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Deborah Gage

Companies Led By Women Are Greener

Posted on: November 20th, 2009
This is one conclusion of a study from UC Davis and the Forum for Women Entrepreneurs and Executives in Palo Alto, which looked at 400 of the largest publicly held companies in California to see how many of them had women board members or executives.

They didn't find many -- women hold only 10.6% of the board seats and executive jobs at these companies, and only 15 of the companies have women CEOs. At 30% of the companies, both board members and executives were all male.

One of the counties that ranked the lowest for women-led companies, by the way, was Santa Clara, which is in the heart of Silicon Valley.

Still, companies that do have women in leadership positions also had better environmental records.

Read more »


Erin Griffith

How Will Insider Trading Regulations Affect Buyout Firms?

Posted on: November 18th, 2009
Recent enforcement activities by the U.S. Securities and Exchange Commission (SEC), the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) reflect a renewed, more systematic and aggressive approach by federal authorities to investigating and prosecuting alleged insider trading, in particular by persons associated with private investment funds.

Law firm Kirkland & Ellis explores how these will affect buyout firms in its latest report, available for downloading below.

Read more »


Deborah Gage

AlwaysOn’s Top 100 Venture Capitalists

Posted on: November 18th, 2009
The Forbes Midas List may be gone, but AlwaysOn has stepped into the breach with what founder Tony Perkins says will be its first annual VC100 list of top performing venture capitalists.

Winners were selected based on four years worth of data -- from Oct. 1, 2005 through Sept. 30, 2009 -- and were judged on "total number and dollar amounts of successful M&A and IPO deals from their portfolio companies. For IPOs, AlwaysOn examined opening market capitalization as well as subsequent stock performance, relative to the Nasdaq. For each investment, AlwaysOn counted one lead investor per firm, in order to identify the true dealmakers. Much of the data required for a thorough evaluation remains private and inaccessible..."

No one from Kleiner Perkins made the list, which is unusual, and it isn't ranked -- the copy I have is in alphabetical order. Get it after the jump:

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Dan Primack

TL Ventures Dispute Heads To Arbitration (And Then Back to Court)

Posted on: November 16th, 2009

Earlier this year, Connie wrote about how TL Ventures was in the midst of litigation with three of its former staffers, including ex-partner Bob Fabbio. At issue was more than $2.3 million in clawbacks that TL claims is owed by Fabbio, former managing director Stan Tims and former principal Stephen Andriole.

There is some dispute as to whether the clawbacks can even be requested before the funds are officially dissolved, but the larger issue is whether or not remaining TL Ventures partners used management fees to pay off part, or all, of their own clawback liabilities.

As the trio’s attorney Cindy Olson Bourland told me: “I believe the evidence will show that certain partners… engaged in self-dealing by stashing away money for clawback instead of running TL Ventures in accordance with its investment strategies.”

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Dan Primack

Will Private Equity Dodge The Registration Bullet?

Posted on: November 13th, 2009
I actually think private equity registration would be more an irritant than a bullet for most PE firms, but also recognize that very few inside the industry see it my way. Here is a client alert on ...


Deborah Gage

Startup Valuations Seem To Be Going Up

Posted on: November 12th, 2009

Fenwick & West's Silicon Valley venture capital survey finds that up rounds exceeded down rounds last quarter for the first time this year -- 41% of rounds were up, 36% down and 23% flat. Of th...


Deborah Gage

Lawsuit Against Omeros Drags On

Posted on: November 10th, 2009

Seattle-based biotech company Omeros went public in October, after raising nearly $110 million in venture capital and delaying its IPO for nearly two years. Since then, it's watched the price of its ...


Deborah Gage

Another Time Drain For VCs: Board Seats

Posted on: November 10th, 2009

Venture capitalists are sitting on more boards than they were three years ago, according to data released this morning by Dow Jones and the National Venture Capital Association, and more boards than C...


Deborah Gage

PE and VC Returns Improve, But Exits Still Lacking

Posted on: November 9th, 2009

Cambridge Associates today released research showing that private equity and venture capital investments improved in Q2, after three straight quarters of shrinkage. On the downside (depending on you...


Deborah Gage

Grant Thornton: Long Term Decline In U.S. IPOs

Posted on: November 6th, 2009

The number of companies listed on U.S. exchanges has dropped by more than 22% since 1991 and nearly 39% since 1997, even though that was around the beginning of the dot-com boom, Grant Thornton report...



Nothing is more frustrating than expecting a check and then not getting it, and no one knows that better than the former shareholders of PayQuik.com.

In a complaint filed in Delaware federal court recently, the representative of the former stockholders of PayQuik sued Citibank )PayQuik’s acquirer) and U.S. Bank (the escrow agent) to compel the release of the balance of the escrow. At the closing of the transaction, Citibank placed 10% of the merger consideration in an escrow account with U.S. Bank. Near the end of the escrow period, Citibank brought an indemnification claim, but the stockholder representative asserted that Citibank submitted this claim one day after the escrow period had expired. As is typical, the escrow bank took no position on the dispute, so the stockholder representative decided to seek a court order directing release of the funds.

This raises an interesting question that we have come across on other transactions: What options do the former stockholders of an acquired company have if the acquirer brings a claim near the end of an escrow period that the stockholders believe is either invalid or of little merit?

Read more »
Plan B and A123 By Howard Anderson



peHUB First Read Posted on: November 18th, 2009
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peHUB Second Opinion 11.16 Posted on: November 16th, 2009
peHUB First Read Posted on: November 17th, 2009






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