the shares that weren't there
Groupon has purchased flash sales site Ideeli for an appropriately deep discounted price. The Chicago-based website, which is pivoting away from its famous daily deal model, plopped down $43 million in cash today for the unprofitable retail site.
Remember when everyone wanted Facebook stock? When getting pre-IPO shares was a point of pride, when retail investors worried they weren’t big enough fish to rate allotments from their brokerages? That friends, was an opportunity, and there are some men who answer when opportunity knocks.
John Mattera, for instance, the Floridian charged last year with scheming to bilk investors for $12.6 million by promising them the chance to own pre-IPO shares of companies inlcuding Facebook and Groupon, was such a man. At the time of his ill deeds, Mr. Mattera was the chairman of the advisory board of something called Praetorian Global Fund, which offered investors the chance to buy into something called the “G Power Entities,” supposed special purpose vehicles which purported to own stock in the pre-IPO firms.
THROES OF DESPERATION?
British lawmakers published results of their investigation into Barclays efforts to manipulate Libor and other interbank lending rates. They were less than happy with cooperation provided by former CEO Bob Diamond.
Deutsche Bank is one of four European lenders being investigated by U.S. authorities for possible violations involving oil-trading and Iran, a source told Bloomberg.
Remember Groupon? It’s the daily deals company that went public in November, much to the excitement of the investment banks who helped take a chunk of the company’s cash and fantastic drunks who enjoy short-selling the rest of the world’s suckers.
Cut to today! We’re not sure whether or not this is routine business—or just how routine this is, but this just showed up in our inbox:
You Must Remember This
Thomas Monson, the founder of Bookabottle, met The Observer at midnight on a corner of Union Square in a black two-door BMW. He leaned a dress sneaker against the door, drumming his fingers on his knee and listened to opera by the blue light of a third-party stereo system. This was actually very Read More
So much happens each day–how to keep it all straight? Time to test your memory!
–Which bubblicious web company is to be granted a $750 million imprimatur (must be those witty, charming emails they send us!)?
–What time-honored way to watch more Arrested Development reruns while paying less is about to Read More
point of purchase
The e-commerce giant Groupon has spawned nearly 200 imitators in its short life. Group Commerce, a new venture from a trio of former DoubleClick vets, is looking to capitalize on that market without trying to compete head on.
Group Commerce has raised $8 million from a group of investors including Lerer Read More
What better way for old media properties like the NY Times to beef up their bottom line than to jump on the bandwagon of daily deal sites that have been heating up the tech sector.
Market leader Groupon recently closed a massive funding round and New York’s Gilt Groupe was just reported have hit Read More
Anyone who was paying attention during last night’s Super Bowl was surprised for fifteen seconds that a pro-Dalai Lama advocacy group had managed to buy ad time for a spot on the troubles Tibet faces–then somewhere between miffed or horrified as the second half of the ad pulled the rug out. Groupon can get you Read More
A lot of startups these days are achieving massive, billion-dollar valuations based on the big bets investors are taking on them.
Sometimes these companies have real revenue, or profit, like Facebook and Groupon.
But sometimes this enthusiasm is based on how much hype the company has in the press, or how fast it is growing Read More