Archive: May, 2008
Joseph N. DiStefanoThe Association for Corporate Growth's Philadelphia chapter, a local private-equity trade group, lists over 300 public and private offerings, mergers and acquisitions totalling over $60 billion in value for the first quarter of 2008. Link here.
Joseph N. DiStefanoThe Richter family-led multinational construction project manager, Hill International, Marlton, lands a couple more big deals: $5.3 million, over three years, at New York's City Hall (release here), and The Lighthouse, Dubai, $2.7 million (release here).
Joseph N. DiStefano
Comcast CEO Brian Roberts, at a Sanford Bernstein investor converence today, on last week's acquisition of Plaxo, operator of the Pulse social-network system, and other deals:
"A start-up company wants to work with somebody like Comcast. Take Plaxo for instance. They do (online) community, they do address book management. Well, we have 10 million address books, we have a community of 24 million people who do television. So OK, we see a convergence coming.
"These are leaders in that space, and innovators... So there's certain companies occasionally, these tend to be very small, that can help innovate inside our company and can help take us and lead the inovation we need to do in a competitive business. And so, that's the plan...
"Let's not concede web design, web creation, monetary gains, to every start-up. Let's try, in a modest way, to go about it (ourselves)... We've been building quietly about that notion. Fancast, our latest, anybody who wants to consume video on the Net, we have video relationships with every content company. Why not use that? Fancast got milions of users. It didn't cost very much to create. "
More on the Plaxo deal here:
Today's Webcast here: Plaxo, Fandango, small-business discussion starts around 33 minutes in.
Joseph N. DiStefanoTwo Spanish banks and Royal Bank of Scotland, owner of Citizens Bank of Pennsylvania, have agreed to finance the Albertis-Citigroup-La Caixa partnership that won bidding to buy the road, said Bloomberg News. Story here.
Joseph N. DiStefanoLeaders of the Philadelphia Stock Exchange, which has been purchased by Nasdaq, met for the last time Tuesday night in the garden of the Old City Tavern, where the market was organized as the new United States' first securities market in 1790.
On hand to mark the passing and clap politely for Mayor Nutter and other dignitaries were eight former PHLX presidents or chairmen. "It's a bittersweet night," said John Egan, who once compared the job of leading the chronically competitive and fractious traders to "running the Gladiators' Union in Imperial Rome."
"You know how Philadelphia is divided politically into 68 wards? We used to say the Exchange was the 69th Ward. The Fighting 69th," said Nicholas Giordano.
Egan, Giordano and their elders were united in praise of their final successor, Meyer "Sandy" Frucher, the New Yorker that exchange members and officers feared had been sent by the SEC to sell and close what had become the nation's smallest stock and options market when he took over 10 years ago.
When an initial sale plan blew up, Frucher was forced to appeal to member factions for their support. He won some concessions, made others, boosted market share, and finally won approval for a reorganization that made possible the Nasdaq deal and the inclusion of former member-owners in the proceeds.
In his talk, Frucher linked the exchange to its former neighbor, that museum of democracy, Indepdence Hall. The Declaration of Independence made personal freedom a national goal, the Constitution "brought that definition to more and more people," while "widening access to power, economic opportunity, and upward social mobility" -- which is "exactly what capital markets do."
Nasdaq will keep the PHLX open as an options-trading center. "As long as they're profitable, they'll be here," said Giordano. "The business will make that decision. It won't be emotional."
Nasdaq's Chris Concannon sounded humble on that point: "When you look at all the history - we're just simple stewards."
Joseph N. DiStefano
It's not hard to get a roomful of
The "Region on the Rise" conference, sponsored by the Chamber of Commerce and the General Building Contractors Association met Tuesday on the unfinished 25th floor of Liberty Property Trust's new Comcast tower.
Deputy mayor and ex-New York developer and -D.C. city official Andrew Altman, after touring the Comcast building, called it "an incredible slice of the 21st Century economy," with floors-full of "programmers in jeans" alternating with "venture capitalist folks in casual business attire" and button-down "corporate" officers. He said the
Joseph N. DiStefano
Ben Franklin Technology Partners, the taxpayer-backed Pennsylvania start-up financier, spreads $2.3 million to sell wrinkle cream, water heating, online ads and other small business plans:
Bret J. Dunlap's Advanced Mobile Solutions Worldwide Inc., Wayne, which sells mobile-phone ad software to newspapers, $250,000.
Shimin Luo's American Hometec Inc., which designs tankless water heating systems, $100,000. Luo has promised to move the company to Pennsylvania.
ColdLight Solutions LLC, Fort Washington, which offers data-oriented market research, $250,000.
Kevin Casey's Collages.net Inc., Langhorne, a Web site developer, $150,000., bringing total Ben and related support to $500,000.
Keith A. Greathouse (ex-Dermik Labs)'s DermAdvance Pharmaceuticals Inc., Berwyn, anti-wrinkle cream, $500,000.
Chris Conway's Healthy Humans LLC, Wayne, which is setting up a Web site for sick people "to live healthy and well," $150,000.
Dan Roitman's Internet Order LLC, Philadelphia, which direct-markets Pimsleur language courses, $200,000.
Paul Mellon Jr.'s Novetas (formerly New Age Blast Media, part of stud-welder New Age Fastening Systems Inc.), which recyles glass for use in sand-blasting, is moving to Pennsylvania to collect $300,000.
Susan Ng's and Peter Ringer's Real-Time Tomography, LLC, Villanova, breast cancer imaging, $150,000.
Chris Stanchak's TicketLeap LLC, online event ticket sales, $250,000.
Other deals today:
Rohm & Haas adds a Vietnam plant to its global operations. Inquirer story here.
Virtua starts work on its $32 million Washington Township (Gloucester) facility. Inquirer story here.