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   Technology Stocksdivine interVentures, Inc. (DVIN)

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To: dave rose who wrote (236)4/11/2003 7:52:14 PM
From: Glenn Petersen
   of 246
Do you think they will get him?

One would hope, though it is doubtful. They can't even get their bankruptcy filings done correctly.

Judge warns Divine management

Company misses deadline; trustee may be appointed

By Barbara Rose
Tribune staff reporter

April 11, 2003

The judge overseeing Divine Inc.'s bankruptcy has threatened to oust the software company's managers and appoint a federal trustee to oversee its reorganization if the firm doesn't meet a court-ordered deadline Friday.

The reprimand came in a strongly worded order this week from U.S. Bankruptcy Judge Joan Feeney in Boston, where Divine filed for Chapter 11 protection in late February.

Divine was required to file a statement of its assets and liabilities and other information about its financial affairs, complete with affidavits from corporate officers, within 15 days of its bankruptcy filing.

Divine asked for an extension in March, which is not uncommon in bankruptcies, according to attorneys. But it's rare for a company to miss an extended deadline without explaining why more time is needed and requesting another extension, the attorneys said.

In Divine's case, the company's lawyers failed not only to ask for more time when the extended deadline passed on April 3, they filed incomplete information four days later, on April 7, according to Feeney's order.

Divine's behavior raises "numerous possible adverse inferences, including mismanagement or incompetence," Feeney's order states.

Mismanagement is grounds for appointing a trustee to run Divine's reorganization--an action that Feeney said she will take "without further notice or a hearing" if Divine fails to complete its filings by Friday.

"It's a threat, and a pretty strong threat," said Chicago bankruptcy attorney Lawrence Snider of Mayer Brown Rowe & Maw.

Snider and other attorneys said the judge's response, given the circumstances, would not be unusual.

"Judges become very perturbed when you start ignoring deadlines," said bankruptcy attorney August Pilati of Chicago's Gesas, Pilati, Gesas and Golin Ltd.

Calls to Divine's bankruptcy attorneys at Latham & Watkins in Chicago and Mintz, Levin, Cohn, Ferris, Glovsky and Popco in Boston were not returned Thursday.

Divine spokeswoman Susan Burke said, "It remains our policy not to respond to inquiries about this process."

Feeney's order came as Divine was headed toward an auction of its assets and sale of the company next week.

Feeney postponed a decision this week on Divine's request to hold the events on April 17 and 18.

Copyright © 2003, Chicago Tribune

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To: dave rose who wrote (236)5/11/2003 8:49:43 AM
From: Glenn Petersen
   of 246
Investors angry over Flip's flops

Tech entrepreneur faces a steep climb back after Divine's stunning collapse shreds his credibility

May 12, 2003
By Julie Johnsson

The first time Andrew "Flip" Filipowski lost a company, his ouster played out as farce.

When an estranged business partner appeared at Naperville-based DBMS Inc. on a March morning in 1987 with armed security guards to eject Mr. Filipowski from the premises, the habitually tardy CEO hadn't arrived yet.

"They had to summon him from home so they could escort him out," recalls Richard Reck, a former financial adviser to Mr. Filipowski.

Comic relief is notably absent from the iconoclastic entrepreneur's latest misadventure, the collapse of Chicago-based Internet-incubator-turned-software-industry-roll-up-vehicle Divine Inc. Bankruptcy Court proceedings in Boston have parceled out what remains of Divine in an auction that pointedly excluded Mr. Filipowski from the bidding.

A more striking difference this time around is the scope of collateral damage and the difficulty Mr. Filipowski will face mounting another comeback.

Mr. Filipowski left DBMS as a relative unknown with one embittered ex-partner. Little stood in his way as he quickly re-established his software business, launching Platinum Technology Inc. a month later with a workforce of 20 programmers hired away from DBMS. He soon took Platinum public and sold it a decade later in a $3.6-billion deal that netted him $200 million and set the stage for Divine.

The bitter and the loyal

Divine's collapse, by contrast, was one of the most spectacular flameouts of the era, reverberating throughout the private- and public-equity markets and scorching the highest levels of Chicago's financial elite as it vaporized $1 billion in investors' money.

Mr. Filipowski strained, and in some cases snapped, relations with longtime supporters he once counted on to finance his ventures.

"He's burned a lot of bridges," says Mark Tebbe, a former Divine director and investor.

Also working against Mr. Filipowski as he ponders his next move is the reputation he earned at Divine and Platinum for enriching himself while public shareholders earned subpar returns. Adding more tarnish to his résumé is the grand jury investigation of certain transactions involving a Divine subsidiary.

Mr. Filipowski didn't return calls seeking comment for this article, but friends say the 52-year-old is already mulling his next venture, probably a software company. He likely will base future operations in North Carolina, where he has lived in recent years and where he co-owns a minor league baseball team and runs a publicly traded propane gas company, Blue Rhino Corp., with his brother-in-law, Billy D. Prim.

Mr. Filipowski will bring considerable strengths to any new enterprise. He still has a huge fortune and the charisma to captivate a roomful of prospective investors. Indeed, a core of loyalists stands ready to back the ponytailed college dropout in whatever he might undertake.

"I consider Flip to be an outstanding individual and if he needs me for support, I'm there for him," says Craig Duchossois, president of Elmhurst-based Duchossois Industries Inc. An early investor in Platinum and Divine, Mr. Duchossois has served as a director on all four publicly traded companies founded by Mr. Filipowski.

It seems clear that Mr. Filipowski has the wherewithal to launch another business. The test will come when he needs to tap a broader circle of investors to give a new venture the financial fuel it will need to grow. That's when he'll confront the bitter legacy of Divine.

"I've lost everything; it's over and that's it," says Aleksander Szlam, who invested $1 million in Divine before it went public. Mr. Szlam for a time was also Divine's largest stakeholder; he owned 35 million shares last year, after selling his Georgia company, eshare communications Inc., to the Chicago software and services firm. "Twenty-four years of my life is gone — every patent, every invention."

To fund Divine, Mr. Filipowski leaned heavily on contacts cultivated through the Young Presidents' Organization (YPO), a global executives group. YPO members invested about $31 million, led by William Wrigley Jr., who plunged $17 million into the high-profile Internet startup.

In the delirium of 1999 and early 2000, a stake in Divine became the hottest financial ticket in town, and the group of investors eventually included such notables as Michael Birck, CEO of Naperville-based Tellabs Inc., and Chicago-based insurer Aon Corp.

But the original conception of Divine as a launching pad for Internet companies soon proved to be little more than a fantasy. Mr. Filipowski managed to push through an initial public offering (IPO) in July 2000 — after Internet stocks had crashed — but the company quickly spiraled downward.

Recasting Divine as a consolidator of struggling software firms didn't stop the slide, and Divine landed in Bankruptcy Court earlier this year.

The meltdown spared neither public shareholders nor the gilt-edged private investor group Mr. Filipowski had assembled before Divine's IPO.

"He lost a lot of money from a lot of big-name investors who I don't think he'll ever see again," says William Weaver, partner at Chicago law firm Sachnoff & Weaver.

Mr. Filipowski's success in attracting private investors to any future venture will largely depend on his ability to dangle the carrot of an eventual IPO cash-out. But the institutional money managers who control access to the public markets are still nursing wounds from previous investments in Mr. Filipowski's companies.

Two of the public companies he launched, Divine and Naper-ville-based music company Platinum Entertainment Inc., wound up in bankruptcy. Even Platinum Technology, his most successful venture, produced paltry returns for public investors.

Lucrative eleventh-hour grants

In its years as a public company, 1991 through 1999, Oakbrook Terrace-based Platinum saw its shares appreciate 184%, far less than the 344% gain for the Standard & Poor's 500 Index and the 1,499% rise in S&P's index of system software company stocks.

"You'll be hard-pressed to find a lot of investors who were terribly impressed with (Mr. Filipowski's) performance from a value-adding perspective," says Drew Cupps of Cupps Capital Management LLC in Chicago, who invested in Platinum shares as a money manager at Milwaukee-based mutual fund powerhouse Strong Capital Management Inc.

Although Platinum was one of the largest purveyors of software to manage large mainframe computers, its stock was trading below $10 when Mr. Filipowski negotiated the sale of the company to New York-based Computer Associates (CA) in 1999 for $29.25 per share.

The deal proved especially lucrative for Mr. Filipowski. According to merger documents, Platinum issued him an option to purchase 125,000 shares at an exercise price of $13 on Feb. 9, 1999, eight days after it hired an investment bank to pursue strategic alternatives. Mr. Filipowski received another option grant for 675,000 shares, priced at $9.88, on March 26, just three days before Platinum's board approved CA's $29.25-per-share offer.

The eleventh-hour option grants boosted Mr. Filipowski's total take from the merger by $23.4 million. All told, Mr. Filipowski received $193 million in the merger for his Platinum stake. That was in addition to $32.4 million he made cashing in 1.8 million Platinum options between 1990 and 1998, according to federal filings.

Mr. Filipowski further enhanced his haul in the merger by negotiating consulting and non-competition agreements with CA. The consulting deal paid him $2 million over two years, and the non-competition agreement is worth $23 million over eight years.

The terms of the latter applied to Mr. Filipowski in his role as CEO of Divine, limiting the scope of the company's business. In effect, CA held veto power over the company's acquisitions and any other initiative that might infringe on the New York firm's turf.

"CA was not involved with Divine's acquisition plans or strategy," a CA spokesman says, defending the agreements as "common industry practice."

Mr. Filipowski is slated to receive $3 million from CA this year under the agreement as he contemplates his next move. His primary business interest at this point is Blue Rhino. The North Carolina company, which distributes bottles of propane gas for owners of barbecue grills, continues to grow steadily, despite suffering recent hiccups — including a 34% drop in its share price in February as investors questioned its purchase of two entities previously controlled by Mr. Filipowski.

But many in the software industry expect Mr. Filipowski to return, possibly by repurchasing some portion of the Divine business outside the bankruptcy proceeding.

"Failure is just part of the ride" for entrepreneurs like Mr. Filipowski, says Bartlett-based technology consultant John Karnatz, a principal at Market-Path Corp. "Other people would be decimated, but it's just part of the process for them."

©2003 by Crain Communications Inc.

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To: Glenn Petersen who wrote (238)5/12/2003 12:18:21 PM
From: dave rose
   of 246
<<<Mr. Filipowski will bring considerable strengths to any new enterprise. He still has a huge fortune and the charisma to captivate a roomful of prospective investors. Indeed, a core of loyalists stands ready to back the ponytailed college dropout in whatever he might undertake.>>

Glenn: Why ain't this guy in jail????? He has millions socked away somewhere.

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To: dave rose who wrote (239)5/12/2003 2:00:22 PM
From: Glenn Petersen
   of 246
Why ain't this guy in jail?????

I have not seen any report that Flip is in danger of being criminally prosecuted. I think that a Grand Jury might be looking into RoweCom, so there is still hope. I will keep you posted.

I have never physically met Flip, though I have three points of reference. A former broker of mine cold called Flip many years ago and picked him up as a client. Flip would periodically make trade and not fund his account. My broker had to go out to his house and pick up a check. Flip was also a "friend" of someone I used to work for. Their point of contact was the Young Presidents' Association (YPA). When my former boss had some reversals and called Flip for some non-financial assistance, Flip did not lift a finger.

Lastly, Flip was on the BOD of a company I was involved with. He never attended a meeting in the flesh and eventually was asked to step down. I will say, however, that I have never been in contact with anyone who had Flip's ability to conceptualize and articulate an intricate deal structure.

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To: Glenn Petersen who wrote (20)3/8/2006 12:26:50 AM
   of 246
Freaking huge vol 1.5M up 114% today

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To: dave rose who wrote (239)3/8/2006 12:27:27 AM
   of 246
A theory..Neoforma buyout. DVINQ owned 1,173,708 shares of at According to S-1

Neoforma Stockholders Approve Acquisition of Neoforma by Global Healthcare Exchange

San Jose, CA - March 2, 2006 - At Neoforma, Inc.’s (Nasdaq: NEOF) annual meeting of stockholders today, the Company’s stockholders voted to adopt the definitive agreement and plan of merger by and among Neoforma, Global Healthcare Exchange, LLC (GHX) and Leapfrog Merger Corporation. Under the terms of the merger agreement, Leapfrog Merger Corporation will be merged with and into Neoforma, and Neoforma will become a wholly owned subsidiary of GHX upon the closing of the transaction.

VHA Inc. and University HealthSystem Consortium (UHC), which respectively owned approximately 41.5 percent and 10.3 percent of Neoforma’s outstanding common stock as of January 12, 2006, the record date for the annual meeting, had previously agreed to vote their shares in favor of the adoption of the merger agreement. In addition, at the annual meeting, a majority of the shares other than those owned by VHA and UHC voted to approve the adoption of the merger agreement. Under the terms of the merger agreement, Neoforma stockholders other than VHA and UHC will receive $10 for each share of Neoforma stock that they hold, payable in cash. VHA and UHC will receive $10 per share, payable in cash, for certain of their shares in Neoforma, and will exchange the remainder of their shares for equity ownership positions in GHX.

Neoforma and GHX expect to complete the acquisition on Friday, March 3, 2006. Upon completion of the merger, Neoforma will no longer be a public company and its securities will no longer be traded on the Nasdaq National Market (Nasdaq). Therefore, upon completion of the merger, Nasdaq will institute a permanent halt in the trading of Neoforma’s securities on Nasdaq, and Neoforma’s securities will cease to be listed on Nasdaq as of that time.

About Neoforma

Neoforma is a leading supply chain management solutions provider for the healthcare industry. Through a unique combination of technology, information, and services, Neoforma provides innovative solutions to over 1,800 hospitals and suppliers, supporting more than $15 billion in annualized transaction volume. By bringing together contract information and order data, Neoforma’s integrated solution set delivers a comprehensive view of an organization’s supply chain, driving cost savings and better decision-making for both hospitals and suppliers. For more information, point your browser to


This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements relating to the timing of the closing of the merger with GHX. There are a number of risks that could cause actual results to differ materially from those anticipated by these forward-looking statements. These risks include the risk that conditions to the closing of the merger with GHX may not be satisfied when expected, or at all, and the risk that the merger may not close when expected, or at all. These risks and other risks are described in Neoforma’s proxy statement dated January 23, 2006 and filed with the SEC. These statements are current as of the date of this release and Neoforma assumes no obligation to update the forward-looking information contained in this news release.

Neoforma is a trademark of Neoforma, Inc. Other Neoforma logos, product names and service names are also trademarks of Neoforma, Inc., which may be registered in other countries. Other product and brand names are trademarks of their respective owners.

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To: M0NEYMADE who wrote (242)3/11/2006 6:13:55 AM
From: Glenn Petersen
   of 246
DVINQ up 80% yesterday. You could be right about the NEOF news, though it is hard to imagine that the husk of Divine actually has enough assets to leave anything for the current shareholders. The last 8-K filing was on November 3, 2004, and consisted of the schedules that were filed with the bankruptcy court detailing the September disbursements and receipts. The total disbursements were $2,556,971 and the receipts were only $208,644. Not too encouraging. It appears that they changed the name of the company to Enivid, Inc. in June 2004.

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To: Glenn Petersen who wrote (243)3/11/2006 7:31:20 PM
   of 246
Glenn, I read the bankruptcy filings last night and Neoforma was spun off as part of the liquidation process. So that isn't the reason for the surge in vol/price the last few days.
I sold a few shares and long the rest. Could be short covering. Very weird.

Still doing dd on this one Glenn to see if anything is left to commons.

Here is a link to bankruptcy docket: looks like the last order the Liquidation CEO- Boyle ordered was for "Motion to Approve Procedures Regarding Document Storage and Future Destruction of Documents"


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To: M0NEYMADE who wrote (244)3/23/2006 2:04:34 PM
From: Glenn Petersen
   of 246

Thanks for the link. I took a look at the bankruptcy filings. There was a "Notice of Filing of Valuation of Assets" filed on April 19, 2005 which disclosed that the assets in the liquidating totaled $39.7 million. It is hard to imagine that there will be anything left for the shareholders of Enivid, as the company is now called.

I don't know if they have any plans for the shell. I suspect that they have not issued any additional shares since September 20, 2002, so the stock (trading at $.025 today) is currently being valued at approximately $644,000.

The Enron shares are still trading and I would be willing to guarantee that those shares have no value. The shares of United Airlines and Kmart continued to trade until the day that they were worthless.


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To: stockman_scott who wrote (217)8/20/2006 9:22:19 AM
From: Glenn Petersen
   of 246
Just in case anyone has been worrying about Flip...

And to his former investors: "To investors, large and small, I would do anything on the planet to eliminate their loss, help them regain it. I wish that penance was available in some rational way,

Terry Savage talks with Flip Filipowski

August 20, 2006


He's ba-ack!

Flip Filipowski, who more than any other individual dramatized Chicago's Internet aspirations, has survived a billion dollar bankruptcy of his publicly held Chicago-based divine inc. and a personal downfall that left him with a significantly diminished fortune.

Of course, he started with the $3.5 billion he made by selling his startup software company, Platinum technology, in 1999 -- an unheard of sum for a young entrepreneur at the time.

His official bio barely mentions the existence of divine -- always spelled with a small "d" -- or that Andrew J. "Flip" Filipowski was a CEO who raised $1 billion from the public in the fateful summer of 2000. That money disappeared into bankruptcy along with millions more invested earlier at pre-IPO prices by well-known Chicagoans including Bill Wrigley Jr. and Michael Jordan. And Mayor Daley approved a $14 million subsidy for Filipowski to build a dot-com incubator on Goose Island.

Filipowski's "Internet zaibatsu" concept of melding a few dozen small companies into one mutually supporting organization incinerated virtually every operating unit within the zaibatsu when the Internet bubble burst in 2000.

How does Filipowski describe himself today?

"Somewhat humbled, but seasoned, scarred, a little older, hopefully wiser. . . . Never have I been more certain that life is just full of ups and downs, and that you sometimes have to end up reflecting back and saying that the downs, as tough as they are, are almost as bittersweet as the ups -- from the standpoint that they define your life, like scars on furniture make them into antiques as a result of the damage."

At age 55, his beard is more silver-and-gray than it was in 2000, but his ponytail retains its natural dark-brown color, and the attitude is only moderately subdued. There are still undertones of the bold warrior who defied corporate America when I interviewed him at the top of the Internet bubble in April 2000.

At the time he said, "Look, the fact is companies die. They die like human beings do. And they're supposed to die to make room for the next generation."

In that interview, he cited Sears as a prime example of a company that should die -- and in hindsight, he was right. And also was right about his belief in the accelerating pace of change in the economy.

At the time, he was lionized by some for his tech-inspired vision, and resented by others for his, well, just about everything, from his name to his ponytail to his all-black dress ensemble, to his know-it-all attitude.

So when Flip's public relations handler called to let me know that Flip was ready for a follow-up interview, I was ready to hear him out. After all, as Flip also said in 2000, "The bubble moves, and you gotta move with it."

Like many of you, I wondered where he'd moved.

Though he has great affection for his native Chicago, where he was raised on the North Side by his Polish-born parents, Flip has lived and worked in North Carolina for the last two decades, including the divine era. He returns only infrequently to Chicago, where he maintains a residence, as well as some investments in real estate. And he's the sole owner of Mastro Auctions Inc., based in Burr Ridge, an international leader in sports and Americana memorabilia auctions.

His main effort is as executive chairman and CEO of SilkRoad equity, a Winston-Salem-based holding company that includes more than a dozen ventures, standing alone as their own businesses but also doing business with each other in the Internet zaibatsu model resurrected.

He describes the SilkRoad technology unit as "an outsourcing firm that will handle the [personnel] recruiting process by using its technology to predict success in the hiring process, cultivate talent to make employees as productive as possible, and handle all aspects of training and 'provisioning' -- such as laptops, Blackberries and other technology needs -- for a client company's employees."

In other words, I ask, you're sort of an outsourced HR department for client companies?

I'm greeted by a withering silence. Then: "We now have over 500 companies using the product, and we have been adding new customers at a faster rate than any of our competitors, and our suite of products has been judged by Gartner [a research organization] to be as good as exists in the marketplace, and I feel we have a shot at being one of the, if not the leading offerer in the hot market that is today in the HR space."

Flip's enthusiasm for his own creations is clearly undimmed. He explains that his new company grew out of the ashes of a small division of divine. This division, Eprise, was first acquired in the divine bankruptcy by a competitor that subsequently sold some of the assets back to Flip. He was interested in its "content management system," which he built into a service that "replaces the traditional way of managing talent by using Excel spreadsheets and paper files."

Filipowski explains the big difference in his service: "It doesn't require them [client companies] to turn over their HR department. They just get on the Internet and start using the software. They don't have to buy it or install on their computers. . . . The customer just gets a license to have their HR people log on, and get a personalized view of the application for their company, for the purposes of managing their processes.

"It is no longer feeling like a big leap for these companies to outsource. But what really popped our eyes was when sold the concept that you can do customer-relationship management cheaper and better this way than by spending millions with a SAP or Siebel systems. Now we do it for HR."

The concept might be revolutionary, but there's a lot of the same old Flip.

"Right now, my No. 1 objective for SilkRoad technology," he said, "is to be a great fun place to work, and have the kind of reputation -- internally and externally -- that Platinum technology had, where it is the greatest place on the planet for a tech person to work."

While Flip was more than eager to explain his business concept, I was most interested in how his life and attitude had changed -- or not changed -- in the six years since his spectacular fall from grace.

Here's Flip on Flip:

On lessons learned: "The enormous lessons I've learned, I keep to myself, and I cry over them in my pillow. But I don't know how to find the words to share the lessons with someone else."

On feeling guilty: "Of course I do, even when everyone tells you not to feel guilty, I do. Even when everyone else has forgiven you, the only person left is me. . . . The only place where it counts is between my ears. All else is irrelevant. These are sufferings and pain you can only experience yourself."

On being an entrepreneur: "If you have it in you to be an entrepreneur, then you are challenged by the risks and variety of factors that affect your effort . . . . Sometimes you get a great success like Platinum technology, and sometimes a great failure like divine. [This experience] had an enormous impact on my enthusiasm for entrepreneurial activity, and I had to fight tooth and nail to get it [my enthusiasm] back."

On doing things differently: "I've been far more cautious, far more dependent on getting the right talent in the right place, far more interested in risking only my own capital, rather than someone else's."

On the importance of friends and family: "Without friends and family, there's no way to get through this, and I'm deeply indebted to all my friends, many of whom are CEOs, and have given up more than they should have in terms of support and counseling and mentoring. . . . It is impossible to get through a divine without a lot of that. And then it takes an enormous gumption to get back in the saddle and ride again."

And to his former investors: "To investors, large and small, I would do anything on the planet to eliminate their loss, help them regain it. I wish that penance was available in some rational way, but if you read the column you wrote six years ago, everyone at that time -- like, most recently, those in the real estate market, or anywhere else -- we all choose to be venture capitalists, and when we do this, we should know the risks associated with it.

"It doesn't make me feel any better, but the truth is when you take a high risk it's called that because it is!"



Andrew J. "Flip" Filipowski, 55, grew up on Chicago's North Side, reared by his Polish-born parents.

He graduated from St. John's military academy in Delafield, Wis., in 1968, and went on to the University of Illinois at Chicago. He changed jobs several times in his early career, starting as a computer operator at Time Inc., then Motorola Inc., A.B. Dick & Co. and finally moving to software pioneer Cullinet in 1973.

Success came when he started Platinum technology in 1987, and he sold out in 1999 for $3.5 billion -- at the time, a record price for a software company.

He became an angel investor with the creation of Platinum Venture Partners in 1992, and funded Internet and technology startups, including Whittman-Hart, StarMedia and Yesmail. That interest developed into divine interVentures, a grander plan to fund and develop new technology companies.

A diehard entrepreneur, Filipowski, against the advice of his investment bankers, took divine public in July 2000, raising about $1 billion even as the tech market was in meltdown.

In 2002, divine shares traded as high as $18.75. The company filed for bankruptcy in February 2003.

Terry Savage is a registered investment adviser. Her 2000 interview with Filipowski can be read at;

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