| To: astyanax who wrote (92) | 7/16/2000 10:24:38 AM | | From: Glenn Petersen | | | | Good article in today's Chicago Tribune about DVIN's relative importance to the rest of the tech sector in Chicago:
chicagotribune.com
Divine faces danger of getting left behind
The area's dot-com scene is vibrant, and it's now clear that the fortunes of 'Flip' Filipowski and Chicago's future as a tech haven are not as intertwined as some have supposed. |
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| To: neverenough who wrote (122) | 8/6/2000 1:32:43 PM | | From: Glenn Petersen | | | | The DVIN quiet period ends Monday. They have also closed on the Goose Island site:
chicagotribune.com
Divine closes deal on Goose Island site
Development's scope unclear as tech firm reviews options
By Barbara Rose
and Thomas A. Corfman
Tribune Staff Writers
August 5, 2000
Divine Interventures Inc. has bought the land on which it
planned to build a $60 million showcase headquarters,
though the long-anticipated, city-backed project is almost
certain to be scaled back.
An executive of Divine's real estate subsidiary, DotSpot
Inc., confirmed Friday the newly public company recently
completed its purchase of 7½ acres of industrial land at
the northern tip of Goose Island, about 12 blocks north of
downtown.
The purchase, for about $12 million, from a partnership
that included Divine's founder and CEO, Andrew "Flip"
Filipowski, keeps the company's options open while the
year-old Internet incubator—conceived at the height of
dot-com stock euphoria—wrestles with strategies to
survive in a more skeptical market.
Divine's stock has been trading around $8 a share, below
its $9 initial public offering price on July 12.
Plans for Goose Island have been on hold at least since
April, when the tech stock collapse contributed to
repeated delays in Divine's public offering.
"Our entire effort was directed to the IPO," said DotSpot
chief operating officer and general counsel Louis Cohen.
"Now that we've (purchased) the land, it's one of our
primary orders of business."
When conceived a year ago by Filipowski with two
partners—real estate developer W. Harris Smith and
David Kahnweiler, president of Rosemont-based Colliers
Bennett & Kahnweiler—the project was envisioned as a
400,000-square-foot high-tech campus, with community
facilities including a digital museum, schoolhouse and a
parking garage.
Cohen said the real estate firm is preparing several
scenarios to present to Divine's senior executives and
board, including a phased development that would start
with 200,000 square feet of space for start-ups and
Divine senior executives.
Kahnweiler and Smith controlled the land, which is the
site of a former Klemp Corp. metal-grate factory and
warehouse. They formed a partnership in which
Filipowski had a 33 percent stake, with the intent of
developing a facility that Divine would lease.
But Divine had an option to buy the land from the
partnership for $9.75 million plus associated costs such as
land clearance for a total of about $12 million, according
to Divine's filings with securities regulators. A July 31
deadline associated with the option prompted Divine's
purchase.
The purchase gives Divine control in deciding whether to
jointly develop and own the facility or sell to a developer
and become a tenant.
Said Cohen, "There are all kinds of possibilities including a
sale and leaseback."
Real estate sources said Divine had explored for months
alternatives to the Goose Island site, including the former
Montgomery Ward complex on Chicago Avenue, as well
as Loop locations.
Divine's offices are scattered from leased space on North
Elston Avenue to suburban Lisle, where many corporate
functions are housed.
The decision to develop space on Goose Island was
driven by Mayor Richard Daley's pledge last year to
provide as much as $14 million in tax increment financing
for that site, sources said.
"They pushed hard and got some fairly significant
entitlements," a source said. "They wouldn't have closed
on that option if it didn't make financial sense." |
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| To: Sr K who wrote (126) | 8/7/2000 11:08:52 AM | | From: Glenn Petersen | | | | DLJ and Robertson Stephens initiate coverage with buy ratings:
biz.yahoo.com
Monday August 7, 9:13 am Eastern Time
RESEARCH ALERT - Divine InterVentures started
NEW YORK, Aug 7 (Reuters) - Donaldson, Lufkin & Jenrette on Monday said it initiated coverage on Internet holding company
Divine InterVentures Inc. (NasdaqNM:DVIN - news) as a buy, with a price target of $20.
-- said the Chicago-based company, which went public last month, invests in Internet infrastructure and business-to-business electronic commerce companies.
-- said the firm has made investments in 53 companies and has about $310 million in cash for future investments.
-- Shares of Divine InterVentures closed Friday at 8-1/2, below its 52-high of 12-7/16 and under its opening price of $9 a share.
biz.yahoo.com
Monday August 7, 10:33 am Eastern Time
Press Release
SOURCE: Robertson Stephens
Robertson Stephens Daily Growth Stock Update On DVIN, IMNY, SWCM,
CPTH, GSPN, and VSEA
SAN FRANCISCO, Aug. 7 /PRNewswire/ -- The following is being issued by Robertson Stephens, a member of the National
Association of Securities Dealers, CRD number 41271:
INTERNET
Initiating Coverage:
Divine interVentures (Nasdaq: DVIN - news)
Buy
Michael Graham, Internet
``We are initiating coverage of Divine interVentures, a leading Internet incubator,'' said Graham. ``Divine is focused on two fast-growing sectors of the new economy: B2B software and marketplaces and Internet infrastructure software and services. We believe incubators represent an attractive way for public investors to gain access to the private markets, and believe Divine's influence in its target market enables excellent access to the next generation of technology companies springing up from this region.'' |
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| To: stockman_scott who wrote (128) | 8/8/2000 11:46:12 AM | | From: Edwin S. Fujinaka | | | | Ecoprentice?<G>. More on the "Internet Zaibatsu."
Tuesday August 8, 11:03 am Eastern Time
Press Release
SOURCE: divine interVentures
Microsoft, Cisco Systems, divine interVentures Executives Headline Event To Help Midwest Entrepreneurs Grow Successful E-Businesses
First-Ever ecoprentice(TM) Event Scheduled for Sept. 27-28 at the Chicago Theatre
CHICAGO, Aug. 8 /PRNewswire/ -- Hundreds of Internet and high-tech entrepreneurs will converge on Chicago this fall for ecoprentice(TM), the new economy apprenticeship, designed to help entrepreneurs learn the high-level strategies and in-the-trenches tactics for successfully launching and growing an e-business. The event is scheduled for Sept. 27-28, 2000, at the Chicago Theatre.
The first-of-its-kind event in the Midwest will offer entrepreneurs inspiration and guidance from new economy leaders at Arthur Andersen, Microsoft Corp. (Nasdaq: MSFT - news); Cisco Systems, Inc. (Nasdaq: CSCO - news); divine interVentures, inc. (Nasdaq: DVIN - news); Radiowave.com, Inc.; MVP.com; Bear Stearns & Co. (NYSE: BSC - news); and Inktomi Corp. (Nasdaq: INKT - news).
Through the two-day ecoprentice conference, participants will:
-- Gain access to highly successful e-business entrepreneurs, venture
capitalists, industry analysts and executives from leading marketing,
technology and business consulting firms.
-- Compete with other entrepreneurs in a business plan competition, judged
by a panel of distinguished Internet business executives. The winner
will receive a services package that includes six months of workspace,
marketing, recruiting and accounting services. Open to attendees of the
event only, all business plans must be submitted via the ecoprentice
Web site by 5 p.m. CST Sept. 11, 2000.
-- Join an ongoing, interactive community where conference participants
can continue to share ideas and maintain contacts, as well as
participate in weekly chats with event panelists.
``ecoprentice offers entrepreneurs a tremendous opportunity to turn their business ideas into reality,'' said Andrew ``Flip'' Filipowski, chairman and CEO of divine interVentures and a keynote speaker at the event. ``Through ecoprentice, entrepreneurs will hear directly from men and women who have mastered the elements of building a successful e-business and then apply those lessons to their own companies. In addition, ecoprentice creates an ongoing community that participants will rely on to share best practices and create strategic alliances.''
ecoprentice sponsors include Arthur Andersen, divine interVentures, Katten Muchin Zavis, Forbes, Inc., and Red Herring Communications.
ecoprentice has enlisted many of the top e-business thinkers and doers for the event. Speakers include Jerry Colonna, managing partner of Flatiron Partners; Red Herring Senior Editor Peter Henig; Classified Ventures, Inc., CEO David G. Israel; uBid CEO Greg Jones; Rieva Lesonsky, senior vice president and editorial director of Entrepreneur Media, Inc.; Anthony Priore, vice president of marketing for yesmail.com; and Bret Arsenault, chief technical officer for Microsoft eBusiness Solutions.
The admission fee for ecoprentice is $795 through Aug. 25 and $895 from Aug. 26 to Sept. 26. Admission is $995 at the door, space permitting. Register for the event at the ecoprentice Web site, www.ecoprentice.com .
About ecoprentice
Ecoprentice, the new economy apprenticeship, is the premier two-day event providing Internet entrepreneurs access to new economy masters and their insights and strategies for successfully launching and growing an e-business. The event is scheduled for Sept. 27-28, 2000, at the Chicago Theatre in Chicago. For additional details, see the ecoprentice Web site, www.ecoprentice.com .
SOURCE: divine interVentures |
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