ZKS Pulls IPO

[R. A. Hettinga]

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At 10:03 AM -0400 on 8/2/02, Somebody wrote:

> Wow.
>
> Why am I not surprised?

Yup. The rubble still bounces, though there are bits of grass poking
through. I'm getting queries about stuff from perfect strangers,
mostly researchers, for the first time in 7-8 months, reminiscent,
for all the world, of 1994/5. It's pretty nice, if there wasn't so
much, well, rubble, all around. Of course, in 1994/5 we were coming
out of the rubble of a recession and crummy market.


So, the public markets aren't a piggy bank for "bright" ideas
anymore, certainly, if they ever should have been.

Certainly not as they're currently organized, anyway. Maybe someday,
when transaction costs are *much* lower.

And, speaking of private equity bailouts of ostensibly public deals,
I got yelled at by a fairly clueful venture cap friend this spring
when I suggested that creating a low-cost efficient secondary market
for private equity was getting much easier, would almost certainly
happen, and sooner or later would blur the line between private and
public equity. But, as Rodney Thayer always said, when someone with a
clue yells at you, you're probably right.

If course, what actually made the guy yell was when I suggested that
that secondary market be done in unsponsored network bearer
depository receipts. That would be, well, just, *wrong*, dammit. ;-).

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-- 
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R. A. Hettinga <mailto: rah at ibuc.com>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'