Word: auctions
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...game and, improbably, coming out on top. Although much media coverage of Google?s Initial Public Offering portrayed it as a debacle, it was anything but. Brin and Page defied conventional wisdom by launching an IPO that marginalized middlemen and flustered investment bankers. The end result of its Dutch-auction: the company raised $1.67 billion in cash and millions for its individual employees. But it wasn?t without some turbulence. Brin and Page ran afoul of the SEC, reduced the number of shares sold and slashed the offering?s price-range - to mention just a few of the final hour...
Traditionally, tech IPOs start at low prices, which are then quickly forced up by market demand. But Google is using a complex online Dutch auction system, in which the share price will be determined by the highest bidder. Google's SEC filing warns of a possible "winner's curse," in which the price drops at the start of actual trading. Still, some investors will be winners in any event. Google employees stand to make an average of $2.8 million at the estimated share price. Page and Brin themselves are set to make a one-day profit of $130 million each...
...issues and recorded St. Anger, which became its fourth U.S. No. 1 album when it was released worldwide in June 2003. But what's most captivating about Monster is that the camera never looks away and Metallica never hide. Hetfield pouts. Ulrich luxuriates at a New York City auction house while one of his paintings by Jean-Michel Basquiat sells for $5.5 million. Hammett is so indecisive that you wonder how he manages to pick a guitar chord. Even performance coach Towle, a middle-aged man in a series of Cosby-meets-Rorschach sweaters, throws a small fit when...
...horns on that one," game farmer Richard Horsley says admiringly, pointing to a large male nyala, one of 10 coarse-haired African antelope waiting to go on the block at the Ezemvelo KZN Wildlife game auction in the Hluhluwe-iMfolozi regional park in northern KwaZulu- Natal. "They've got a nice turn to them and they're spread nice and far, tip to tip. That's a beauty." "Very symmetrical," agrees a friend. I want to show off my animal knowledge, so I break in: "The horns are a good indicator of the animal's health, no?" The men turn...
...with it," says Jeff Gaisford, media manager with Ezemvelo KZN Wildlife, which runs some 100 parks in the province and organizes the auction. Some farmers offer tourists game drives and walks, others offer hunting safaris. Some even offer both - though not at the same time. The industry is now worth about $140 million a year, according to the local Northern Game Ranchers' Association. Game animals in southern Africa are traded much the same as any other goods, and the Ezemvelo auction sets the standard for prices every year. Game-park ranchers fly in from as far away as Texas...