NewEgg.com is an online retail company that sells electronics such as digital cameras, cell phones, and laptops. The company plans to file for an IPO and raised roughly $175 million in the process. NewEgg.com started in 2001 and made about $2.2 billion in revenues last year. Insight Venture Partners invested $20 million in NewEgg.com around 2005. Insight Venture Partners has a 12.7% stake in NewEgg.
Newegg.com Inc. is based in City of Industry, California. Newegg was founded by Fred Chang and the company is run by CEO Tally C. Liu. When NewEgg.com was founded, it was a subsidiary of ABS Computer Technologies Inc. NewEgg has about 1,500 employees. The funds raised will be used to fund operations expansion in Canada and China. The company has even been profitable since they started in 2001. The IPO is being managed by JP Morgan, Bank of America Merrill Lynch, and Citi.
Ann Minch is a popular YouTube user that launched a revolution against Bank of America. She called the revolution a “Debtors’ Revolt.” Minch said that on the YouTube video that she refuses to pay her credit card bill because of an unfair interest rate hike. It turns out that Bank of America has reduced her rate as a result of the one-woman protest.
Minch said that a Bank of America representative contacted her on Friday and they had the following conversation as described by Minch.
“He asked me to talk a little about my personal financial situation so we can negotiate some kind of agreement in regard to my existing credit card account,” stated Minch. The B of A executive “tried to get me to agree to 16.99 percent and I said, ‘No, nope, I believe because you guys are getting your money from the Fed at zero percent interest… that 12.99 percent is a more than generous profit margin for you guys.’ So he did finally agree to that and he also agreed to send me that in writing.”
The first video made by Minch of the Debtors’ Revolt has been viewed about 250,000 times. The Huffington Post broke the story about the video and the resolution.
Minch’s credit card balance is about $5,943.34. “Just because my personal account situation has apparently been resolved, which is a small victory for this debtors’ revolt movement, we still have a war to fight,” added Minch.
The Walt Disney Company (NYSE:DIS) has made an agreement to buy out Marvel Entertainment Inc. (NYSE:MVL) today. The transaction will take place in cash and stock.
As part of the agreement, the transaction will be based on the closing price of Disney stock as of August 28, 2009. Marvel shareholders would receive $30 per share in cash and 0.745 Disney shares for each Marvel share that they own.
“This transaction combines Marvel’s strong global brand and world-renowned library of characters including Iron Man, Spider-Man, X-Men, Captain America, Fantastic Four and Thor with Disney’s creative skills, unparalleled global portfolio of entertainment properties, and a business structure that maximizes the value of creative properties across multiple platforms and territories,” stated The Walt Disney Company CEO and President Robert A. Iger in a press release. “Ike Perlmutter and his team have done an impressive job of nurturing these properties and have created significant value. We are pleased to bring this talent and these great assets to Disney.”
Disney will acquire the ownership of Marvel and 5,000 of the characters belonging to the franchise. Perlmutter will continue to oversee the Marvel properties.
The transaction is subject to the clearance under the Hart-Scott-Rodino Antitrust Improvements Act, non-U.S. merger control regulations, etc. Marvel was advised by BofA Merrill Lynch.
