Private Equity: New Players, same standards….
Though there has been a rush of private equity into M&A transactions, this has not effected the manner and standards by which the Delaware courts have reviewed these transactions. This interesting article examines several recent decisions from the Delaware Court of Chancery involving private equity firms and management buyouts. The article concludes that, while the players in the M&A market may have changed, the rules of the game remain the same where the board of directors decides that it’s time to sell the company.
Back on target
Just a quick note, after a bit of a hiatus, I will be back online in August. As many of you know I have been focusing on business developement for the past several months and now have time once again to focus to online.
So stay tuned…
S.E.C. Plans to Cut Controls on Small Companies
Could this be the break that we have been waiting for on SOX?
from the nytimes.com
WASHINGTON (AP) — Federal securities regulators moved Wednesday to ease financial-control rules for smaller public companies.
The rule changes being proposed by the Securities and Exchange Commission at a public meeting also seek to stiffen requirements for individuals to invest in hedge funds.
The proposed revisions to 2002’s sweeping antifraud legislation were being tentatively adopted by SEC Chairman Christopher Cox and the agency’s other four commissioners.
The SEC is acting in response to complaints by companies that a key requirement of the law enacted after a wave of corporate scandals is overly burdensome and costly.
The proposed changes provide company management with new guidelines covering several areas, including processes to identify potential risks to accurate financial reporting, evaluation of how effective internal financial controls are, and related documentation that company managers must maintain.
Great CA court outcome for online publishers
I agree wholeheartedly with the courts finding that Section 230 of the Communications Decency Act protects online journalists and bloggers. The court did comment that a finding that “recognizing broad immunity for defamatory republications on the Internet has some troubling consequences.” I disagree and believe that in fact, Section 230 should be read this broadly.
In a victory for bloggers, newsgroup participants and other Web publishers, the California Supreme Court ruled Monday that individual Internet users cannot be held liable for republishing defamatory statements written by others.
and for something different….
One of my dearest friends is a writer for the USATODAY, see some of his latest posts on his blog.
Deal Flow: Week Ending November 13, 2006
from the wanabe venture capitalist
Fundings:
- BlackArrow raises $14.75mm for non-skippable ads
- Brightcove seeking $55mm 3rd round
- Pluck raises $7mm
- SodaHead gets $4.25mm for adult social networking
- Mascoma takes on $30mm for possible gasoline alternative
- AboutUs, Inc. takes on $1mm for business wikis
Acquisitions:
- AOL acquires Relegence
- Zhongsou to acquire Ccoo.cn
- Answers.com acquires FAQFarm for $2mm
- Motorola acquires push e-mail firm Good Technology
New Funds:
- Valhalla Partners raises $260mm 2nd fund
- Benchmark Europe raises $500mm fund three
Craigslist: Intenet meets civil Rights
The internet is often the source of unforeseen outcomes and effects, and this is a perfect example. This article discusses how Craigslist was sued for allowing users to post discriminatory housing adds. I never even thought about this possibility. (I guess this is the SF bubble that I live in). But even more interesting, is the effect of the 1996 Communications Decency Act (CDA) as compared to the numerous Federal Fair Housing statutes and regulations.
The Chicago Lawyers’ Committee for Civil Rights Under Law sued San Francisco-based Craigslist in February, claiming that during a six-month period, the site published more than 100 housing ads in Chicago that violated the federal Fair Housing Act.
Those ads included such declarations as “Non-women of Color NEED NOT APPLY” and “African Americans and Arabians tend to clash with me so that won’t work out.”
The 1968 Fair Housing Act bars housing discrimination, and newspapers and other publishers of ads deemed discriminatory can be held liable for violating the law.
But the 1996 Communications Decency Act (CDA), in an attempt to promote unfettered free expression online, shields web forums from liability for ads and opinions posted by their users.
Is Web. 2.0 over? Hello 3.0?
Here is one commentators take on the end of web 2.o.
Web 2.0 is so over. First came the tepid reviews of the third annual 2.0 boondoggle. “If you were looking to learn something new,” sniffed GigaOm’s Liz Gannes, “this week’s Web 2.0 Summit was not the place to be.” Wrote a jaded Scott Karp, “there were few revelations, few moments where you had the exhilarating experience of seeing something that was about to change the world. Every conversation I had began with discussing the underwhelming nature of Web 2.0.” “I didn’t come away from the conference having learned much,” confessed Richard MacManus, who felt the highlight of the event “was seeing Lou Reed play live.” It was the Famous Death Dwarf himself, though, who put it most bluntly, telling the Web 2.0ers, “You got 20 minutes.”
FTC chief warns against ‘unnecessary’ Net rules
Interesting interview of the head of the FTC and her viewpoint on regulation of the net. I wonder why they are still only studying the issue of net neutrality- with the legislation pending, they should make more of an effort to join the dialogue.