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Archive for April, 2018

IT’S OFFICIAL: T-Mobile and Sprint are coming together to form a $146 billion new company to take on Verizon and AT&T

john legere t-mobile
T-Mobile CEO John Legere.
Steve Marcus/Reuters
  • It’s official: T-Mobile and Sprint have announced plans to merge, with a combined company valued at $146 billion.
  • John Legere, T-Mobile’s CEO, is expected to serve in that role for the merged entity, which would retain the T-Mobile name.
  • The agreement marks the culmination of four years of on-again, off-again discussions.
  • The deal is likely to draw scrutiny from antitrust regulators, considering the Trump administration’s treatment of AT&T and Time Warner’s attempted merger.
  • Sprint dropped by 13% in premarket trading on Monday, while T-Mobile slid 2.4%. Follow live trading on Markets Insider.

The boards of T-Mobile and Sprint have put the finishing touches on a massive merger agreement that values a combined company at $146 billion.

T-Mobile’s CEO, John Legere, made the announcement on Sunday by tweeting a seven-minute video breaking down the merger and linking to a website that further explains the combination.

Deutsche Telekom, which owns two-thirds of T-Mobile, would control the newly formed company.

—John Legere (@JohnLegere) April 29, 2018 //platform.twitter.com/widgets.js ” data-e2e-name=”embed-container” data-media-container=”embed”>

Legere is expected to be the CEO of the combined entity, which would keep the T-Mobile name and have headquarters in Bellevue, Washington, and Overland Park, Kansas.

The deal, which would combine the third- and fourth-largest US wireless carriers, is expected to come under serious scrutiny from antitrust regulators, as the Trump administration has fervently opposed AT&T’s proposed mega-acquisition of Time Warner.

The agreement marks the culmination of four years of on-again, off-again discussions between T-Mobile and Sprint; this is the third time the two rivals have tried to merge.

With a combined 127 million customers, the two firms are expected to compete directly with Verizon, the US’s largest carrier, and AT&T.

“This isn’t a case of going from four to three wireless companies — there are now at least seven or eight big competitors in this converging market,” Legere said on Sunday.

The agreement involves T-Mobile exchanging 9.75 Sprint shares per unit of T-Mobile. Deutsche Telekom would own 42% of the combined company, while SoftBank, which controls 85% of Sprint, would own 27%. The public would hold the remaining 31%.

Sprint and T-Mobile discussed a deal in November, but talks broke down amid disagreement over who would control the new company. A Wall Street Journal report suggests that SoftBank’s founder, Masayoshi Son, may have since become more willing to give up control amid mounting pressure on Sprint to roll out 5G technology.

“This combination will create a fierce competitor with the network scale to deliver more for consumers and businesses in the form of lower prices, more innovation, and a second-to-none network experience — and do it all so much faster than either company could on its own,” Legere said in an official statement.

Sprint’s CEO, Marcelo Claure, added: “We intend to bring this same competitive disruption as we look to build the world’s best 5G network that will make the US a hotbed for innovation and will redefine the way consumers live and work across the US, including in rural America.”

The all-stock transaction values Sprint at 0.10256 per T-Mobile share, or $6.62 a share, based on T-Mobile’s latest closing price, for a total of about $26 billion.

T-Mobile had a market value of $55 billion as of Friday’s close, and the two companies have roughly $60 billion of combined debt.

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 The Bronx Wanderers – outstanding – 50’s, 60’s, 70’s rock n roll
You want to smile, you want to dance, you “remember when”
Highly recommend from a “Bronx Boy”
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With superlative vocals and musicianship, dynamic enthusiasm and a genuine love of the music they perform, The Bronx Wanderers recreate the magic of the era and build an energetic bond with their audience, guaranteeing an evening of toe-tapping, hand-clapping and dancing in the aisles all night long. Their show tells the stories and plays the music that will take you as close as you can get to having lived the actual experience. The Wanderers arrive at every show with new material all the time but never leave out the favorites that their fans and audiences have come to love. Not to be forgotten, are the popular Frankie Valli medleys that this group “nails” say the critics. “It never gets old, says lead singer Yo’ Vinny. It just doesn’t get better than this. We don’t rest on our laurels. We never will.”

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“Take it from me, Danny Aiello, spend an evening with the Bronx Wanderers, you’re going to have a ball.”

— Danny Aiello

“I honestly feel a part of their family and you will too. It’s honestly one of my favorite shows of all time.

— Tony Orlando

“Whenever I’m in New York I stop at two places. Gino’s Pastry Shop for Cannoli’s and then find out where the Bronx Wanderers are playing.

— Chazz Palminteri

“They’re the hardest working band in show business today. I guarantee that you’ll come back for more.

— Paul Shlisky, Caesars Entertainment

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Terminating/Restructuring Prohibitive Real Estate, License, Payables & Contingent Liabilities

Gerbsman Partners has been involved with numerous national and international equity sponsors, senior/junior lenders, investment banks and equipment lessors in the restructuring or termination of various balance sheet issues for their technology, life science, medical device, cyber security, solar and cleantech portfolio companies.

These companies were not necessarily in crisis, but had cash (in some cases significant cash reserves) and/or investor groups that were about to provide additional funding. In order to stabilize their Go-Forward-Plan and maximize cash resources for future growth, there were specific needs to address Balance Sheet and Contingent Liability issues as soon as possible.

Some of these areas where Gerbsman Partners has assisted, these companies have been in the process of termination, restructuring and/or reduction of:

 

Prohibitive Executory Real Estate Leases, Computer and Hardware-related Leases and Senior/Sub-debt Obligations

Gerbsman Partners was the “innovator” in creating strategies to terminate or restructure prohibitive real estate leases and senior and sub-debt obligations.To date, we have terminated or restructured $810 million of such obligations for private and public companies, and which has allowed them to return to financial viability.

 

Accounts/Trade Payable Obligations

 Companies in a crisis, turnaround or restructuring situation typically have account and trade payable obligations that become prohibitive for the viability of the company on a go-forward-basis. Gerbsman Partners has successfully negotiated mutually beneficial restructurings that allowed all parties to maximize value based on the reality or practicality of the situation.

 

Software and Technology-related Licenses

 As per the above, software and technology-related licenses need to be restructured/terminated in order for additional capital to be invested in restructured companies. Gerbsman Partners has a significant, successful track record in these areas.

 

About Gerbsman Partners

Gerbsman Partners focuses on maximizing enterprise value for stakeholders and shareholders in underperforming, undercapitalized and undervalued companies and their intellectual properties. Since 2001, Gerbsman Partners has successfully maximized the values of 103 companies in a wide and diverse spectrum of industries. In the process, GP has successfully restructured/terminated over $810 million of real estate executor contracts and equipment lease/sub-debt obligations, and has assisted in over $2.3 billion of financings, restructurings and M&A transactions.

 

Gerbsman Partners has offices and strategic alliances in Boston, New York, Washington DC, McLean VA, San Francisco, Orange County, Europe and Israel.

 

Steven R. Gerbsman
Principal
Gerbsman Partners

steve@gerbsmanpartners.com
http://www.gerbsmanpartners.com

BLOG of Intellectual Capital

http://blog.gerbsmanpartners.com

Skype: thegerbs

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People using their phones while driving is a huge problem, but a new iPhone feature is helping

Phone while driving Getty
  • 37% of trips include at least some significant phone usage while the car is moving, according to a new study.
  • But features like Apple’s “Do Not Disturb While Driving” can reduce phone use by as much as 8%.
  • The results show that small software changes on big platforms like Apple’s can nudge people to make safer decisions.

It shouldn’t be surprising that people love to use their phones while driving — if you commute in a car, you see it every day, either in your car or other people’s.

But it’s somewhat surprising how many people drive while distracted: there’s significant phone use during as many as 37% of trips logged by Everdrive, an app developed by car insurance company Everquote.

During those trips, people were using their phones for as much as 11% of the time, or about 3 minutes during a 29 minute drive on average, according to the Everdrive study released on Wednesday, which examined 781 million miles of driving data from sensors like your phone’s GPS and accelerometer.

But there is one silver lining to the study: Apple’s new “Do Not Disturb While Driving” feature designed to reduce distracted driving is working. Basically, if your iPhone detects you’re in a moving car, it will turn off all notifications and you can set an automatic text response to tell your friends and family you can’t respond because you’re behind the wheel.

Everquote found that 70% of people in its study kept the DND While Driving feature turned on after Apple released it last September. And between September 19 and October 25 last year, people with DND on used their phones 8% less, according to the study.

So it’s not a silver bullet, but it turns out a software update can reduce distracted driving.

Other interesting stats from the study:

  • States with laws prohibiting phone use while driving showed the least phone use while driving.
  • Drivers tend to make a hard brake on 25% of trips.
  • The states with the worst driving scores are Maryland, Delaware, Pennsylvania, Rhode Island, and Connecticut.
  • The states with the best driving scores are Montana, Wyoming, South Dakota, Alaska, and Idaho.

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HOW DO YOU DECIDE WHO TO MARRY?

(written  by kids)

1. You  got to find somebody who likes the same stuff. Like, if you like sports, she should like it that you like sports, and she should keep the chips and dip coming. —  Alan, age 10

-No  person really decides before they grow up who they’re going to  marry. God decides it all the way before, and you get to find out later  who you’re stuck with. —  Kristen, age 10

2. WHAT IS THE RIGHT AGE TO GET MARRIED?
Twenty-three is the best age because you know the person FOREVER by then..  —  Camille, age 10

3. HOW CAN A STRANGER TELL IF TWO PEOPLE ARE MARRIED?

You might have to guess, based on whether they seem to be yelling at the same kids. —  Derrick, age 8

4. WHAT DO YOU THINK YOUR MOM AND DAD HAVE IN COMMON?

Both don’t want any more kids. —  Lori, age 8

5. WHAT DO MOST PEOPLE DO ON A DATE?

-Dates are for having fun, and people should use them to get to know each other. Even boys have something to say if you listen long enough.  —  Lynnette, age 8

– On the first date, they just tell each other lies and that usually gets them interested enough to go for a second date.  —  Martin, age 10

6. WHEN IS IT OKAY TO KISS SOMEONE?
-When they’re rich. —  Pam, age 7

-The law says you have to be eighteen, so I wouldn’t want to mess with that. – – Curt, age 7

-The rule goes like this: If you kiss someone, then you should marry them and have kids with them. It’s the right thing to do. Howard, age 8

7. IS IT BETTER TO BE SINGLE OR MARRIED
It’s better for girls to be single but not for boys. Boys need someone to clean up after them. —  Anita, age 9

8. HOW WOULD THE WORLD BE DIFFERENT IF PEOPLE DIDN’T GET MARRIED?

There sure would be a lot of kids to explain, wouldn’t there?  —  Kelvin, age 8

And the #1 Favorite is…….
9. HOW WOULD YOU MAKE A MARRIAGE WORK?
Tell your wife that she looks pretty, even if she looks like a dump truck. —  Ricky, age 9

 

 

 

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Tech investor Tim Draper predicts bitcoin will reach $250,000 by 2022

  • Venture capitalist Tim Draper confirmed Friday afternoon that he predicts bitcoin will reach $250,000 by 2022.
  • Bitcoin traded near $8,100 on Friday afternoon, up more than 18 percent for the week, according to Coinbase.
  • Fundstrat Global Research’s Tom Lee, the only major Wall Street strategist to issue bitcoin price targets, expects the cryptocurrency will reach $20,000 by the middle of the year and $25,000 by the end of 2018.

studioEAST | Getty Images

Venture capitalist Tim Draper predicts bitcoin will multiply by 30 times within four years.

He made the forecast Thursday evening at his “Draper Block(chain) party” in California.

Draper tweeted early Friday morning New York time that he was predicting “bitcoin at $25k by 2022,” causing confusion among investors.

But he clarified in an afternoon tweet that $250,000 was the correct figure.

“It sounds crazy,” Brian Kelly, founder and CEO of BKCM, an investment firm focused in digital currencies, told CNBC on “Fast Money” Friday. “But think about it this way: that’s four years from now. That’s a 3,000 percent return from here. But over the last two years bitcoin has had a 4,000 percent return. It would be a continuation of that trend.”

Is bitcoin going to the mood? Fast Money's BK tells all

Is bitcoin going to the moon? Fast Money’s BK tells all  

Bitcoin traded near $8,100 on Friday afternoon, up more than 18 percent for the week, according to Coinbase. The cryptocurrency suddenly shot 17 percent higher Thursday morning. Many traders attributed the spike to investors covering their shorts, or buying back into the market after betting against bitcoin.

Fundstrat Global Research’s Tom Lee, the only major Wall Street strategist to issue bitcoin price targets, expects the cryptocurrency will reach $20,000 by the middle of the year and $25,000 by the end of 2018.

Draper is founding partner of Draper Associates and DFJ, an early investor in Skype and Chinese search giant Baidu. He bought nearly 30,000 bitcoins in a 2014 U.S. Marshals Service auction, all of which he told CNBC in December he was still holding. If that is still the case, Draper’s bitcoin investment is worth roughly $243 million at Friday’s prices.

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Venture Capital, Chinese Neil Shen Tops The Midas List 2018

2017 was a contrasting year for venture capital.

On one hand, some detestable cases of sexual harrassments came to light and triggered an earthquake in the industry whose effects will resonate for years.

On the other hand, the industry continued to show strong growth. As an example, in the U.S., $84 billion were invested in 8,035 companies across 8,076 deals, the highest annual amount of capital deployed to the entrepreneurial ecosystem since the early 2000’s, according to the PitchBook-NVCA Venture Monitor.

But that’s just an example. The Midas List 2018, presented by Forbes in partnership with TrueBridge Capital Partners, shows that China is rising and represents an increasing slice of the global venture capital industry.
#1 Neil Shen, Founding Managing Partner, Sequoia Capital China, marks the first time a Chinese national has reached the top of the list. In addition, sixteen members of the list are either Chinese nationals or based in the country. Shen reached the top position after Ppdai Group went public in November 2017.
#2 is Bill Gurley, General Partner of Benchmark, which sold about $900m of its Uber stock.
#3 is Jim Goetz, Partner, Sequoia Capital, who topped the list for four consecutive years.

Considering other aspects, the list is still dominated by men with only nine women present. They are Mary Meeker (#6), Rebecca Lynn (#31), Ann Miura-Ko (#55), Beth Seidenberg (#62), Jenny Lee (#74), Kirsten Green (#77), Theresia Gouw (#89), and new comers Sonali De Rycker (#95) and Aileen Lee (#97).

Have a look at the entire list below.

    1. Neil Shen – Founding Managing Partner, Sequoia Capital China
    2. Bill Gurley – General Partner, Benchmark
    3. Jim Goetz – Partner, Sequoia Capital
    4. Carl Gordon – General Partner, OrbiMed
    5. Robert Nelsen – Cofounder and Managing Director, ARCH Venture Partners
    6. Mary Meeker – General Partner, Kleiner Perkins Caufield &Byers
    7. Peter Fenton – General Partner, Benchmark
    8. J.P. Gan – Managing Partner, Qiming Venture Partners
    9. Douglas Leone – Partner, Sequoia Capital
    10. Brian Singerman – Partner, Founders
    11. Eric Paley – Partner, Founder Collective
    12. Mike Maples, Jr. – Co-Founding Partner, Floodgate
    13. Kui Zhou – Partner, Sequoia Capital China
    14. Roelof Botha – Partner, Sequoia Capital
    15. Byron Deeter – Partner, Bessemer Venture Partners
    16. Scott Sandell – Managing General Partner, New Enterprise Associates
    17. Rob Hayes – Partner, First Round Capital
    18. Dennis Phelps – General Partner, IVP
    19. Josh Kopelman – General Partner, First Round Capital
    20. Hans Tung – Managing Partner, GGV Capital
    21. Neeraj Agrawal – General Partner, Battery Ventures
    22. Joe Lonsdale – Founding Partner, 8VC
    23. Xiaojun Li – Partner, IDG Capital
    24. Xiao Ping Xu – Managing Partner, ZhenFund
    25. Jeff Jordan – General Partner, Andreessen Horowitz
    26. Tony Florence – General Partner, New Enterprise Associates
    27. Steve Anderson – Founder and Partner, Baseline Ventures
    28. Bryan Roberts – Partner, Venrock
    29. John Doerr – General Partner, Kleiner Perkins Caufield & Byers
    30. Sameer Gandhi – Partner, Accel
    31. Rebecca Lynn – Cofounder and General Partner, Canvas Ventures
    32. Alfred Lin – Partner, Sequoia Capital
    33. Anton Levy – Managing Director, General Atlantic
    34. Scott Shleifer – Partner, Tiger Global Management
    35. Vinod Khosla – Partner, Khosla Ventures
    36. Deven Parekh – Managing Director, Insight Venture Partners
    37. Shailendra Singh – Managing Director, Sequoia Capital India
    38. Marc Andreessen – Cofounder and Partner, Andreessen Horowitz
    39. Jeremy Liew – Managing Director, Lightspeed Venture Partners
    40. Mitch Lasky – General Partner, Benchmark
    41. Jeremy Levine – Partner, Bessemer Venture Partners
    42. Allen Zhu – Managing Director, GSR Ventures
    43. Lee Fixel – Partner, Tiger Global Management
    44. Jim Tananbaum – CEO and Managing Director, Foresite Capital
    45. Ryan Sweeney – Partner, Accel
    46. Ravi Mhatre – Partner, Lightspeed Venture Partners
    47. Hemant Taneja – Managing Director, General Catalyst
    48. Jonathan Silverstein – General Partner, OrbiMed
    49. David Cowan – Partner, Bessemer Venture Partners
    50. Matt Cohler – General Partner, Benchmark
    51. Andrew Braccia – Accel
    52. Yuri Milner – Partner, Digital Sky Technologies
    53. Aydin Senkut – Founder & Managing Director, Felicis Ventures
    54. Jeff Horing – Cofounder and Managing Director, Insight Venture Partners
    55. Ann Miura-Ko – Partner, Floodgate
    56. Gaurav Garg – Founding Partner, Wing Venture Capital
    57. Jim Breyer – Founder, CEO, Breyer Capital
    58. David Weiden – General Partner, Khosla Ventures
    59. James Mi – Founding Partner, Lightspeed China Partners
    60. Frank Rotman – Founding Partner, QED Investors
    61. Erhai Liu – Founder of Joy Capital
    62. Beth Seidenberg – General Partner, Kleiner Perkins Caufield & Byers
    63. Fred Wilson – General Partner, Union Square Ventures
    64. Hurst Lin – Cofounder and General Partner, DCM Ventures
    65. Jeff Lieberman – Managing Director, Insight Venture Partners
    66. Klaus Hommels – Founder, Lakestar
    67. Peter Thiel – Partner, Founders Fund
    68. Ben Horowitz – Cofounder and Partner, Andreessen Horowitz
    69. Joel Cutler – Cofounder and Managing Director, General Catalyst
    70. Bryan Schreier – Partner, Sequoia Capital
    71. Todd Chaffee – General Partner, IVP
    72. Kevin Comolli – Partner, Accel
    73. Yi Cao – Managing Partner, Source Code Capital
    74. Jenny Lee – Managing Partner, GGV Capital
    75. Michael Eisenberg – Partner, Aleph
    76. David Yuan – Partner, Redpoint Ventures
    77. Kirsten Green – Founder, Forerunner Ventures
    78. Quan Zhou – Partner, IDG Capital
    79. Roger Ehrenberg – Managing Partner, IA Ventures
    80. Navin Chaddha – Managing Director, Mayfield Fund
    81. Ron Conway – Founder, SV Angel
    82. Peter Levine – General Partner, Andreessen Horowitz
    83. Neil Rimer – Partner, Index Ventures
    84. David Chao – Cofounder and General Partner, DCM Ventures
    85. Randy Glein – Partner, DFJ Growth
    86. Ted Schlein – General Partner, Kleiner Perkins Caufield & Byers
    87. Jules Maltz – General Partner, Institutional Venture Partners
    88. Mamoon Hamid – General Partner, Kleiner Perkins Caufield & Byers
    89. Theresia Gouw – Founding Partner, Aspect Ventures
    90. Steven Ji – Partner, Sequoia Capital China
    91. Rich Wong – Partner, Accel
    92. Asheem Chandna – Partner, Greylock Partners
    93. Jeff Crowe – Managing Partner, Norwest Venture Partners
    94. Salil Deshpande – Managing Director, Bain Capital Ventures
    95. Sonali De Rycker – Partner, Accel
    96. Young Guo – Partner, IDG Capital
    97. Aileen Lee – Founder and Partner, Cowboy Ventures
    98. Ping Li – Partner, Accel
    99. John Vrionis – Partner, Unusual Ventures
    100. Jan Hammer – Partner, Index Ventures

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