fund bandwagon in 2005 and 2006, maybe it’s too late.

‘We Are Done’

“Goodbye and Good Luck,” Hedgefundlaunch.com said in a final posting dated April 15. “The financial system has lost all credibility with the scandals, implosions, bailouts and what not. Therefore, we are done.”

The pessimism was premature.

This month, there have been some high-profile launches. Steve Mathews, formerly head of commodities research at Tudor Investment Corp., is opening a new commodity fund in January. Stuart Wilson and Teall Edds, formerly senior portfolio managers at Stark Investments, are starting a new fund called Orchard Capital Partners Ltd. in Singapore. Andrew Barker and Raymond Maguire, former managing directors at UBS AG, are starting a transport fund with the backing of Tufton Oceanic Finance Group, which runs the world’s biggest shipping hedge fund.

Crazy? Not really. It may be time to quit that safe job and start a hedge fund.

Fair Value

There are three reasons for that.

First, you need to begin a fund when equity markets are cheap or fairly valued. The 20 percent fee that hedge funds typically charge only kicks in when the fund is in profit. It is only possible to make big money if you start the fund when the markets aren’t in a bubble. If you launch near the peak, you’ll be underwater for years, unless you start a short-selling fund. Wait another year, when this bull run may near its top, and you’ll be too late.

Second, the “carry trade” is back. You can borrow money cheaply in the U.S. and the U.K., then reinvest the money in higher-yielding currencies and assets. For much of the last decade, the hedge funds were doing that with the Japanese yen. Now they can do it with the dollar and the pound as well.

The hedge funds with their nimbleness, their ability to use massive leverage, and their flexibility are the one investment vehicle that can really take advantage of that.

Third, the determination of central banks to reignite the global economy by flooding the markets with printed money is creating asset bubbles everywhere. They are popping up so fast, and so obviously, even former Federal Reserve Chairman Alan Greenspan could spot them. You can take your pick from the Australian dollar, emerging-markets equities, or gold.

Hot Money

Next week, something else will probably be soaring in price -- cotton, Bulgarian real estate, or the South African rand, perhaps. Coal derivatives are looking perky. In a world where there is a lot of hot money and not much economic growth, there will be bubbles, big and small. The money has to go somewhere.

No other investment vehicle is as well-placed as hedge funds to exploit those conditions. Spotting bubbles is what hedge funds are made for. The only trick is to recognize the bubbles early and get out before they burst. But the more of them there are, the easier that is. The funds thrive on volatility, and there’s a lot of that around right now.

There are fortunes to be made from hedge funds in the next few years. All you need is somewhere to base yourself where you won’t be taxed and regulated out of existence.

(Matthew Lynn is a Bloomberg News columnist. The opinions expressed are his own.)

Click on “Send Comment” in the sidebar display to send a letter to the editor.

To contact the writer of this column: Matthew Lynn in London at matthewlynn@bloomberg.net.

Last Updated: November 9, 2009 19:00 EST



To: Glenn Petersen who wrote (3520)11/11/2009 6:49:55 AM
From: stockman_scott  Read Replies (1) | Respond to of 6763
 
omg I'm just a startup, I can't do those fancy analytics!

andrewchen.typepad.com



To: Glenn Petersen who wrote (3520)11/12/2009 12:03:16 AM
From: stockman_scott  Respond to of 6763
 
Ohio bank enters Chicago market through First Bank deal
______________________________________________________________

Nov. 11, 2009 -- (Crain’s) -- An Akron, Ohio-based bank run by a longtime Chicago banker has a deal to purchase 24 Chicago-area First Bank branches, marking the entry of a significant new commercial lender with a strong balance sheet.

FirstMerit Corp. announced Wednesday that it will pay as much as $41.8 million for $1.2 billion in deposits and a minimum of $415 million in loans from St. Louis-based First Bank, which previously announced plans to exit the Chicago market.

The deal is a homecoming of sorts for FirstMerit CEO Paul Greig, 53, a veteran of the old American National Bank & Trust and most recently Chicago president of Charter One Bank until he accepted the FirstMerit job in 2006.

“Chicago is a pretty disrupted marketplace,” Mr. Greig said in an interview Wednesday afternoon. “We have one of the strongest balance sheets in the industry.”

FirstMerit, with $10.8 billion in assets and branches throughout Ohio and in parts of Pennsylvania, in April repaid $125 million in preferred shares issued to the Treasury Department through the Troubled Asset Relief Program.

“We had TARP for 103 days,” Mr. Greig said.

The bank, which has preserved loan quality in the face of a withering recession in its core Ohio markets, will rebrand the First Bank branches with the FirstMerit name. Mr. Greig says the bank will pursue a commercial lending strategy, focused on servicing small and mid-sized businesses. The local president will be Pete Gillespie, 53, former middle-market banking executive with J.P. Morgan Chase & Co.

Future growth in the market could include bidding for failed banks, Mr. Greig said. But for now, the focus will be on organic growth.

There was skepticism from local bankers that First Bank could unload its Chicago presence, since few acquiring banks are interested these days in anything but buying failed lenders from the Federal Deposit Insurance Corp. But Mr. Greig said the appeal was strong for FirstMerit.

“This is a very fair price,” he said. “We’re buying a real bank here.”

All the loans being acquired are current on their payments, and Mr. Greig said he’s inheriting a strong management team.

FirstMerit was advised on the deal by RBC Capital Markets, while First Bank’s investment banker was Inverness-based Hovde Financial.



To: Glenn Petersen who wrote (3520)11/12/2009 5:03:26 AM
From: stockman_scott  Respond to of 6763
 
Will Meetings of the Future Be Televised?
_______________________________________________________________

By Karen Sloan
The National Law Journal
November 10, 2009

Gregory Gallo has been spending less time at the airport lately.

Instead of hopping on a plane for important meetings, the DLA Piper partner ducks into a high-tech conference room in the firm's East Palo Alto, Calif., office for a face-to-face with colleagues and clients hundreds or thousands of miles away. He can't shake their hands, but he can make eye contact, pick up on facial expressions, read body language and easily gauge the group dynamic -- things that the limitations of traditional videoconferencing systems made difficult to do in the past.

Last spring, DLA Piper became the first law firm to purchase Cisco Systems's TelePresence, one of a growing number of cutting-edge videoconferencing systems designed to replicate the feeling of in-person meetings through state-of-the art cameras, screens, lighting and audio. The technology helps reduce the need for travel, but the relatively high cost means that some industries -- including law firms -- have been slow to buy in.

DLA Piper has installed a TelePresence conference room in six of its U.S. offices and plans to add several overseas. Gallo initially was skeptical about the investment, but now he's a believer.

"You really feel as though you are sitting right across from someone," said Gallo, who has saved himself five or six flights to the East Coast since the system went online in July. "It's so much better than videoconferencing. If there are a lot of people in the conference, you can have a side conversation. The sound and picture quality is so good."

The system's ability to simulate in-person interaction is a little astonishing, but comes at a hefty cost. DLA Piper expects to pay $2.5 million for equipment, room configuration, maintenance and other costs during the next five years, said chief information officer Don Jaycox. The firm also expects to save nearly $1 million annually through reduced travel costs and increased productivity from attorneys who no longer have to give up hours or days to travel, meaning that the system should pay for itself within three years, Jaycox said. Half of DLA Piper's annual global board meetings and U.S. executive committee meetings now transpire via TelePresence. The firm aims to keep some of its U.S. attorneys out of the skies each week with the technology.

"It may be expensive, but it's worth it," Jaycox said.

Enhanced videoconferencing technology has been on the market for at least four years and is offered by a variety of vendors, but law firms have been reluctant to upgrade. Cisco General Counsel Mark Chandler chalks that up to several factors, one being that law firms rarely are early adopters of anything that requires a significant capital expenditure, since that money comes out of partners' pockets. Firms also may be skeptical because earlier versions of videoconferencing technology suffered from problems like audio delays, poor video quality and bad lighting. But Chandler sees the law firm market heating up for the technology.

"I think more and more clients are looking to their lawyers to increase efficiency," he said. "My prediction is that, within the decade, high-definition videoconferencing between lawyers and clients will be the only way to do business."

Fenwick & West Chief Technology Officer Matt Kesner agreed that law firms will embrace the technology; his own firm plans to do so within a year or so. The Mountain View, Calif., firm would already have it were it not for the economic downturn and if it had international offices, he said.

"We're pretty excited about telepresence and we want to utilize it," Kesner said. "We're hoping the prices come down and our budgets go up. I think there are quite a few firms besides us who are on the verge of doing it."

One drawback to telepresence is incompatibility of equipment from different manufacturers, Kesner said.

Although he declined to identify them, several law firms are on the verge of deploying Cisco's TelePresence system, Chandler said.

Nicole Harris, a spokeswoman for Hewlett-Packard Development Co., which manufactures the Halo enhanced videoconferencing system, said that it has yet to find a buyer in the legal sector but "views the legal arena as a viable market."

In addition to DLA Piper, Latham & Watkins and Lathrop & Gage are using the technology. Latham debuted its system in February in five offices -- London, Washington, New York, San Francisco and Los Angeles. The firm opted for a system made by Tandberg ASA, a Norwegian company that Cisco is in the process of acquiring.

The suites are outfitted with three 65-inch high-definition video screens that face a table where participants from various locations can interact. The firm also bought 50 smaller desktop telepresence systems; these can connect with each other for small-scale meetings and with the suites for larger gatherings. The firm can hold meetings connecting all 27 of its offices.

Latham chief information officer Kenneth Heaps declined to disclose what the firm spent but noted that a single Tandberg suite can cost more than $500,000. The firm received a discounted rate, he said.

'COLLEGIAL ATMOSPHERE'

"For us, the main factor was not to save money on travel but to create a collegial atmosphere," Heaps said. "With telepresence, you don't miss a thing. When you have a poor video conferencing system, it becomes a distraction from the meeting."

Clients often use the suites to confer with Latham attorneys in remote U.S. or overseas offices, Heaps said, and on occasion clients have borrowed the firm's system to do internal business. A recent lateral candidate in Washington interviewed via the system with practice group leaders in London, Paris and Germany, then with executive-level partners in San Francisco, all in a single day and without leaving his hometown. "In the past, lateral candidates have been flown all around to meet with partners, but this is a lot more convenient," Heaps said.

Use of Latham's system has climbed steadily during the nine months that it has been up and running, and the firm already has plans to add more suites, Heaps said.

The system has made it easier for more partners to take part in firm administration at Lathrop & Gage, said Chief Executive Officer Joel Voran. Being active in firm management no longer requires time-consuming trips for in-person planning meetings. Now, all of the firm's monthly executive committee meetings are done via the system, and each of its 13 offices has that capability.

The 280-attorney firm decided to upgrade its videoconferencing technology in 2007 when it reconfigured the conference space in its Kansas City, Mo., headquarters. It purchased several different smaller enhanced systems from Polycom and has six designated rooms for videoconferencing in Kansas City, said Chief Information Officer Ben Weinberger. One room has a 150-inch screen; another has two 50-inch screens and an oval conference table that simulates in-person meetings.

The equipment for each room cost approximately $9,000, although that does not include the costs of reconfiguring the rooms. The firm uses the system 900 hours per year on average, and that figure is on the rise, Weinberger said.

"I think we have a much better ability to communicate. A lot of the things you pick up during a conversation aren't from the words. It's from body language and things like that," Voran said.

Lathrop occasionally hosts curious managing partners and executives from other firms who want to check out its enhanced teleconferencing capabilities. Invariably, they are impressed by what they see, Voran said.

Cisco's legal department has been using the company's TelePresence system since it debuted in 2006 for everything from weekly department meetings to the selection of outside counsel, Chandler said. The system has helped spur more interaction between lower-level department managers, since they typically don't travel as much as do higher-level managers. Chandler often purposely arrives late at these meetings to observe the participants chattering as they would if they were all in the same room. That banter rarely happens during telephone conferences. "It creates a much richer form of collaboration and a true team environment," Chandler said.

If Chandler's predictions about the growth of the technology are right, the future of law firm communication is behind the door of a conference room on the 88th floor of DLA Piper's New York offices.

The room is painted in a muted gold, the same color as the firm's five other identical telepresence rooms in East Palo Alto, San Diego, Washington, Baltimore and Chicago. The uniform room size, color and configuration are key to creating the illusion that users are in the same place. A bank of three 64-inch high-definition video screens are framed by a wall of professional-grade lighting. The room has its own air-conditioning system, since it tends to warm up because of the lights and large video screens. Half of an oval table dead ends into the video screens, where users from other locations appear nearly life-size. Three cameras perched atop the video screens point down at the table. Three microphones mounted in the table pick up the conversation from those sitting down, while two speakers at opposite ends transmit sounds in real time. This setup means that a speaker's voice comes from the area where his or her image appears on screen, which fosters eye connection and the illusion of an in-person exchange.

"When you speak, I turn to you," Jaycox said. "When you say something funny, I turn to you and smile in real time. For all intents and purposes, you look like you're in the same room. Your mind really buys into the illusion."



To: Glenn Petersen who wrote (3520)11/12/2009 6:07:03 PM
From: stockman_scott  Read Replies (1) | Respond to of 6763
 
Warhol’s ‘200 One Dollar Bills’ Fetches $43.8 Million in N.Y.

By Lindsay Pollock and Philip Boroff

Nov. 12 (Bloomberg) -- An Andy Warhol painting of 200 dollar bills was sold for $43.8 million at a New York art auction by London-based art collector Pauline Karpidas, more than 100 times what she paid in 1986.

Five bidders vied for Warhol’s 1962 “200 One Dollar Bills” at the Sotheby’s sale last night and it went to an unidentified phone buyer. The 7 1/2-foot wide silkscreen canvas comprises repetitive images of one-dollar bills, reproduced in tones of black on grey, with a blue Treasury seal. Karpidas offered the work, according to two people familiar with the situation. She paid $385,000 for the painting at a 1986 Sotheby’s sale.

“We’ve seen nothing like this recently,” said New York dealer Tony Shafrazi. “This is a masterpiece.”

Competition for the Warhol painting was the highlight of the sale and underscored returning buying confidence to the art market, pummeled a year ago by the world financial crisis. The auction, which started three hours after the Standard & Poor’s 500 Index closed at a 13-month high, tallied $134.4 million, against the company’s high estimate of $97.7 million, with just two of the 54 lots unsold.

On Tuesday, Christie’s International’s sale took in $74.2 million as 85 percent of lots found buyers. Last night’s results prompted some dealers to proclaim the end of the market slump.

“The art vacation is over,” said New York art dealer Jack Tilton, commenting on the Sotheby’s auction. “Art has come back more than stocks or housing.”

Lowered Estimates

Others, including art adviser Todd Levin, ascribed the high selling rates to the lowered estimates on lots. Sotheby’s total yesterday paled against the company’s May 2008 record tally of $362 million.

“The auction houses got realistic quickly enough,” said Levin. “Estimates have come down 50 to 75 percent; expectations have been lowered to such a degree that everything looks rosy.”

The fashion designer Valentino Garavani bought David Hockney’s painting “California Art Collector” for $7.9 million and the Jean Dubuffet sculpture “Clochepoche” for $1.1 million at yesterday’s auction, which he declared “bellissima,” Italian for “beautiful.” Michael Ovitz and hedge-fund manager Thomas Sandell were also at the sale.

Another winner was Warhol’s radiant 1965 red and green “Self Portrait,” which sold for $6.1 million to London jeweler Laurence Graff, against a $1.5 million high estimate. The painting was a gift from Warhol to Cathy Naso, a former receptionist at the artist’s drug- and sex-addled Factory, who had owned the painting since 1967. She kept it in the closet for 42 years for safekeeping, according to Sotheby’s.

Slow Start

The sale got off to a slow start, with 20 lots from the estate of an Ohio couple. Mary Schiller Myers and Louis S. Myers’s collection tallied $24.5 million and included Alice Neel’s 1970 “Jackie Curtis and Rita Red,” depicting a striking pair of cross-dressers, which sold for an artist auction of $1.65 million, triple the high estimate.

The sale also included four lots that Dutch financier Louis Reijtenbagh was selling anonymously. The collector settled lawsuits with banks earlier this year and sold $58.5 million of art at Sotheby’s evening Impressionist and modern sale last week.

One of Reijtenbagh’s offerings, Jean-Paul Riopelle’s “Filets Frontiere,” estimated to sell for up to $1.2 million, was pulled before the sale, at the financier’s request.

Dubuffet’s child-like painting of Paris, the 1961 “Trinite Champs-Elysees,” which Reijtenbach paid $5.2 million for at Sotheby’s in New York in May 2006, fetched an artist auction record of $6.1 million.

“The auction speaks for itself,” said Chicago collector Stefan Edlis, after Sotheby’s sale. “Collectors are suddenly more willing to part with their money.”

Estimates don’t include commissions.

To contact the reporters on this story: Lindsay Pollock in New York at lindsaypollock@yahoo.com; Philip Boroff in New York at pboroff@bloomberg.net.

Last Updated: November 12, 2009 04:03 EST



To: Glenn Petersen who wrote (3520)11/12/2009 7:20:31 PM
From: stockman_scott  Respond to of 6763
 
Recovery In Business Jet Demand - A Few Simple Truths

glgroup.com



To: Glenn Petersen who wrote (3520)11/12/2009 8:58:07 PM
From: stockman_scott  Respond to of 6763
 
Warren Buffett and Bill Gates Share Their 'Optimism' With Eager Columbia Business Students

cnbc.com



To: Glenn Petersen who wrote (3520)11/12/2009 10:19:35 PM
From: stockman_scott  Respond to of 6763
 
HP Acquires 3Com for $2.7 Billion
______________________________________________________________

By Matt Straquadine and Amanda Royal
The Recorder
November 13, 2009

Hewlett-Packard has reached an agreement to buy Massachusetts-based 3Com. HP, based in Palo Alto, Calif., will pay about $2.7 billion for the acquisition, according to The New York Times -- equal to a 39 percent premium above 3Com's closing share price on Wednesday.

3Com, a networking equipment manufacturer, had over $1 billion in total sales last year, according to SEC filings. The company is a market leader in China, which was a big factor in HP's decision to make the buy, according to an HP representative cited by Bloomberg.

Handling the deal making for HP are lawyers from Cleary Gottlieb Steen & Hamilton. Partners Christopher Austin and Benet O'Reilly are leading the team working on the matter. Other partners on the deal: Len Jacoby on IP matters, Sheldon Alter on tax, Filip Moerman in China, and Francisco-Enrique González-Díaz on antitrust. Counsel Kahtleen Emberger is handling the benefits aspects of the deal. Neither Austin nor O'Reilly immediately responded to calls seeking comment.

Cleary partners Austin and O'Reilly have handled big deals for HP in the past. The two quarterbacked the company's $13.9 billion merger with EDS in 2008, the largest acquisition ever in the info-tech sector.

Across the table for 3Com were lawyers from Wilson Sonsini Goodrich & Rosati, according to a firm representative. Wilson's team included San Francisco-based partner Michael Ringler, D.C.-based partners Renata Hesse, Scott Sher and Eileen Marshall, partner Ralph Barry in San Diego and partner Sara Harrington in Palo Alto. They worked with a 3Com team that included in-house lawyers Neal Goldman, Julie Petrini and Jeff Held.

The deal could be in response to another big buy reported recently. Last month, HP competitor Cisco paid $2.9 billion to acquire Starent Networks, another Massachusetts company. An analyst quoted by Bloomberg said the deal better positions to HP to compete with Cisco.



To: Glenn Petersen who wrote (3520)11/13/2009 3:03:10 AM
From: stockman_scott  Respond to of 6763
 
11.12.09 -- MobileMD, a Warminster, Penn.-based provider of a managed services health information exchange, has raised $4.75 million in a VC funding round led by Health Enterprise Partners, according to a regulatory filing. mobilemd.com

_______________________

MobileMD, Inc, combines sophisticated technology with experienced people to offer a completely managed services Health Information Exchange, enabling healthcare providers the ability to securely exchange, access, and integrate patient health information in real-time (e.g., lab results, radiology reports, other transcribed reports, and CCDs). MobileMD’s technology is fully Internet-enabled, highly secure, and operated from a SAS-70 audited data center, thus eliminating any need for additional hardware or software at the health system, physician practice, or any other participating healthcare entities.




To: Glenn Petersen who wrote (3520)11/14/2009 1:57:42 AM
From: stockman_scott  Respond to of 6763
 
The Rising Tide of Content

elementaltechnologies.com



To: Glenn Petersen who wrote (3520)11/14/2009 3:12:46 AM
From: stockman_scott  Respond to of 6763
 
Fenwick & West's Silicon Valley Venture Capital Survey Reveals Increase in Valuations in Third Quarter of 2009

MOUNTAIN VIEW, Calif., Nov. 11 /PRNewswire/ -- Fenwick & West LLP, one of the nation's premier law firms providing comprehensive legal services to high technology and life science clients, today announced results of its Third Quarter 2009 Silicon Valley Venture Capital Survey.

The survey analyzed the valuations and terms of venture financings for 103 technology and life science companies headquartered in the greater Silicon Valley/San Francisco Bay Area which reported raising capital in the third quarter of 2009.

"During the third quarter, up rounds exceeded down rounds 41% to 36% with 23% flat. This was the first quarter in 2009 in which up rounds exceeded down rounds," said Barry Kramer, a partner in the firm and co-author of the survey.

An up round is one in which the price per share at which a company sells its stock has increased since its prior financing round. Conversely, a down round is one in which the price per share has declined since a company's prior financing round.

The Fenwick & West Venture Capital Barometer(TM) - which measures the change in share price of Silicon Valley companies funded during the quarter compared with the share price of their previous financing round - showed an 11% average price increase for the quarter.

"This was also the first quarter in 2009 in which the Venture Capital Barometer was positive," said Kramer. "When taken together with the increase in up rounds, venture valuations in Silicon Valley appear to be improving."

"The venture financing environment is sending mixed signals," said Michael Patrick, survey co-author and also a partner in the firm. "Although fundraising by venture capitalists, investments by venture capitalists and liquidity for venture backed companies remained at relatively low levels in 3Q09, there is room for optimism as Nasdaq continued to improve, valuations are slowly increasing and anecdotal evidence indicates that the M&A and IPO markets are improving."

Complete results of the survey with related discussion are posted on Fenwick & West's website at fenwick.com.



To: Glenn Petersen who wrote (3520)11/14/2009 3:17:48 AM
From: stockman_scott  Respond to of 6763
 
Silicon Valley Learns How To Play Hockey
_______________________________________________________________

By Peter J. Schwartz
Forbes.com
11.30.09 Issue

Venture capitalist Kevin Compton takes the same approach to the San Jose Sharks as he does to any of his Silicon Valley investments: no entitlements. He pays for his own tickets and food at games. He has yet to take a penny out of the team, which ended last season with the best record in hockey. Compton doesn't mind funding the team's losses, but he expects Sharks management to turn them into a winner off the ice, too.

That they will. While bad news engulfs several of the other franchises that emerged from the National Hockey League's 1990s expansion into warm-weather markets, the Sharks are looking like one of the best-managed teams in the sport. Seven years ago Compton led a group that, according to sports bankers, paid $80 million and assumed $45 million in debt for an 85% stake in the team, implying a total value of $147 million. (Compton says his investors put up less but won't give particulars.) The Sharks now have an enterprise value FORBES estimates at $184 million.

Sharks ownership got it right by keeping debt manageable and using the team's experience in hockey to move into other high-growth sports businesses. Contrast that to the Phoenix Coyotes, which filed for bankruptcy last spring, a victim of bubble real estate deals around their arena. A highly leveraged balance sheet also battered the Tampa Bay Lightning. The Sharks' approach has created a blueprint for how an organization can make money in what the league calls a "nontraditional hockey market."

The Sharks are merely one division of a parent company called Silicon Valley Sports & Entertainment. Of SVSE's revenue of $155 million, NHL hockey brings in $84 million. The rest comes from things like a chain of ice rinks, three professional tennis tournaments, a mixed martial arts circuit and an apparel company. Last year the team's hockey operations lost $5 million, but the profits from the other businesses cut that loss to an estimated $2 million. Gregory Jamison, a Sharks co-owner who's in charge of day-to-day operations, sees the combined businesses turning a profit in two to three years.

Rather than borrow to fund the team's operating losses (a cumulative $20 million since 2002) and expand into new businesses, the owners issue capital calls to the limited partners, just as a venture capital firm would do. The organization picks growth areas that are not capital-intensive and that make use of existing staff and infrastructure.

The team's use of its 16-year-old arena, the HP Pavilion, is a perfect example. Taxpayers underwrote 82% of the $163 million construction cost and ceded year-round control of it to the Sharks in exchange for a fixed annual payment, currently $5.7 million. The number of nonhockey events there averages 130 a year, making the Sharks proprietors of the fourth-busiest concert venue in the country. Nonhockey events at the arena added $8 million to the team's coffers last year. Says William Daly, the NHL's deputy commissioner: "In terms of leveraging the hockey team to create other business opportunities, they're a prime model."

The Sharks' owners have been pursuing a National Basketball Association franchise for years, too. San Jose Mayor Chuck R. Reed tells FORBES that the arena lease will be amended this month to outline contingencies in case their efforts are successful. The group is also in discussions with the owners of baseball's Oakland A's to find common ground on a proposed ballpark in the area and to possibly buy into their Major League Soccer team, the San Jose Earthquakes. Even without these acquisitions SVSE officials expect the nonhockey side of the business to surpass the hockey side next year.

Jamison, 59, has been with the team for 16 years, after spending 13 in the front office of basketball's Dallas Mavericks and Indiana Pacers. In 2002 he turned to Compton to form a group to buy the team from George and Gordon Gund. The Gund brothers were committed to keeping the team in San Jose and were looking for buyers who lived in the area.

Compton fit the bill. A sports stat geek, Compton, 51, made his fortune as a partner at Kleiner Perkins Caufield & Byers, a venture firm that early on backed the likes of Sun Microsystems, Amazon and Google and has raised $3 billion in capital since 2000. He would have the patience to stomach early losses and shy away from borrowing, and have enough going on elsewhere to let the Sharks run without much interference. He also had a thick Rolodex, which Jamison and Compton used to recruit ten other Silicon Valley power brokers, including former Yahoo financial chief Gary Valenzuela and past San Jose mayor Thomas McEnery, to form the new ownership group.

Their first year was dismal. Sponsors and ticket holders were still reeling from the burst tech bubble. Things weren't much better on the ice, where the Sharks missed the playoffs for the first time in six years. Season ticket subscriptions dropped from 14,000 to 11,500, and the value of the team (as we measure it) fell 13%. The owners sacked general manager Dean Lombardi and replaced him with Douglas Wilson, who played on the Sharks' inaugural squad in 1991 but had never run a team.

It was during this slump that Compton had his eureka moment: The Sharks didn't have to be just a hockey team. "There's only 17,500 seats, and no matter what we do, we're not going to sell 17,501," he says. His answer was to enter or build upon businesses that looked and felt the same to the Sharks' managers. They've done just that, expanding at breakneck speed ever since. "It's venture capital's grow-or-die mentality," he says.

In 2003 SVSE converted the Sharks' embroidery business into a full-scale merchandising company that produces logoed golf balls and bumper stickers for the likes of Lockheed Martin and Cisco. Its publishing division, which puts together game programs and media guides, counts the National Football League's Oakland Raiders and San Francisco 49ers as clients, as well as Santa Clara University.

The next year SVSE began expanding and remodeling the Sharks' skating rink business in three northern California cities. Its rink in San Jose was already the largest west of the Mississippi, with 3,000 registered skaters who pay up to $8 per visit for admission. (Visitors include Compton, who slips on a jersey and plays hockey there anonymously twice a week.)

In 2007 the Sharks outmaneuvered the New York Islanders to gain the first NHL foothold in China, when they joined with the Chinese government to create a hockey development program. Although the venture in China is SVSE's only ancillary business not currently making money, it's viewed within the organization as a long-term investment.

In May 2008 SVSE acquired a 50% position in cage-fighting outfit Strikeforce. Since then revenue for the fighting operation has shot up tenfold to an estimated $30 million. Thanks to the credibility and broadcast experience of the Sharks' owners, Strikeforce's fights will now move from a 2 a.m. time slot on NBC to prime time on CBS and Showtime. The TV deal, signed in February, would not have happened without the Sharks on board, says Strikeforce founder Scott Coker. Four months after investing in Strikeforce, SVSE acquired two professional tennis tournaments in Memphis, Tenn. Those are run by the same tennis management staff that operates a popular men's event at the HP Pavilion in San Jose.

Still, NHL hockey remains the linchpin, and success on the ice attracts fans and sponsors to the building, exposing them to all the other offerings. After general manager Wilson arrived, he blended traditional scouting with new types of analytics to build successful teams within the salary-cap limits introduced in 2005. Since then the Sharks, who've traded for veteran stars Joe Thornton and Dany Heatley and developed homegrown talent like forward Devin Setoguchi, have ranked first in the league in a comparison of wins to player costs (see www.forbes.com/nhl).

Season ticket sales have climbed back to 14,000, and 93% of ticket holders renewed for this season despite the recession. The Sharks have sold out their first five home games this season, bringing their number of sellouts to 39 in a row.

Add it all up and Jamison expects the Sharks to soon become self-sustaining, meaning: no more capital calls. Says Marc Ganis, a Chicago sports business consultant: "The Sharks are the prototype for how the NHL should operate in a nontraditional market." Jamison has just one problem with that. Now that the Sharks have spent 18 years building their brand on and off the ice, "I don't think we're a nontraditional hockey market anymore," he says. "We're a hockey market."



To: Glenn Petersen who wrote (3520)11/14/2009 3:26:15 AM
From: stockman_scott  Respond to of 6763
 
November 12, 2009 -- Highland Capital Partners, a Lexington, MA based venture capital firm, has announced the firm’s eighth fund, Highland Capital Partners VIII Limited Partnership, valued at $400 million.

The firm expects to use the fund to support investments in both early stage and growth stage companies in health care, technology, Internet and digital media industries. The fund is valued at half of Highland’s $800 million seventh fund, which closed in 2006.

The website Private Equity Hub reports the firm had delayed its first close on the fund, and had to reduce its carry from 25 percent to 20 percent, as well as trim operating expenses.

Highland numbers its partnering history at more than 200 ventures, with 90 of the companies exiting through IPOs or acquisitions.

Highland Capital Partners had invested in Starent Networks Corp., the Tewksbury-based mobile networking systems equipment maker that Cisco Systems Inc. acquired last month for $2.9 billion.

Founded in 1988, Highland invests in seed, early and growth-stage companies in the communications, consumer, digital media, health care and information technology sectors.

The firm is typically the first institutional investor in the companies it backs.

Highland now has $3 billion of committed capital with offices in Massachusetts, Silicon Valley, Shanghai and Geneva.

Related Links:
hcp.com



To: Glenn Petersen who wrote (3520)11/14/2009 4:19:32 AM
From: stockman_scott  Respond to of 6763
 
Warren Buffett Takes Bankers to the Woodshed

blogs.wsj.com

November 13, 2009, 7:27 PM ET

By Michael Corkery

“I am not for shooting them….but…I want to make it painful for them.”

That is Warren Buffet speaking about how he would like to punish Wall Street executives for their missteps that led to the financial crisis. Buffet told interviewer Charlie Rose that not just executives, but the banks’ directors should be subject to severe curbs on compensation, such as clawbacks and limits on payouts for up to five years after they leave a firm.

And Wall Street thought pay czar Kenneth Feinberg was tough.

Buffett is making the rounds in New York City this week. Yesterday, Buffett and Bill Gates spoke to an audience of students at Columbia University. Tonight, he will be appearing on Charlie Rose.

Here are excerpts from Charlie Rose’s interview of Oracle, which airs Friday night on PBS:

On the economic stimulus:

“There should have been more infrastructure in there, and they hung a Christmas tree on it — as I said, it’s sort of like mixing a tablet of Viagra with candy. I mean, it would have been better to leave out the candy and have the full Viagra.”

On leverage and greed:

“….Being greedy can be fun for awhile, you know. Leverage can be fun when it works. Leverage is one of those things that works 99 times out of 100, and when it doesn’t, you know, it’s all over.”

On being “wired” to make money:

“A prosperous country should not just be prosperous for the people like me who are wired a particular way at birth — no credit to me — but I happen to know something about capital allocation and that wasn’t — you know, instead I could have been wired, you know, so I was — I don’t know; a great ukulele player. But there’s no money in that.

On redistributing wealth:

…The market system is not perfect in any kind of distribution of wealth, and taxation is a way you get to the excesses of what the market system produces and where you take care of the people that get the short straws. In a country as prosperous as we are, nobody should get a really short straw.

On breaking up the big banks:

“In 1998, though, it was a firm Long Term Capital Management that actually threatened the system and they had 200 employees in Sanford, Connecticut, and nobody had ever heard of them. So it isn’t just sheer size. It’s creation of huge leverage positions.…If you’ve got a $2 trillion bank, you know, you’ve got to do a lot of things, and I’ll let you do a lot of things, but — I don’t want them at the racetrack; let’s put it that way.”



To: Glenn Petersen who wrote (3520)11/14/2009 4:57:21 AM
From: stockman_scott  Read Replies (1) | Respond to of 6763
 
"Iterate Fast and Release Often"

bit.ly