Weekend Reading

For those who suffer work withdrawal on the days of rest…

* Fred Wilson on lessons learned from his investment in The Industry Standard… and on Pat McGovern’s claim that John Battelle refused to sell for $400m-$500m.

* Huge kudos to Dealbreaker, for standing up to the arrogant asses at hedge fund Solengo Capital. Go to their site, if only to help defray their pending legal bills. If Solengo wanted its docs to stay confidential, it shouldn’t have sent them around to so many people who don’t like them. That’s the given explanation for the two brochures I received in my inbox before Dealbreaker published it (sorry, I don’t so hedge funds).

* Laurels and darts for new WSJ M&A blog Deal Journal. On the plus side, some highly entertaining quotes from Delaware Chancery Court judge Leo Strine, during yesterday’s Tulane Corporate Law Institute. Strine on angst-ridden LBO firms waiting to see if their bid will be topped: “Can you suffer angst without a soul?”

On the minus, Deal Journal dismisses the $15 billion cover price for The Carlyle Group’s new general buyout fund. It thinks the number is artificially low, given how Blackstone and Goldman are both aiming for $20 billion. I agree it may go higher, but also stress that Carlyle already has lots of other geographically-focused funds, whereas Blackstone and Goldman mostly invest out of a single pot.

* Are private equity firms the new conglomerates? I don’t think so, but Paul Durman makes his case in The Sunday Times.

* Steve Bailey is simply the best columnist in Boston. Today’s piece is just another reminder.

* Nat Worden of TheStreet.com gets deep into The New York Times Company.