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| Ever the glowing optimists, venture capitalists vowed that a backlog of healthy young companies -- with $100 million-plus in annual revenue and growing -- are poised to lift the economy and stock market next year when they get acquired or go public. Ignore the gloomy forecasts, says Tim Draper, founder of the Draper Fisher Jurvetson venture firm in Silicon Valley. |
| (Source: USA Today (free reg. req'd), 2008-12-05) |
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| Peer-to-peer lending promised to be an alternative to traditional banks and credit cards for small borrowers. But this fledgling industry, which has been operating freely on the Internet, recently has come into regulators' sights. |
| (Source: The Baltimore Sun (free reg. req'd), 2008-12-07) |
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| When bonds are paying yields like stocks and blue-chip companies are severely undervalued, who wants to invest in equities, let alone an IPO? Those are just some of the challenges companies face in attracting investors in this current economic climate, noted panelists during the AlwaysOn Venture Summit West conference. |
| (Source: CNET News.com, 2008-12-02) |
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| Raising capital in a recession is tough, but some established companies are turning to private-investment-in-public-entity transactions known as registered direct offerings. Here's why. |
| (Source: CFO.com, 2008-12-02) |
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| The Internal Revenue Service is debating how to settle tax disputes with scores of wealthy American clients who use offshore private banking services sold by UBS and other foreign banks, according to lawyers who represent those clients. The unusual discussion, which has reached the highest levels of the agency in recent weeks, centers on the question of the steep penalties -- 50 percent annually of the sums parked in each account -- typically levied on money hidden offshore. |
| (Source: The New York Times (free reg. req'd), 2008-12-02) |
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| To the short list of sectors that stand to gain from the financial crisis, add corporate intelligence firms. They are seeing a dramatic uptick in business from a surge of banks, private equity firms, and hedge funds that need to make sure those pesky multimillion-dollar investments they made when times were good will hold up. |
| (Source: Fortune, 2008-12-08) |
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| Venture capitalists were decidedly somber about the prospects of start-up companies in the tough economic climate, as they spoke on a panel at a clean-energy conference in Austin. Al Schuele, a general partner with Sevin Rosen Funds, said that the goal was to keep afloat those companies already in venture capitalists' portfolios. |
| (Source: The New York Times (free reg. req'd), 2008-12-04) |
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| Thanks to tough borrowing conditions, depressed stock values and the slumping global economy, the value of M&A transactions canceled since the beginning of October nearly equals that of deals that have actually closed. The total value of withdrawn deals thus far in the fourth quarter was $322 billion as of Nov. 27, compared with the $362 billion in completed transactions during the same time, according to data compiled by Thomson Reuters. |
| (Source: Financial Week, 2008-12-04) |
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| Add private equity investments to the growing list of supposedly diversified asset classes that have been caught in the downward valuation spiral brought on by the financial crisis. Here is a look at some of the deals that have gone sour for private equity this year -- namely, the nine companies with the biggest outstanding amounts of long-term debt -- and have resulted in debt defaults or bankruptcies for the companies they've invested in, based on data provided by Standard & Poor's Ratings Services and CapitalIQ. |
| (Source: BusinessWeek, 2008-12-03) |
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| Experts say bankrupt San Jose investor William "Boots" Del Biaggio could spend years in federal prison for his alleged multimillion-dollar bank scam, even as signs indicate a plea deal is in the works. The complaint charges Del Biaggio with one count of securities fraud involving $48 million in loans and nearly $55 million in loan guarantees. |
| (Source: Mercury News (free reg. req'd), 2008-12-07) |
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| Philip Genetos |
Denise Barkdull |
The Emergency Economic Stabilization Act of 2008 enacted by the federal government contained provisions liberalizing the tax-exempt bond rules to assist with the redevelopment efforts following the severe flooding in the Midwest this past Spring. The legislation makes $3 billion available through 2013 to the state of Indiana to assist any person or business who suffered a loss in a trade or business as a result of the flooding. Because of this legislation, these business owners may finance the cost of the acquisition, construction, reconstruction or renovation of nonresidential real property (including new improvements associated with such property) on a tax-exempt basis (i.e. lower interest cost). Additionally, if approved by Indiana Governor Mitch Daniels, a person can use this program to finance a business that is replacing another business that was damaged by the flooding.
Traditionally, private entities could utilize tax-exempt financing only for manufacturing facilities and solid waste facilities. With this new legislation, however, any business owner who suffered a business loss due to the floods may finance nonresidential real property on a tax-exempt basis. Additionally, anyone is eligible for this financing if Governor Daniels finds that their business is replacing a business damaged by the flooding. Tax-exempt financing could be used for factories, shopping centers, warehouses, restaurants, car dealers, office buildings, etc. and does not have to replace or repair the property that was damaged by the floods. This is a tremendous opportunity to finance projects on a lower interest rate, tax-exempt basis.
If you have questions about your eligibility to benefit from this legislation, you may contact Philip Genetos or Denise Barkdull.
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| Richard Thrapp |
Joshua Christie |
Avoiding that One Bad Apple: The Importance of Corporate Reputation and Some Helpful Hints and Strategies
Recent events show how even the most well-known and seemingly financially strong organizations can disappear in essentially the blink of an eye. The subprime mortgage fallout is the latest cause but we all can recall others, where a corporation’s reputation has come under attack because of a rogue employee, scandal, product recall, government investigation, etc. As Warren Buffett aptly noted that a good reputation takes years of good deeds to build, but it can be lost in a second due to one bad move or event. These concerns are clearly in the forefront of the minds of many Indiana CEOs.
Read the entire article on corporate reputation.
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Cheapest Stocks Since 1995 Show Cash Exceeds Market
Stocks have fallen so far that 2,267 companies around the globe are offering profits to investors for free. That’s eight times as many as at the end of the last bear market, when the shares rose 115% over the next year.
Some companies hold more cash than the value of their stock and debt as the slowing world economy wiped out $32 trillion in capitalization this year. The cash-rich companies allow investors to pay nothing for future earnings streams, providing opportunities to buyers concerned about deflation.
Source: Bloomberg
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February 2009
February 6 - WFYI Wine Fest
February 27 - Indianapolis Motor Speedway's Centennial Era Gala
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Ice Miller has been active in the private equity industry for over 25 years, representing both management teams building great companies and the private equity firms and individuals that invest in them. We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financings; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies.
Read the complete profile of the Private Equity and Venture Services Practice Group.
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