Re: Getting together in Las Vegas, was Re: Antitrust

From: Dave Long (
Date: Thu Jan 04 2001 - 08:45:44 PST

> > Hey! I *do* have to work for a living and I love what I'm working on,
> > but if it didn't leave time for any other goals, what's the point?
> Man, do *not* tell your investors this. You have one goal: create more
> value for your shareholders. Nothing else really comes close to
> mattering until you no longer have shareholders.

More precisely, until you own a majority of the shares in yourself,
and hence have control. Because we start with full ownership, this
implies that liberal man should not sell out by more than 49%. (If
one is good at either pyramiding or persuasion, it may suffice to
retain the merest of minority positions)

> Hey, speaking of actively destroying value, what does it mean when a
> company has a market cap of $64 million but $748 million in cash,
> investments, and restricted cash?

It means that creditors get paid before shareholders. Application
of this seniority to consumer debt and the model above is left as
an exercise for the reader.


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