[linux-elitists] [SCO] Integral Capital Management?
Fri Aug 29 08:28:48 PDT 2003
Jonathan Corbet wrote:
> Amongst today's pile of regularly scheduled 10b-5 share dumps by SCO execs
> is this interesting document:
> It describes the acquisition of 324,550 shares (price unspecified) by a
> twisted maze of companies with names like Integral Capital Management V,
> LLC, ICP Management V, LLC, Integral Capital Partners V, L.P., Integral
> Capital Partners V Side Fund, L.P., and several others.
> ICP appears to be some sort of venture fund; they are at
> http://www.integralcapital.com/. They don't list SCO in their portfolio,
> though that might just be a matter of time.
> One wonders if this group just fed $5m into SCO, and, if so, why?
Groklaw (http://radio.weblogs.com/0120124/) had an idea on why, but the
post has dissapeared, here's what I had of it:
> Small World Dept.-- Or a MS Connection?
> There's more than one way to fund a company, it seems. An alert reader
> noticed that "Integral Capital Management/Partners companies by 22
> August owned a total of 1,360,000 shares in SCO. 22 Aug was the date
> their total went over 5% and hence required filing." Here's their SEC
> filing. I thought I'd just check and see who thinks SCO is worth
> buying right along about now. I was particularly interested because
> last Friday was when I noticed a surge in buying. So I went digging.
> Yahoo lists them as one of the "Top Institutional Holders" of
> Drugstore.com, the top holder, as a matter of fact. And you can read
> the stock purchase agreement the parties signed on Findlaw. Here's how
> they describe themselves in the SEC filing:
> "This statement is being filed by Integral Capital Management V, LLC,
> a Delaware limited liability company ('ICM5'), ICP Management V, LLC,
> a Delaware limited liability company ('ICP Management 5') and
Integral > Capital Management VI, LLC, a Delaware limited liability company
> ('ICM6'). The principal business address of ICM5, ICP Management 5 and
> ICM6 is 3000 Sand Hill Road, Building 3, Suite 240, Menlo Park,
> California 94025.
> "ICM5 is the general partner of Integral Capital Partners V, L.P., a
> Delaware limited partnership ('ICP5'). ICP Management 5 is the
general > partner of Integral Capital Partners V Side Fund, L.P. ("Side
> and the Manager of Integral Capital Partners V SLP Side Fund, LLC
> ('SLP Side Fund'). ICM6 is the general partner of Integral Capital
> Partners VI, L.P., a Delaware limited partnership ('ICP6'). With
> respect to ICM5, ICP Management 5 and ICM6, this statement relates
> only to ICM5's, ICP Management 5's and ICM6's indirect, beneficial
> ownership of shares of Common Stock of the Issuer (the 'Shares'). The
> Shares have been purchased by ICP5, Side Fund, SLP Side Fund and ICP6,
> and none of ICM5, ICP Management 5 or ICM6 directly or otherwise hold
> any Shares. Management of the business affairs of ICM5, ICP Management
> 5 and ICM6, including decisions respecting disposition and/or voting
> of the Shares, resides in a majority of the managers of ICM5, ICP
> Management 5 and ICM6, respectively, such that no single manager of
> ICM5, ICP Management 5, or ICM6 has voting and/or dispositive power of
> the Shares. "
> Google had almost nothing listed for this investment entity. Why, I
> asked myself, would they be buying now? Maybe a golf buddy or
> something like that, trying to help out? Here's a list of some of the
> other companies they have invested in.
> Just when I thought I'd hit a dead end, I started to read
> Drugstore.com's 10Q, their most recent, just filed this month. Because
> this is the other company Integral has invested in heavily, maybe I'd
> find something there.
> And lo and behold, guess who was just elected a director of
> Drugstore.com? Melinda French Gates. Yes, that Mrs. Gates.
> As of last December, Integral Capital Management didn't own any SCO
> stock, according to this SEC filing, just Drugstore.com and the other
> companies you see on the list. They didn't own any Microsoft stock
> back in December either. Now they have invested in all three
> Small world, isn't it?
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