Blog

Everyone knows that Call of Duty: Modern Warfare 2 is almost here and just like every other epic game, its launch is covered in a haze of controversy. It seems like every day people find something else to bitch about the upcoming shooter. First, there was the lack of dedicated server support that got PC gamers riled up. Then a clip surfaced showing that *gasp* you might kill civilians. (GTA, anyone?) But it goes on: price gouging, multiplayer limited at 9v9, and online retailers boycotting because of Valve’s Steam or something like that.

But am I the only one that have dismissed all these complaints because of Infinity Ward’s track record? Look at the history here, the Call of Duty franchise is among the very best FPS ever made and Infinity Ward was behind every major PC and console release. The Call of Duty games have never let me down in the past, and I doubt this one will be any different.

Do you remember the original Call of Duty? It was epic. Finally you were’t alone on the battlefield, instead fighting alongside fellow solders. You played as a solder from the American, British, and Soviet armies. The American campaign was almost a take on the Band of Brothers’s HBO mini-series. But it was the Soviet level where you had to defend the multistory apartment building from all angles that defined the game. It has to be one of the hardest and most complex FPS levels of all time.

Not only did Infinity Ward use the Quake III engine to give the game great graphics, but the story was deep and involved. I expect no less from Modern Warfare 2.

Infinity Ward did the same thing with Call of Duty 2 by allowing you to play as four different solders in different battle campaigns. But it was the multiplayer in the second chapter that was stunning. The maps where huge and could support up to 64 players. It’s still a favorite at LAN parties I attend although everyone eventually gravitates to the sniper rifle and the room falls silent for hours as we all sneak around.

It’s Call of Duty 3 that takes a slightly different look. Don’t get me wrong, it’s still a good game, but it wasn’t nearly as grand as the previous two games. Infinity Ward didn’t develop this game, another branch of Activision did, Treyarch. COD3 was simply just another WWII FPS and, feel free to argue with me, not worthy of the COD name with game play that boarded on tedious and boring.

But the Infinity Ward release of Call of Duty 4: Modern Warfare by far made up for COD3. I don’t think I need to go into just how awesome the first player and multiplayer modes are on this game. You probably already know as everyone has played it. It overtook Halo 3 as the most played Xbox 360 online game of all time and became a favorite of PC gamers because it’s so easy to play pirated versions online.

Its success is the reason Infinity Ward and Activision is getting so much flack over its sequel. All die-hard players want is updated graphics, new maps, and slightly different weapons. I don’t blame them, they don’t want their favorite game to change dramatically. I was the same way with the Half Life mod, Day of Defeat.

Infinity Ward has different plans though. From what everyone can gather, this release is going to be different from the previous game. Dedicated servers aren’t going to be available, which doesn’t sit well with online gamer clans and people hoping to play on cracked servers like in the original. It just so happens that these dedicated gamers are vocal online and so causal gamers have been carry a picket line fence too even though they probably won’t notice a difference in game play.

Yet none of the complaints seems to bother me although I consider myself on the edge of being one of those dedicated gamer. I really think it’s because I enjoyed the hell out of each of Infinity Ward’s Call of Duty releases too. Every single one of them is on my top 10 list of best video games of all time. Modern Warfare 2 might very well be a disgrace to online PC gaming, but I’ll wait the couple of weeks and decide that myself before. Infinity Ward has earned that trust.

It’s easy to jump onto an Internet bandwagon, but when you really think about it, Modern Warfare 2 is just another stupid video game. If you boycott it because it doesn’t support 24v24 multiplayer or clans, the game will still go onto sell a bajillion copies and you’ll miss out on all the fun because you’re carrying the banner of some random gamers’ forum. I guess everyone needs to fight for a cause sometimes, but I’d be damn to let it get in the way of me playing what could be a great game.

Best Buy has not one, but two 42-inch TVs on sale for $498.99 each. If you prefer to go with a name brand, there’s the 720p Panasonic VIERA plasma. Otherwise, there’s a model of Best Buy’s house brand, Insignia: a 1080p LCD TV.

The Panasonic’s been marked down from $700 and the Insignia’s been marked down from $650. Shipping adds a whopping $70 to either TV but if you’ve got a local Best Buy with the TVs in stock, you can use the in-store pickup option to avoid those shipping charges.

Panasonic VIERA 720p Plasma [BestBuy.com via dealspl.us]

Insignia 1080p LCD TV [BestBuy.com via dealnews]

Alright, fellas. It has been one heck of a journey, but today, the Motorola DROID and HTC DROID Eris are finally on sale to the general public. From what we’re hearing, stock levels are insanely high so it doesn’t look like many people that want one will miss the opportunity to take one home. If you’re in line, or at the store, or already snatched one and have made the trip home, shoot us in some photos in the comments and let us know how you’re liking the new Android lineup on Verizon, ok?

NEW YORK (Reuters) – Private equity firm Blackstone Group LP (BX.N) posted a quarterly profit, topping expectations and reversing a year-earlier loss, and said it expects to do more deals following an improvement in the lending markets.

The company, which has immense real estate and private equity assets, has increased its deal activity in the past few months, including buying Anheuser-Busch InBev’s (ABI.BR) U.S. theme parks for up to $2.7 billion. It is also considering initial public offerings for a number of its companies.

Blackstone’s third-quarter earnings before income taxes, noncash charges for vesting equity-based compensation, and amortization of intangible assets — a measure it calls “economic net income” (ENI) — were $278.4 million, compared with a loss of $509.3 million a year earlier.

On an after-tax basis, ENI was 25 cents a share. Analysts expected, on average, 15 cents a share, according to Thomson Reuters I/B/E/S/.

Chief Executive Stephen Schwarzman said in a press release that the worst is over, although a recovery in the economy could be “gradual and uneven.”

“We see many opportunities to deploy our substantial available capital,” he said in a statement.

The value of Blackstone’s private equity portfolio rose by 5 percent in the third quarter, although the value of its real estate portfolio fell by 0.4 percent.

Blackstone shares rose 56 cents to $14.43 in early trading on Friday. The shares have doubled in price this year, and the company is valued at about $15.6 billion at current levels. It went public in June 2007 at $31 a share.

Blackstone prefers to focus on the measure ENI because of the big payouts associated with its more than $4 billion initial public offering.

On a GAAP basis, its third-quarter net loss was $176 million, compared with a loss of $340 million a year earlier.

The company said it would pay its regular quarterly distribution of 30 cents a share to unitholders.

By Megan Davies
(Editing by John Wallace and Steve Orlofsky)

ShareThis

The distribution of swine flu vaccines to big name companies in New York has caused an uproar as people complain that children and health care workers should receive top priority. The New York Times reports: “New York City health officials have distributed small amounts of the swine flu vaccine to some major New York companies, including Wall Street banks like Goldman Sachs and Citigroup, even as shortages continue. Citigroup has received 1,200 doses, more than half of what it requested, health officials said, and in late October, Goldman received 200 of the 5,400 doses it asked for.”

“By contrast, Memorial Sloan-Kettering Cancer Center received 200 of the 27,400 doses that it requested for its workers, according to the New York City Department of Health and Mental Hygiene. Jessica Scaperotti, a health department spokeswoman, said the priority was to get the vaccine to pediatricians, obstetricians, gynecologists, community health centers and public and private hospitals. Private companies that have asked for the vaccine are also eligible to receive it, as long as it is distributed to people who are considered at risk. Citigroup and Goldman Sachs said they had administered the vaccine to pregnant women and employees with serious health conditions” (Anderson, 11/5).

The Wall Street Journal reports: “The director of the Centers for Disease Control and Prevention urged health officials around the country Thursday to ensure swine-flu vaccine is getting to high-risk groups, after criticism erupted over distribution to some Wall Street firms. … But criticism of the move showed how much tension has emerged as thousands of children and others considered at risk of complications have waited hours in lines to be inoculated” (McKay, 11/6).

In the latest sign of bizarre and ridiculous lawsuits brought about by the belief that every concept and idea must be owned and licensed, Richard alerts us to the news that the folks behind the infamous Riverdance show are being sued by the costume designer who created outfits for the show in the mid-1990s. While the original agreement had the show paying royalties to the clothing designer to the tune of 60 euros per performance, that deal ran out in 2001. Now, the designer, Jen Kelly complains that Riverdance continues to “use and modify his designs without licence or payment.” Frankly, it seems pretty silly to think that a stage show should need to pay the clothing designer for every performance and that it would be some sort of violation of that designer’s rights to “modify” the designs. Next, will designers start demanding that people pay a royalty fee every time they wear the clothes outside the home? After all, isn’t that a “public performance”?

Permalink | Comments | Email This Story

The (excellent) Enterprise 2.0 Conference concluded yesterday in San Francisco. Here are some thoughts on several of the key issues bandied about, including ROI, adoption, usability, SharePoint, and the evolving industry.

My first observation is that the conference vibe was much more practical, and much less like a religious revival meeting than previous Enterprise 2.0 events. Some gurus complained about a lack of passion and energy, but I think Andrew McAfee set a great tone in his keynote when he exhorted the audience to replace liberation theology with more realistic goals.

There was much discussion about creating business cases, and ROI in particular. Like many information management projects, demonstrating a financial return on social computing investments can be a fraught (and sometimes fake) exercise. Of course, that doesn’t mean there isn’t a true business case. When enterprises are successful at collaboration or social networking, usually it started with a leap of faith. However, to see what your CFO thinks of faith-based initiatives, read about this illuminating panel discussion. CFOs are right to ask for tight program management, business sponsorship, and real deliverables.

Which brings me to the next big theme: adoption. Many enterprises are struggling with employee adoption of social tools. So, this prompts me to ask — perhaps unfairly — what about the whole idea of "emergence"? Aren’t these tools so cool, so fun, so essential to modern work, that they will sweep through the enterprise in a groundswell held back only by your troglodyte executives? It turns out that many social computing efforts are actually championed by C-level executives. This led several observers at the conference to blame power-hoarding middle managers for poor adoption. Maybe that’s the case in some enterprises, but as a generalization it feels trite to me.

In fact, this whole debate reminds me of all the talk circa 2004 about getting better Intranet adoption. Enterprises had invested in pricey portal systems that employees rarely bothered to visit. Intranet managers learned over time to provide useful services that ease employees’ daily tasks. Often what employees really wanted was a single simple application, like an online org chart. There’s a lesson there.

I have another theory about the adoption conundrum: many of these tools (especially the big combo suites and platforms) are simply too hard to use. Social software vendors high on their own fumes claim their products can be adopted "without training." That’s bunk. Our evaluation research finds usability varying widely among the products, with unexpectedly high requirements for employee training across the board. We also see a broad trend towards more complex, dashboard-style interfaces that appeal to information addicts like me (and maybe you), yet frequently induce vertigo in normal people.

The other big topic, of course, was SharePoint. This crowd was a bit more skeptical about SP2010 than I might have guessed. It turns out that many community and collaboration managers felt burned by SP2007, and they’re cautious. At the same time, some of the larger and more successful case studies can point to SharePoint as the underlying platform — albeit always heavily customized.

Speaking of customization, I’ll end on a positive note. The services community around social/collaborative computing appears to be evolving at a healthy rate. It’s still dominated by indie evangelists, but a broader consulting ecosystem is slowly developing. Companies range from boutique advisory firms who can help with key business issues, to small and large integrators with growing experience implementing complex systems. In other words, this is becoming a more "normal" technology space. This also means that social software vendors are going to have to learn how to run effective channel programs. Today, many vendors are quietly making very good coin providing "adoption" consulting and other non-technical services to customers at a time when I’d rather see them focus more on improving the scalability of their technology. Anyway, for you the customer, a maturing ecosystem is very good news.

Employers in Hawaii are required to pay 98.5 percent of the health insurance costs of full-time workers, an arrangement that has earned the state an exemption from the employer mandate in health reform bill being considered by the House of Representatives, the Associated Press reports. Three paragraphs in the legislation would allow Hawaii to opt out of reform requirements. No other state would be exempt from the effects of the legislation, despite efforts by some senators. Hawaii also sets minimum requirements for health insurance policies and prevents insurers from excluding people for preexisting conditions (Niesse, 11/05). 

House members from Texas, meanwhile, “are mounting a late effort to delay new limits on physician-owned hospitals, putting them at odds with Democratic leaders who think the facilities drive up health care costs,” The Dallas Morning News reports. House Democrats have proposed restrictions that would prevent new doctor-owned hospitals from opening, and curb the expansion of existing ones. But, Rep. Sheila Jackson Lee, D-Texas, “is pushing two amendments to soften the restrictions, including a grandfather clause for more than 100 doctor-owned hospitals under development. … Texas has 67 physician-owned hospitals – more than any other state – with about 50 more that have yet to open” (Michaels, 11/5).

Social Media policies of well-known organizations often appear in the news with commentary throughout the Blogosphere, the Twitterverse, etc. There is an ongoing debate about just how restricted social networks should be when it comes to employee use.

Where do you stand on this debate? Share your thoughts.

Bloxx, based in the UK, has released some research finding that 90% of IT Managers surveyed believe access to social networking site should be banned or restricted. 90%. That’s a lot. The managers surveyed came from across the UK public sector as well as private organizations.

The concerns addressed in this survey were the usual suspects: staff productivity, network security risks, and damage to the corporate reputation. Productivity was by far the top concern.

Is productivity your top concern with employee social network use? Discuss here.

The research found that not only are an increasing number of organizations completely banning staff access from social networking sites, but it is also quite common for staff to post disparaging remarks regarding other employees, their boss, or the company on social networks.

Over 22% of respondents don’t have any controls in place for staff accessing social networks. 35% of IT managers believe staff are spending over 30 minutes each per day on average accessing social networks. The companies are potentially providing an additional 16 days paid vacation for each employee, Bloxx says. Still, the research also shows that social networking is increasingly being used as a valuable business tool. Obviously access is required to take advantage.

"UK businesses really can’t afford to underestimate some of the risks of Social Networking use in the workplace," says Bloxx CEO Eamonn Doyle. "However, our view is that a complete ban is unrealistic and adopting this approach means that companies can’t obtain the potential business benefits of Social Networking and can alienate staff." Among Doyle’s suggestions are increased employee education, "well-thought-out" acceptable use policies, and the use of Web filtering. 

There are plenty of reasons why social network access shouldn’t be completely banned. We cover these reasons about every day. If  your company completely ignores social networks, you’re ignoring a tremendous amount of opportunities for marketing, customer service, traffic, sales, communication, etc.

Social networks are not going away. The popularity of specific ones may change in time, but the concept of social networking is going nowhere. It’s not even a new concept. Forums and email are pretty much social media for all intents and purposes. Social networks have recently been blamed for $2.25 billion in lost productivity. I wonder how much money lost productivity from personal email and general web surfing accounts for. I wonder how much employees simply talking to each other at the workplace has cost companies. That’s not necessarily online, but it’s still socializing. How have you handled email and general web use in the past?

Reputation issues are one thing. Security is another (and I think employee education plays a big role there) but as far as productivity, I really don’t see that the use of social networks is really that different than any other form of simply not working. People can spend their time using the phone for personal calls, but you probably haven’t completely banned the telephone. You may need that to communicate with customers, drive sales, etc. I’m sure you see my point.

Are social networks really the time wasters or is it just the people finding new ways to waste time? Share your thoughts here.

Related Articles:

> Social Networks Blamed For $2.25B In Lost Productivity

> How SHOULD Employees Use Social Media?

> Some Brands Have Good Ideas For Social Media. Do You?

“The $894 billion health reform bill working its way toward a House vote this week would repeal the Children’s Health Insurance Program, shifting some low-income kids into Medicaid and others into private plans that would both cost more and guarantee fewer benefits,” The Washington Independent reports. “Which program the youngsters tumble into hinges, not on need, but on the state where they live – a design some advocates call ‘the lottery of geography.’”

Under CHIP, which was designed to cover kids in families that earn too much to qualify for Medicaid, states “were granted broad discretion to fashion the program to fit their needs, with some carving out a separate CHIP program, some using CHIP funds to expand Medicaid eligibility, and still others opting for some combination of the two.” The House bill handles the two models differently. “While it expands Medicaid eligibility to 150 percent of poverty and shifts all kids living above that level to private plans contained on a proposed insurance marketplace, or exchange, the proposal also carves out an exception in states which augmented Medicaid in lieu of creating a separate CHIP program. In those cases, the youngsters would remain in Medicaid. The distinction carries both coverage and cost implications.” (Lillis, 11/6).

Researchers in San Francisco have identified how much virus people infected with HIV are carrying and mapped their results, which show that that AIDS treatment lags in certain neighborhoods. The work also showed that the sickest patients were often African-American, homeless and transgender. The New York Times reports: “The map is the product of a groundbreaking effort to identify where care should be focused. The research combines medical records and epidemiological tools to show the intensity of the illness, measured by individual’s viral load, the number of viral particles in a patient’s bloodstream. The ultimate goal is to provide treatment and stop transmission of the disease.”

“Using the data of individuals’ viral load levels, the city can track where the virus is circulating and focus attention on the deepest reservoirs of H.I.V. Successful anti-retroviral treatment reduces the load in an individual so it is undetectable in the blood. The less virus in the blood, the lower the chance of infecting others. … Other communities have mapped the presence of H.I.V., but those have been basic efforts: counting the number of H.I.V./AIDS cases in a geographical area. In effect, those efforts show the surface of the water; the new effort shows the water’s depth” (Pogash, 11/6).

President Barack Obama’s meeting with House Democrats – originally scheduled for today – is now slated for tomorrow, in advance of an expected weekend vote on the health reform bill. 

The Associated Press reports Obama is headed to Walter Reed Army Hospital today, a trip that “had been scheduled before the fatal shootings Thursday at Fort Hood in Texas” (11/5).

Roll Call reports on what’s expected at the Saturday meeting: “Obama will say that ‘there are a lot of critical provisions and lots of things in the bill that are important components of health reform,’ said one White House official. But aides said a portion of Obama’s pitch will be to suggest that Democrats should vote for the legislation to keep the process moving forward, even if they have some reservations about its substance” (Koffler, 11/6).

Politico reports that the White House will endorse “strongly” the House bill Friday, but that Obama is not favoring it over the Senate legislation. “When the (House) bill was introduced last week, Obama was careful not to throw his weight behind the proposal. Instead, he highlighted provisions he liked such as the bill’s insurance reforms and its public option, but he stopped short of endorsing the legislation” (Frates, 11/5).

Update: Cookie Monster himself is appearing in today’s doodle at Google.com.

Original Article: If you are a regular visitor to the Google home page, you have probably noticed that Big Bird’s legs have taken the place of the ls in Google’s logo (in the US). Sesame Street’s 40th anniversary is coming up on November 10th, and Google has announced that it will be featuring a different character for each day until then.

They haven’t wasted anytime with the characters yet though, because depending on what region you are in, you may have seen different characters already (and not necessarily all from Sesame Street). For example, Google.co.uk has a doodle up for Wallace and Gromit, who are apparently also celebrating their 20th anniversary. Barry Schwartz at Search Engine Roundtable has provided a list of all of the different Google properties that are showing children’s programming-related doodles and their corresponding images.

Google discussed the series of doodles in a post to the company blog today. The company says Sesame Street provided them with the following video as well, which features Cookie Monster singing a song, part of which is to the tune of "Old McDonald" and has the lyrics "with a Google Google here, and a Google Google there…" 

The clip has nothing to do with the Google we know today. It is from 1982. It’s an appropriate find for the week, however, and Google is no doubt proud to show it off.

"Many Googlers grew up on Sesame Street, watching the colorful, seamless blend of education and entertainment. We’re delighted to have partnered with Sesame Street to create this special series of doodles, particularly since we share the same values of education, diversity and accessibility," says Marissa Mayer, Google’s VP, Search Products & User Experience.

Keep your eyes peeled for a week’s worth of more Sesame Street doodles at Google.com. Hopefully they will get Guy Smiley involved. He’s the legendary Sesame Street game show host.

Related Articles:

> YouTube, Hulu, iTunes Welcome "Sesame Street"

> Top 5 Reasons YouTube is a Great Educational Tool

> Google Celebrates the Barcode

TPH Partners has formed Storm Peak Energy, a Midland, Texas-based acquisition platform focused on oil and gas properties in the Permian Basin. No financial terms were disclosed.

PRESS RELEASE

TPH Partners, L.P., a middle market energy private equity fund, announced the formation of Storm Peak Energy, LLC, a Midland, Texas‐based company focused on the acquisition and development of oil and gas properties in the Permian Basin. The company is headed by seasoned Permian Basin operators, David Cox, 48, who serves as President and lead reservoir engineer; Bill Coggin, 55, as CFO; and Mark Ellerbe, 49, is VP of Operations. Cox and Ellerbe have worked in the area for approximately 25 years, both together at Mobil Oil as well as separately for other private‐equity backed companies. TPH Partners owns a majority of the company and will contribute at the Board of Directors’ level.

“The Permian Basin offers an excellent opportunity set for operators with the right expertise and relationships,” said Joe B. Foster, Chairman of TPH Partners. “We are very pleased to be partnering with this high quality Midland‐based team in its effort to build a new company. David, Bill and Mark have spent essentially their entire careers in the Basin and have demonstrated an ability to create value.”

As its first operating activity, Storm Peak is partnering with another established operator on the exploitation of an acreage block in one of the Basin’s horizontal oil plays.

TPH Partners makes equity investments in the energy industry with a specific focus on the upstream, oilfield services and midstream subsectors. TPH Partners’ other current portfolio companies include: BlueRock Energy Capital, an upstream finance business; Ingrain, Inc., a digital rock physics company; Meritage Midstream Services, a gathering and processing company; and UniversalPegasus, an engineering firm focusing primarily on the US onshore market and international subsea market. Additional information on TPH Partners can be found at www.tphpartners.com.

Storm Peak Energy is headquartered in Midland, Texas.

ShareThis

Steven Axel has joined private equity firm Southfield Capital Advisors as head of a new mezzanine fund, which is expected to be licensed as an SBIC and begin investing next year. He previously was a managing director with Calvert Street Capital Partners.

PRESS RELEASE

Southfield Capital Advisors, a private investment firm focused on the lower middle-market, announced today that Steven Axel has recently joined the firm to lead in the formation of a new mezzanine fund. The mezzanine fund will apply to be licensed as a Small Business Investment Company and is expected to begin investing capital in 2010.

Mr. Axel brings over a dozen years of mezzanine investing experience in the lower middle market. Most recently, he spent 8 years as a Managing Director at Calvert Street Capital Partners, where he co-founded and managed their mezzanine fund, which invested over $140 million in 23 companies. Prior to Calvert Street, Mr. Axel was a Partner at Canterbury Capital Partners, which managed two mezzanine funds totaling over $400 million.

“We are very pleased to have someone of Steve’s caliber to lead this effort”, said Andy Levison, Founder of Southfield Capital.

“Mezzanine investing is a natural extension of our private equity business, and Steve’s background is highly complementary to our team’s experience in private equity and leveraged lending.”

Mr. Axel’s prior experience also includes underwriting leveraged financings at LaSalle Business Credit and consulting at Ernst & Young’s Financial Advisory Services group, and he began his career at Arthur Andersen & Co. Mr. Axel holds a Bachelor of Science degree in Economics from the Wharton School at the University of Pennsylvania and a Masters of Business Administration in Finance and Management from Columbia Business School.

About Southfield Capital

Founded in 2005, Southfield Capital Advisors provides capital for majority recapitalizations and management-led buyouts of privately owned businesses. The firm has $150 million in committed capital and makes investments in North American companies generating $5-15 million in EBITDA with proven business models, attractive growth and profitability trends and solid leadership. Southfield Capital partners with superior management teams with the collective interest of generating exceptional long-term financial results. Headquartered in Greenwich, CT, Southfield Capital also has offices in Alexandria, VA and Louisville, KY. More information on Southfield Capital can be found at www.southfieldcapital.com.

ShareThis

WAMEX Private Equity Management has held a $55 million first close for its second fund, which will focus on mid-market opportunities in Mexico.

PRESS RELEASE

Local group WAMEX Private Equity Management (WAMEX) announced today the first closing of US$ 55 million for the Multinational Industrial Fund II (MIF II), its second private equity fund targeting investments in middle market companies based in Mexico. MIF II builds upon the experience of Multinational Industrial Fund (MIF I), a US$ 66 million fund that has made eight investments since 2003 and is now in its harvesting phase.

MIF II is the first private equity fund to access Mexico’s public markets, tapping domestic institutional investors such as pension funds. This was accomplished through an investment vehicle listed on the Mexican Stock Exchange. The vehicle will invest in parallel with a private limited partnership also managed by WAMEX.

“We are proud to finalize this closing under a difficult global funding environment. It is a vote of confidence for the opportunities available in the Mexican economy and for the Wamex growth-based value creation proposition,” said Ernesto Warnholtz, Senior Partner of WAMEX.

“We worked hard to design an innovative, viable structure that incorporates best-in-class governance and reporting standards in order to raise, for the first time in Mexico, significant domestic funds for private equity. This fundraise will be complemented by foreign investors in further closings,” said Jose Contreras, Partner. “Our pipeline has very promising opportunities in manufacturing and services, with a combination of minority and majority stakes. The Mexican economy offers attractive opportunities where we can play a significant and active role,” added Kurt Lipp, Partner.

“This public placement is key for the Mexican market as it effectively opens up an alternative asset class for domestic institutional investors. We worked closely with issuer and investors to take advantage of this window of opportunity for enhanced portfolio diversification and profitability,” said Ricardo Fernández of placement agent Credit Suisse.

Established in 1999, WAMEX Private Equity Management, with offices in Mexico City and representatives in Germany, has a team of five operating partners and additional support staff managing portfolio companies in major Mexican cities.

ShareThis

Lazy Days’ R.V. Center Inc., a Seffner, Fla.-based portfolio company of Bruckmann Rosser Sherrill & Co., has filed for Chapter 11 bankruptcy protection, as part of a previously-announced financial restructuring. Wayzata Investment Partners will become majority shareholder, via a debt-for-equity swap.

PRESS RELEASE

Lazy Days’ R.V. Center, Inc. (the “Company”) today announced it has received the requisite approvals from its lenders and bondholders to move ahead with its previously announced debt restructuring plan. The restructuring plan is expected to eliminate all of the Company’s $137 million of bond debt, reducing its annual cash interest costs by approximately $16.2 million through the elimination of bond interest payments. The Company’s ongoing cash interest expense will be approximately $3 million incurred on its vehicle financing line, representing a reduction of 84% in annual cash interest expense from a total of $19.2 million prior to the restructuring.

As previously communicated, in order to implement this “pre-packaged” restructuring plan, the Company today filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in Wilmington, Delaware. Because approvals have already been received from its lenders and the requisite percentages of the bondholders, the Company expects to move through the court-supervised process very quickly. The prepackaged Chapter 11 is expected to be completed by the end of the year, with minimal disruption to the Company’s business and without affecting services to the Company’s customers.

Lazydays will remain open for business as usual and will continue to serve customers in the normal course. The Company will maintain its same commitment to professionalism, customer service and quality. Customer benefits will remain unchanged.

“We are very pleased to have received approval from our bondholders and lenders for our debt restructuring plan, which will put Lazydays on strong footing to take advantage of our industry leadership position as the economy recovers,” said John Horton, President and Chief Executive Officer. “We intend to move as expeditiously as possible to implement the plan, and we have taken the next step today by initiating the court-supervised process.”

Under the proposed plan, all suppliers will be paid in full — or “unimpaired.” Accordingly, the Company has filed motions seeking authorization from the Court to continue to pay its suppliers under normal terms. Such approvals are routinely granted. The Company currently has adequate cash on hand to satisfy obligations associated with conducting business in the ordinary course. In addition, the Company’s floor plan lenders, Bank of America and Key Bank, have agreed to provide interim funding through the Company’s credit facility to support the acquisition of inventory during the restructuring period and have also consented to an amended floor plan agreement that will be effective on confirmation of the plan. The ad hoc committee of bondholders has agreed to invest $10,000,000 into the reorganized Lazydays.

The Company’s legal advisor is Kirkland & Ellis LLP and its financial advisor is Macquarie Capital (USA) Inc. For more information on the restructuring, please visit www.BetterLazydays.com.

About Lazydays

Lazydays® was founded in 1976 with two travel trailers and $500. Today, the company’s focus on unparalleled customer service has made Lazydays the largest single-site RV dealership in North America. For more information on Lazydays, visit Lazydays.com.

ShareThis

NEW YORK (Reuters) – Scripps Networks Interactive Inc plans to buy a controlling stake in the Travel Channel under a deal with Cox Communications Inc that values the cable network at nearly $1 billion.

Under the deal announced on Thursday, Scripps, which already owns the Food Network and HGTV, gets 65 percent of the Travel Channel and Cox Communications will hold on to the other 35 percent. The deal is expected to be completed by January.

In creating a joint venture, Cox will contributing the Travel Channel, which the two sides valued at $975 million, and Scripps will put in $181 million in cash. The partnership, which will be controlled by Scripps, will take on $878 million in third-party debt.

Sources previously said that News Corp and private equity firms Kohlberg Kravis Roberts & Co, Thomas H. Lee Partners and Providence Equity were interested in the Travel Channel, known for programs such as “Anthony Bourdain: No Reservations” and “Bizarre Foods with Andrew Zimmern.”

Initially, media analysts and bankers expected Travel Channel to be valued in the range of $600 million to $700 million. The ultimate valuation underscores the appetite in the industry for cable networks, which draw revenue from distribution fees as well as advertising.

Time Warner Inc, NBC Universal, owned by General Electric Co and Vivendi SA, and Liberty Media Corp had also initially expressed interest in looking at the sales prospectus, sources had previously said, but it was unclear how many of them had bid.

For Cox, a joint venture should help it avoid the big tax bill it inherited as part of a 2007 deal to swap its 25 percent stake in Discovery Communications Inc. It received the Travel Channel and $1.275 billion of cash for that stake.

(Reporting by Paul Thomasch; Editing by Derek Caney)

ShareThis

Lonza Group AG (VTX: LONN) has acquired AlgoNomics NV, a Ghent, Belgium-based provider of immunogenicity screening services and tools. No financial terms were disclosed. AlgoNomics had raised a small amount of VC funding from Baekeland Fund II, Gemma Frisius Fund, TrustCapital, VIB and the Flanders Institute for Biotechnology.

PRESS RELEASE

Lonza strengthens its protein design technology offering for biopharmaceutical development by acquiring Algonomics NV (Gent, Belgium). Algonomics is a contract research organisation providing integrated immunogenicity prediction services to support companies in the development of biotherapeutics. Effective 2 November 2009 Lonza has acquired all shares of Algonomics including the proprietary Epibase, Epibase IV and Tripole technology platforms as well as the existing services business. The purchase price was not disclosed.

“The acquisition of this business is in line with our goal to offer a compelling portfolio of services and technologies for the creation, optimization and development of advanced, best in class biopharmaceuticals”, said Janet White, Head of Lonza Development Services & Biologics R&D. “With the combined technologies of Lonza and Algonomics we can significantly strengthen our offering for our customers”.

The Epibase and Epibase IV platforms help to provide a solution to the problems of unwanted immunogenicity seen in many biopharmaceuticals. The Tripole technology platform supports Lonza’s aim to incorporate “Quality by Design” directly at the molecular level in order to improve the product quality, safety, efficacy and manufacturability of protein based drugs. In particular it adds further advanced in silico predictive services to Lonza’s technology offering and complements the existing AggreSolve™ platform offered by Lonza Advanced Protein Technologies function.

Philippe Stas, CEO of Algonomics NV, said “By combining the Algonomics’ immunogenicity screening platforms with Lonza’s advanced protein technologies such as AggreSolve™, a comprehensive solution is offered for the design and optimization of biologics. The integrated group will assist Lonza’s business partners to generate better and more effective protein therapeutics and vaccines.”

The integration of Algonomics and its workforce of 12 people will start today. Philippe Stas will join Lonza and will continue to lead the acquired business.

About Lonza
Lonza is one of the world’s leading suppliers to the pharmaceutical, healthcare and life science industries. Its products and services span its customers’ needs from research to final product manufacture. Lonza is the global leader in the production and support of active pharmaceutical ingredients both chemically as well as biotechnologically. Biopharmaceuticals are one of the key growth drivers of the pharmaceutical and biotechnology industries. Lonza has strong capabilities in large and small molecules, peptides, amino acids and niche bioproducts which play an important role in the development of novel medicines and healthcare products. Lonza is a leader in cell-based research, endotoxin detection and cell therapy manufacturing. Lonza is also a leading provider of value chemical and biotech ingredients to the nutrition, hygiene, preservation, agro and personal care markets.

Lonza is headquartered in Basel, Switzerland and is listed on the SIX Swiss Exchange. In 2008, Lonza had sales of CHF 2.937 billion. Further information can be found at www.lonza.com.

About Algonomics NV
Algonomics is a Gent, Belgium-based contract research organization providing integrated immunogenicity services to support companies in the development of biotherapeutics. Algonomics’ broad range of services includes specialized modelling, characterization and structure annotation studies for therapeutic proteins and antibody-based therapeutics. For more information about Algonomics visit http://www.algonomics.com.

About Epibase, Epibase IV and Tripole
Epibase is a comprehensive in silico protein immunogenicity analysis platform that can be used to screen and select lead candidates at an early stage whilst Epibase IV is an in vitro immunoprofiling platform to provide an accurate assessment of a protein’s immunogenic potential and highlight immunogenicity ‘hotspots’. Tripole is a structural bioinformatics platform to assist in the reengineering of a protein to reduce immunogenicity and optimize other properties.

ShareThis

Facet Solutions Inc., a Hopkinton, Mass.-based developer of surgical devices for the treatment of degenerative spinal disorders, has acquired the assets of Archus Orthopedics, a Redmond, Wash.-based company that closed its doors three months ago. Facet Solutions has raised over $20 million from firms like De Novo Ventures, FirstMark Capital and Spray Venture Partners. Archus had raised around $64 million from InterWest Partners, J&J Development Corp., Polaris Venture Partners and MPM Capital.

PRESS RELEASE

Facet Solutions, Inc. announced today that it has acquired all of the assets of Archus Orthopedics. The acquisition creates an undisputed leadership position in product offerings, intellectual property and clinical experience in posterior motion preservation.

“This is a win for patients suffering from lumbar spinal stenosis,” stated Facet Solutions’ President & CEO, Geoff Pardo. “This consolidation further strengthens Facet Solutions’ position in lumbar spine motion preservation surgery, which is the fastest growing sector of the surgical spine marketplace.”

With the Archus acquisition, Facet Solutions now holds 36 patents and nearly 200 patent applications. “The combined portfolio represents an unprecedented level of coverage for an orthopedic product category,” stated Marc Peterman, Vice President of Research & Development for Facet Solutions. “The acquisition clarifies Facet Solutions’ intellectual property position and provides a tremendous platform for innovation. Our posterior motion solutions hold the potential to supplant the bulk of the degenerative fusion market.”

Facet Solutions is currently enrolling the ACADIA(TM) lumbar stenosis study. “We are making rapid progress in our US Pivotal trial,” continued Geoff Pardo. “The speed with which we are enrolling patients is indicative of both the market need and the simplicity of the ACADIA(TM) procedure.” Twenty sites in the United States are now active in the trial, with over 100 patients enrolled in 2009. The combined company has treated over 300 patients worldwide, with excellent clinical outcomes extending past 4 years.

About Lumbar Stenosis

Over 1.5 million people are diagnosed with lumbar spinal stenosis each year in the United States. There are 400,000 surgeries annually in the United States targeting lumbar spinal stenosis. Facet Solutions has developed the ACADIA(TM) system, offering the potential of quicker recovery, restoration of range of motion, and better overall pain relief for the patient suffering from both leg and back pain.

About Facet Solutions

Facet Solutions, Inc. is a privately held, venture-backed company focused on development and commercialization of surgical devices for the treatment of degenerative spinal disorders. Facet Solutions has received venture capital from its partners De Novo Ventures, Spray Venture Partners, and FirstMark Capital. Facet Solutions is certified to ISO 13485. ACADIA(TM) is an investigational device in the United States (U.S.), limited by Federal Law for investigational use only.

ShareThis