Предприниматель | Информационно-аналитический журнал - Part 58

How to ask for money

In order to find a worthwhile project, venture investors have to search through a huge number of applications. For example, a venture capital fund Bessemer Venture Partners (BVP), which manages $ 2 billion, a number of projects coming to 150, every year fund chooses companies to invest 20-30. According to the BVP partner Jeremy Levine, in order to select a worthwhile project, he and his colleagues have to listen to year, thousands of presentations. Esther Dyson, president of the venture fund EDventure Holdings, invested in the initial stages of 23andMe, and Flickr, for example, even difficult to say how many candidates for the investment it has to communicate every week. “Somebody just e-mail reply,” Thank you, no, “but with someone have to meet to find out whether my project criteria,” – said in an interview with Forbes Esther Dyson. And Igor Taber, director of Intel Capital fund in the CIS, says he gets 10-20 offers a week. With half of applicants met personally. As a result, investment will be only one (only since 1991, Intel Capital has invested more than $ 9.5 billion in 1050 companies in 47 countries). Investor’s important to understand whether it can get your money back with a vengeance, working it in this niche, with this entrepreneur, it is with this team. Often, it becomes clear in the first conversation. Forbes asked the five partners of the world’s leading venture capital funds that, that costs and what not to say , presenting his project. Here are their tips.

Igor Taber, director of Intel Capital fund in the CIS

1. Do not try to give accurate financial forecasts, because in reality no one can predict what will be the company’s revenue in three years. Much more important to show what assumptions you use, and predicted earnings and costs in their business model. Stating that the company needs $ 20 million investment, but without revealing the key assumptions in your financial model, you very few people are interested in your project.

2. Show that you have significant experience in the field, which you do, that you understand your market, know the key people on it. Show that your team believes in you, that you are the entrepreneur who must lead this company.

3. Do not try to prove that you know everything. Failures are as important as successes. All things being equal, I am more likely to uphold an entrepreneur who has been a failure and who understands its causes, than someone who has never made a mistake and thinks that all knows.

4. Be honest. Project, based on misleading consumers, it is better not to show. If you are disingenuous with customers, why should a potential investor to believe that you do not do unto them as well?

5. Focus. The report, which lists all the steps that the company intends to undertake in the hope that at least one of them will work, is unlikely to be interested. It is not necessary to list alternatives, he make out of their own.

Giuseppe Tsokko, a partner at Index Ventures Fund

1. Do not argue about who afterwards you could sell your business. investor interest to invest in a company that focuses on development and not for sale .

2. Do not say that your business can scale up to infinity. It is not.

3. Do not tell me about a dozen possible sources of income. Effectively manage them too hard, you should focus on.

4. You do not need to pronounce each item in detail on the slide.

5. Speak clearly. Show your product and tell us about its features at the beginning of the presentation. It is advisable to do this in two or three sentences.

6. Explain why your product is vital, why your team should do this project. Let this be an impressive history.

Jeremy Levine, a partner at venture capital fund Bessemer Venture Partners

1. Do not send VC thick “business plan» . If your concept is so complex that its meaning can not be present in the 15-page presentation, it is unlikely that idea like a venture investor.

2. Focus on three key issues most interest to investors: the team, market size, the uniqueness of your product. If you can not clearly explain these three things, the investor does not make sense to spend time on you .

3. Do not use corporate jargon. All of these phrases create a feeling of ‘somewhere I’ve heard, “even if the idea is really innovative.

4. During the call, do not dwell on the “Privacy”. Believe me, the benefits of free exchange of ideas outweigh the risk that someone will steal your ideas. Ideas are cheap, and their expression in life – much more expensive. It is better that you presented the investor trustworthy man – he can be a guarantee that the investor will not deceive you. Check whether to invest in a competing venture fund development.

5. Before you sell your project investor, examine portfolio of venture capital fund . Appropriate reference to the company, in which the fund has invested, increases the chances that he interested in and your development. If the project does not correlate with any of the investment portfolio of the fund, you probably should look for another investor.

Alexander Galitsky, a managing partner of venture fund Almaz Capital Partners

1. Clearly define the problem, you decide. Find out who she cares – representatives of a particular industry or a particular social group. The creators of startups are too often carried away the beauty of global problems.

2. Show what the originality of the solution. It is important to demonstrate its competitive advantage not only in technical terms, but also in terms of business efficiency. Choose as competitors of similar size companies, do not go on the warpath with Microsoft or Google .

3. An assessment of the market should be well founded. Investor wants to get a high return on invested capital. The market should be large enough so that the company was able to expand into adjacent niches.

4. Describe the business model to gain market share. No need to paint a lot of market opportunities, and all groups of potential customers is important, “threw out” the most efficient way, the least expensive way to enter the market and prove the possibility of monetization ideas. Show investors that you have all figured out.

5. Tell us about your team and about whom it is lacking. That team determines the success of the project , it is important that it be balanced. The entrepreneur must soberly assess their capabilities.

6. Tell me, as you need money and they will be used . On this question of the most difficult to achieve startups answer. Need not be complex calculations – it is important to demonstrate an understanding of when and on what money is needed.

Esther Dyson, president of the venture fund EDventure Holdings

1. The venture capitalist is not just looking for a place to invest. We take a company and help it grow. So for me it is important to you, what the company was interesting to me. In the U.S., are projects related to health in Russia range of my interests is wider. I really like to invest in companies that focus on solving real problems, whether it is logistics or health, and offer people new opportunities. I have to understand what happened to me this company will be able to achieve more than without me.

2. One of the biggest mistakes – when the contenders for the investment does not even bother to learn about other companies in which I invested, I wonder if they are equal, and my criteria. If it was difficult to make inquiries about me, do not have enough energy to develop their business.

3. The belief that the business is enough to start a good idea, wrong. Most of the ideas can be copied. So it must be the best in the embodiment of his idea. And to change the business to changing market demands.

4. To get my attention, you need to know exactly what problem your project and who needs it.

5. Be sure to look for information on the team – who is it that these people have done before. Interesting not only successes but also the errors from which they could extract valuable experience.

6. Describe the market, product or service you offer, the competition.

7. I need some financial information. I never believe these numbers – the numbers have never not confirmed. But these calculations help to a perception of cost, income and liabilities of the founders. Need to know, for example, how many people need and what level of …

The logic of the investor

Once Patricia Cloherty, chairman of the board of directors of Delta Private Equity Partners, agreed to a deal on a plane en route from New York to Moscow after a conversation with a fellow traveler about his business – she liked how it relates to business and the team. In Cloherty professional flair to companies that can grow up: she was 40 years of venture capital investments around the world and serves on the boards of 70 companies, including the New York Stock Exchange.

In Russia, Patricia Cloherty since 1994. Her company operates here by two private equity funds. In an interview with Forbes, she told, than the relationship of entrepreneurs with investors differ from its experience in other countries, which industries seem to her perspective and ideas of where to look for new business.

What do the investors are now in a crisis?

Now, many difficulties and no new transactions – enough cases so that there is. We also focused on the existing portfolio. It is important to be sure that all companies go through a crisis. We adjust their strategy development, cleaning up the balance sheet, we try to restructure the debts of all, what is possible. And, of course, reduce costs. It is a matter of survival. But we do so in every crisis.

«They talk too much about the price»

Where would you advise entrepreneurs to find the money now?

I am 40 years in business and confident that we can always find the capital – from family and friends, foundations, other businesses or the banks. The problem of entrepreneurs is that they spend a lot of time in negotiations on a price.

We are more greedy?

No more than anywhere else. This is a typical mistake of an entrepreneur who first began his work. He prefers to have a big piece of something small and not a little piece of something big. This obsession – most have the control – a game of losers, those who do not understand that raising capital may increase by several times. Capital contributes to growth and to take the risk, and therefore entitled to share in the business. Many companies never would have grown into global leaders, if not for investors, which the owners have given their time in the majority.

There is some specificity of interaction of the investor and entrepreneur?

The big problem – lack of business transparency for investors. If I put my money into the project and energy, are entitled to full information on it. Now, in a crisis, we demand from companies who have invested in more accountability. We collect reports on quarterly, monthly, sometimes even more often. It always happens in a crisis. Your businesses is not easy – there is no such tradition.

Now do not have enough mutual trust between managers, investors, regulators. No one is honest. Owners of private companies started in the 1990s. Survive and grow rich while you can, just to avoid taxes. In developed economies, where the entrepreneur does not pay taxes, he faces heavy fines. Even the property can be confiscated. And so the majority of businessmen honestly pay.

What do you look for when taking a decision whether to invest in the business of an entrepreneur?

He has a realistic look at things. Big deal – the business plan. Realistic. Executable. Preparation of this plan is very important.

A look at the charisma?

I do not believe in the magic of charisma. A good entrepreneur can be a bore. The main thing is that it performs the stated plan. Important to me that it was a business man. And it does not matter whether it is a good company with which I was pleased to have dinner.

«Now is a good time to start a business»
Can you remember your favorite investment?

I can not identify some of the 55 companies that our funds. All investments have been successful. Superpribylnymi been investing in media, for example. We sold a stake in ITS at a price four times the investment. The package of NCN, cable operators – three times more expensive package in TV3 – almost 13 times more expensive.

If we talk about international companies, more than anything else, I’m proud of investment in pharmaceutical firm Agouron Pharmaceuticals in San Diego, USA. A team of scientists developed a drug for the treatment of HIV infection. I went into this project in 1988. Invested about $ 20 million in research, clinical trials – first in animals and then in humans receiving the certificates (in the pharmaceutical industry tests are time consuming, it all dragged on for nine years). Now the company – the world leader in the production of medicines for HIV-infected patients. I came out of the investment in 1995, having sold the share for $ 2.2 billion, matched a lot of factors: the great scholars, diligent managers and worthy mission – to combat HIV.

Do you personally in the crisis became more time?

No. I have not had much free time, all these 40 years. And I like it. Even when flying in an airplane, always looking for new ideas for business. It is a habit. I get a lot of information from the financial reports of companies in which I am a member of the board of directors, research analysts’ reports. I read magazines, including Forbes. There is much information available that can be useful in business.

Which industries will grow faster than others after a crisis or may even grow during the recession?

I believe in your consumer market – there are not many products are not developed many of the services. It is interesting to invest in media, telecommunications and financial services. Entrepreneurs can not invent something of their own – take the idea to other countries, see what works, what does not adapt to the market and run. Look for Internet Business. Another set of services, developing successfully in Europe, USA and Asia, does not exist in Russia and former Soviet states.

And in what company you would not have to invest?

In a company where the husband and wife own the business: there are too many emotions. I had a similar experience. Also in Russia – as yet – in some countries can not invest in a business related to intellectual property, it simply is not protected. This is a big obstacle to investment in new technologies. Worldwide, venture investors interested in precisely such companies because there is a real opportunity to increase the value of the company many times, if the technology will be globally competitive. Intelligence – the largest resource for market capitalization growth companies. It was formed by him added value.

Among the many talented Russian developers. Because of the “Soviet of the brain”, many companies are successful in Israel, Europe and America. The same PayPal created a Russian. And I’m in the U.S. has invested in the development of two Russian guys who had been studying semiconductors. I bought for $ 12 million 24% of the company. And IBM has sold the stake to 20 times more expensive. But for such investments it is necessary that intellectual property was protected.

Are you ready for new deals?

Yes, we are looking at new business in conjunction with a team of UFG Private Equity. I have set a goal to enter into one or two deals a year. But we take calculated risks as investing savings of U.S. citizens and Western Europe.

Are you interested depreciating assets?

Many people now look at the assets of the companies that are having problems. But we must understand that most likely there were serious errors, since the business came to a standstill. Everything can be neglected too.

Can I start a business now?

Now is a good time to start a business, so it does not require much capital: wages and rent lower prices for many materials and services fell. The main thing that was a good idea and the ability to generate profits immediately.

The man with the ruble

Be nice to the rich and famous. One negative — must begin to curl around people hankering for your money. It is not even a tax, but the enterprising fellow citizens who believe they have developed a formula for success. What is missing is the initial investment. Your investment.

By David Yakobashvili, co-owner of the largest juice and dairy company, business proposal from unfamiliar people are dense flow — one or two a day. Most e—mail. Although sometimes people dialing into the chairman’s “Wimm-Bill-Dann” (WBD), breaking through the waiting room. Or do him fit — at conferences, concerts and ceremonies, where it is Yakobashvili. “I am ready to consider any suggestions — says the businessman. — But you have to at least hearing it seemed interesting. And there are — one out of ten, but the majority — “the children of Lieutenant Schmidt.”

Once, for instance, to get through Yakobashvili person employed taxi driver. He offered “a unique distribution system,” which, apparently, and bribed the secretariat businessman. But after 15 minutes of conversation it became clear that we are talking about elementary delivers the goods, taking into account traffic jams (such routes calculates the logistics department). The conversation was over. The driver was lucky he managed to explain the idea. If the answer to what the sentence answer: “It’s not a phone conversation” — Yakobashvili usually hangs up. But if the idea in the first statement of it seems sensible, he always calls back: “Suddenly people something to really know.”

If you feel that the project perspective, giving him his Yakobashvili professionals. They begin to delve into the details. Recently, for example, some entrepreneurs offered to invest in the invention of the installation against the Colorado potato beetle. But when the question began to study managers Yakobashvili, it turned out that the invention, firstly, is not unique, and, secondly, the technology is not refined and not tested — just to complete the pilot plant was required to add $ 1 million invested in their $ 10 000. David Yakobashvili invest in the project did not.

He refused to invest in and develop the world’s only deposits of rhenium, a rare metal used in special alloys, usually produced by military orders. It is the military component and spooked. “We decided not to mess” — says Yakobashvili. In addition, there was no guarantee that will get the stated amount of the metal.

And if you are satisfied with the businessman and he’s ready to give money to? Then he discusses the project with partners. For example, the largest shareholder in WBD Gabriel Yushvaev with it invested in the production of grain and bread in the Volgograd region, a dairy farm near Moscow and development projects. If the project does not inspire partners, Iakobashvili prepared to act alone. So he invested 250 million rubles in the production of mortar and gypsum in Kabardino—Balkaria. On Yakobashvili once went Kabardian entrepreneur — suggested kiln gypsum own design. He promised that the company will pay for the year. “The idea seemed interesting — we’ve seen unfolded in Russia Knauf, — recalls Yakobashvili. — If the plant was in Moscow, I would long ago have been in profit. But we are there for six years have not seen a dime. ” What is it? Having problems with a stove, and with the staff and the local administration. To correct technical flaws in the plant to invest another $ 2 million, but Yakobashvili refrains — “as long as the President of the Republic of safeguards do not agree.”

In general, examples of successful investments in the projects proposed by the, not so much, and those are mostly associated with the purchase of land or real estate. Farm near Moscow Makarovo or flour mill № 4 in Moscow, which is now in place will build a business center and housing project “City 2”. “Since the end of construction projects without turning, but offer what sites have what we can find themselves”, — complains Yakobashvili. Or have recently come to offer: roundwood export unprofitable, it is interesting to process the wood. “That I already know, — said a businessman. — If I could have sent the draft, writing, from raw materials to take, much more profitable to transport goods, which are taxes on what stage of the project … ”

But they still come across the treatment worked less than good ideas — one in a hundred. For Yakobashvili also important that the author himself was willing to engage in the project, rather than move to a third party. Businessman recalls just one example, when the initiators of the project themselves and realized it — is the production of protective hoods (masks) “Phoenix”.

Over the past 15 years, co-owner of IAP was featured on the money — at least a little — more than 200 projects. Most often, time and money has been wasted, it is recognized Yakobashvili. So, 10 years ago he invested $ 240 000 in the detection system to a certain point in the city (there were not GPS) — with the help of this system could look for stolen cars. The developers have demonstrated records of success stories. But in practice the system was not as accurate as would an investor: not “see” the car, standing in the garage, and gave a hundred meters of deviation. “We just zamorochili head,” — says an investor.

However, it remains ready to explore the coming proposals: “The door is always open.” After all, the idea of pouring the juice in the early 1990s also was not born with him. Two young entrepreneurs, Michael Dubinin and Sergey Plastinin, then rented a small production line, but they lacked the money for development. Yakobashvili Yushvaev and expressed interest. The result? The current capitalization of “Wimm-Bill-Dann” — $ 3.66 billion.

20 of the most important issues for business

Entrepreneurs can not fully protect your business from the vagaries of the market. What can they do, it is to deal with fundamental issues that determine the fate of any business. Seek answers to these questions – a tedious task, requiring intellectual and, and emotional honesty. Well, if you start to think about them long before the money is spent, goods are released, and customers are lost. But the real work – not stop to answer these questions. As the business grew, new opportunities and threats, and yesterday’s answers may already be enough. Ceaseless pondering weighty issues – that helps Microsoft, Wal-Mart, Hewlett-Packard and Google to keep on top. Taking into account the need for this fight, we represent the 20 most important questions that must answer an entrepreneur, and continue to respond over and over again to build a thriving business.

What is the value of your proposal?

If you can not explain in simple words in three sentences, why people need your product, you have no value proposition and, consequently, you have no business. Point.

Will the demand for your product?

Character series “Seinfeld” was convinced that his key to riches – creating a bra. He did not conduct any research to prove that his goods are in demand. Do not think that you will be able to create demand where it did not exist. Do not sell the regular men’s bra.

What distinguishes your product from your competitors?

Starbucks made people believe that they need the caffeine brew for $ 4, and Louis Vuitton persuaded them to lay out $ 1,500 for denim handbags. But it’s not just marketing. If you want to succeed in business, you need to offer tangible value, which others do not. For example, the lowest possible price (Wal-Mart), the original design (Apple), exceptional ease (FedEx). Find out why your product, and beat at this point.

your business scalable?

The difference between the conservative state, and obscene wealth lies in the scale. Well, when the release of each subsequent product you have spent less and less cost. Take, for example, software. After Microsoft paid for development of the code, the marginal cost of production of each additional copy of Windows is negligible. And some models do not scale. For example, in the service sector, where, together with revenues growing need for personnel.

How do you personally committed to their cause?

Do you have a family with two children. Are you ready to work 100 hours a week over the next two years to promote your startup? If you want to control everything, be prepared to sacrifice everything – at least to begin with.

What is your strength?

Google is powerful search algorithms, Steinway works wonders with wood, Cisco sniffing and buys a promising new technology. Understand what you do well, and do just that. The obvious point, but a lot of passionate entrepreneurs in this burned. In a world of many possibilities.

What is your weakness?

Know what you do well and what is bad. For example, Apple does not make the camera to the iPhone, and buy them on the side. Countless online stores bought third-party developers to Web sites and payment systems. Spend resources to get mediocre results – suicide. Do what you know how, and find reliable partners to manage the rest.

How many will pay your customers?

Why do people pay for Vanish twice more than the generic bleach? Determine the upper limit of the price the buyer is willing to pay for the goods, whether it be an iPhone or a bottle of bleach – then get one of the most powerful levers for profits. Consultants get paid big money for help in determining the correct price.

what authority have your customers?

What happens if I sell rubber scrapers the only company in town, washing windows? If buyer require large discount for your business come to an end. It is better to advance to expand its customer base.

what authority have your suppliers?

The less you have suppliers, the greater their power. Manufacture of watches antique knotty pine from it may seem a good idea, but what if you have only one source of knotty wood? Answer: you have to pay. On the other hand, beware of hungry vendors willing to work very cheap – they often do not monitor the quality.

How to sell products?

Dell Computer sells its computers directly. General Motors and Coca-Cola relied on distributors. Clothing company, such as Ralph Lauren, using both internal and external distribution channels. And Apple provides branded stores. Whatever sales method you choose, make sure it is consistent with the overall strategy for your business.

How should promote your product?

Tell everyone about your company and not go broke – not an easy task. In the mid-1990s, America Online spent so much money to distribute demo versions of its software, which then had to hide these costs in the balance sheet. Later this accounting method was banned, and millions of your profits are gone.

Is the threat of new entrants?

If your market sector can make money, the competition will be like. If not a direct competitor (recall that Microsoft did with Netscape), the other technology can knock out your rug from under their feet (look at what has made with Kodak digital photo). Long before this happens, build barriers to new entrants – make patent, achieve long-term lease, create a loyal customer base.

How do you protect your intellectual property?

A small addition to the previous item. Let’s say you invented a machine that can reach speeds of up to 240 km / h in only one of solar energy. After a few months, five quick-witted competitors dismantled your model, and now brings to market their own versions. Before showing examples of the public, arrange temporary patent. It will protect your idea for a year, until you finalize the details.

What do you need initial capital?

Any investor who invests in companies at early stages, and any small business consultant will tell you that most startups fails due to insufficient capital. While there are no hard rules, “double its initial estimate of required capital”, – said Jim Peck, the head developer of software for dentists Curve Dental.

How will you finance your business?

You have a choice: a rich aunt, credit cards (dangerous), a business angel, venture capital (if you have a serious matter), a bank loan (good luck in the search) and the most expensive way – the issue of shares. Be careful: the sale of shares leads to an erosion of capital, loss of control and difficulties in management. In general, improve your business if you can. And finally, do not forget to match money from the timing of your assets and liabilities in terms of payment. The discrepancy may be painful.

How much money do you need to survive the first few years?

For those who slept the previous item: Follow the money. A lot of entrepreneurs boasts the financial projections of growth, but their pockets are emptied before, as the good times on the horizon zabrezzhat. (Remember the bankrupt dot-com?) Bear Aeron chairs and the Mac, until you are getting more than you spend.

What are your financial projections?

Movement is impossible if you do not have a destination. Two important milestones: 1) operating return – when your business gets more money than it spends over a certain period, and 2) investment payback, when you finally beat off his initial investment (including adjustment for inflation). Financial projections should be justified. Draw too optimistic a picture – and experienced investors will flee from you. Have you run out of money.

How happy your assistants?

What kind of American Idol without Simon Cowell? Soon we all know, but many think that the show would no longer what it used to. If you happen to find great talent, try to restrain him. Salary – just part of the equation.

What is your ultimate goal?

Want to lose your business to the first comer man with the money? So did the owners of MySpace, but not Facebook. Different objectives require different strategies. Always remember, what you want.

Who hunts for the Korban, and Axelrod, suffered from an explosion in Dnepropetrovsk

Learned the details of the events that preceded the assassination attempt on the life of Dnepropetrovsk businessmen Gennady Korban, Gennady Axelrod and Oleg Levin. The newspaper does not bind together the following facts and attack, but did not rule out that the information is made public today, will be important to analyze the causes of the incident.

Recall, last Friday, all three suffered from the explosion of homemade bomb placed under a sofa in Dnepropetrovsk cafe Pepperonni, where businessmen dined. It turns out two of the businessmen – Gennady Axelrod and Oleg Levin – except close to the structures of the group “Privat”, brings together more and that they were co-founders of OOO “industrial and financial group” Sparta “.

The firm owed a large sum of money and, apparently, is not going to return. This is evidenced by several documents that became available publications, as well as official statements of the company’s creditors.

According to them, “Sparta” in July 2010 filed on itself in court, where required to recognize it bankrupt because unable to pay accumulated debts amounting to a total of 668.7 mln. The court opened proceedings in bankruptcy, appointed executor of the estate trustee and set the last day for which the register of creditors’ claims – September 22, 2010.

As explained by the expert from the law firm ILF Elena Khitrova, bankruptcy will allow indebted firm to avoid the return of the debt. The fact is that since the commencement of bankruptcy proceedings to impose a moratorium on satisfaction of creditors’ claims, penalties shall be suspended pursuant to court orders, says the lawyer. Thus, creditors can not collect debts from the debtor, even on a court decision and must stand in line, wait in the liquidation procedure the receipt of money from the sale of the property and they might quench some of the debt. If the money from the sale of the property will not be enough to repay all the debts, the court simply to write off the lender and left with nothing.

More than others because of bankruptcy, “Sparta” may suffer the bank “Forum”. Half of the debt of the company Dnepropetrovsk (362 mln.) – Is a loan that she took the “Forum” in May of 2006, as well as unpaid interest thereon and penalties.

Resonant attempt to Dnepropetrovsk business acquires more details. As it became known, they are hunted not only killers but also numerous lenders.

Schindler Lifts in Dnepropetrovsk hotel Axelhof Boutique Hotel

Schindler Lifts in Dnepropetrovsk hotel Axelhof Boutique Hotel

Bank “Forum” gave money to “Sparta” for construction of luxury hotel in Dnepropetrovsk “Axelhof Boutique Hotel” (commissioned in September this year), as well as retail and office center “Kudashevsky” (delivery scheduled for early 2011). Both objects through the company “Akselhoff” belong Gennady Axelrod and his associates. The firm “Axelhof” 50% of the share capital of which is the property of “Sparta”, engaged as a third party to the proceedings with the bank “Forum”.

According to the press service of the bank “Forum”, repayment of loans was shopping center “Europa” on the street in Central, 10 in Dnepropetrovsk. Its market price, according to the latest assessment on January 27, 2009, amounted to 318 million UAH. “According to currently available information from the bank, shopping center” Europa “was sold by the borrower to bypass all the registers of the prohibitions, and then resold several times,” – reported in the financial institution. In addition, according to the press service of the “Forum”, the former owners of the borrower’s bank to secure repayment of the loan were laid 50% of property rights to share in the authorized capital of LLC “Axelhof.” The hotel itself “Axelhof” never give a mortgage to the bank so the bank has no knowledge of what the market price of the hotel and whether it is the property of “Axelhof.” What assets are available today from OOO “Axelhof”, the bank is also unknown.

How to avoid debt

The fact that “Sparta” she appealed to the court of bankruptcy, the debtor’s good for the fact that he alone is in charge of the bankruptcy at an early stage. As explained by attorney Helen Khitrova, in which case the company itself initiates the assignment manager of the property, clearly planning to date, when opened bankruptcy proceedings and has the ability to carry out all necessary operations to withdraw the assets until it is opened.

In its petition for bankruptcy, filed in July of this year, lawyers ‘Sparta’ indicated that the company has no property assets sufficient to meet the full demands of all creditors. “Calculation of some creditors, the debt to which there will lead to inability to meet its obligations to the debtor’s other creditors, which violates the rights of the past” – said in the lawsuit document. Immediately indicate the total amount of monetary liabilities – 668.7 mln. – And given the amount of assets of the business today – 356.8 mln.
As stated in court documents, the chances of returning the loan to the bank “Forum” reduces the spring ruling by the International Court of Arbitration International Arbitrage Company Ltd. As stated in court documents, in March this year ownership of the securities, which should serve as collateral for the loan was in favor of otsuzheno offshore company “Fanfard Trade and Investment Corp.” (Virgin Islands).
Borrowers

Throw up

Gennady Korban, crisis management, the group Privat

Gennady Korban, crisis management, the group Privat

It should be noted that in March, just days before a court decision Gennady Axelrod, Oleg Levin and Myron Sosnowski left the founders of the “Sparta”, keep in touch with the company only through its associated company, including the company “Axelhof.” Instead, the owner of the firm hundreds of millions of indebted, was the ex-predpravleniya of “Private-Intertrading” Vitaly Timshin. This may indicate that despite the change of ownership, the company remained in the interests of “Private”. “Neither the new owner of the borrower, it – the general director or former owners, Oleg Levin, Gennady Axelrod and Myron Sosnowski, who are guarantors of the borrower, and, besides, they are also indebted to the bank more than $ 3 million each, in their unwillingness to with the bank any negotiations (hangs up phone) – According to the press service of the bank “Forum”. – In parallel, through the decisions of the courts themselves arranging sham marriages to the civil purpose of breeding with bank mortgages of personal property. ”

It is also worth noting that “Sparta” filed a counterclaim against the bank “Forum”, which requires breaking the General Loan Agreement with the bank and pay damages from underfunding of $ 52 million

List of victims

In addition to the bank “Forum” financial-industrial group “Sparta” is a debtor has about a dozen companies. For example, 50 million USD. PFG is debt “Sparta” handball club “Motor” from Zaporozhye. Among the creditors are also Fantan trading limited (Nicosia, Cyprus), “Forstoun Networks LLP” (Wales, UK), Ltd. “Yukun” (Kiev), Inc. “Slavutich-Leasing” PE “Akvitens” PE “Rent- Service Plus. ”

Get comment from representatives of industrial and financial group “Sparta” failed. In the Main Directorate of Ministry of Internal Affairs of Dnepropetrovsk region also does not comment on the possible versions of an explosion in a cafe Pepperonni, including a possible link between debt, “Sparta” and the attempt on the life of her former owners. “The criminal case was filed, the investigation continues,” – said the Department of Public Relations of Ministry of Internal Affairs of Dnepropetrovsk region.

Comments

Debtors do not go to the contact

Press office of the bank “Forum»: In this connection arose in mid-2009 to financial difficulties of the LLC PFG “Sparta” Bank “Forum” offered to the borrower for debt restructuring is quite acceptable to itself. Bank attracted a consulting company Roland Berger Strategy Consultants, which in the fall of 2009, has developed a program of restructuring. It was this: in the amplification of the borrower collateral mortgage TC “Atrium” banks to offer installment loans with repayment of the body and reducing the fees for the loan to a symbolic one per cent. This program was approved by shareholders, but incomprehensible to the bank at that time because (December 2009) was not accepted by the owners of the borrower.

Later, in August of 2010, the bank became aware that the borrower in order to disguise the sale changed mailing address is in the bank’s mortgage shopping center “Europa” and sold it to an offshore company. All that the bank “Forum” in late 2009 – early 2010, it was not known, and in every way he tried to persuade a borrower to go for restructuring.

Only in April 2010, the bank learned about a complete change of ownership of borrower (Oleg I. Levin, Axelrod Gennadiy Ilich and Sosnowski Myron Jaroslavovich surrendering their shares in the authorized capital of a certain Timshinu Vitalii Ivanovich, who became 100% owner of the borrower), realized the futility of further negotiations, and April 27, 2010 filed a lawsuit to recover the debt from the borrower.

PFG Ltd “Sparta”, in order to delay the trial, the bank filed a counterclaim alleging the bank causing losses to society in an amount much greater than the size of the loan.

According to our forecasts, taking into account the existence of a counterclaim against the bank and the borrower’s bankruptcy case the borrower, the review of the dispute between the parties will take at least one year, but realistically 2-3 years.

Steve Jobs Right

In an email that Steve Jobs sent to employees, said little: Jobs wrote that goes on indefinite leave for health reasons, has promised to keep abreast of the strategic decisions of the company and someday return, and also asked to respect his privacy. Everything. Apple’s stock immediately collapsed to 5% until the end of the week and could not return to its previous level even compared to the fantastic quarterly report the company showed record revenues in its history, and net income.

Shareholders enough to know that Steve Jobs wants to return to the operational management as soon as possible – they want to look into his medical record and on this basis to make decisions. How sick Apple CEO this time? How serious it is, how it’s going to be treated, whether the probability is high that he did not return to the management company?

Problems of Jobs health have long been known, but information about them never differed immediacy and candor. In 2003 he was diagnosed with pancreatic cancer, but the diagnosis of shareholders learned only six months later – the day after a successful operation. A few years later it became known that defeat the disease initially tried Jobs with complicated diet. In 2009, history repeated itself: the head of Apple, said to be suffering from hormonal imbalance and it needs to go through a simple course of treatment, and then suddenly it became clear that the transplanted liver Jobs.

Shrouding the health of its CEO a veil of secrecy, Apple is in right field. Commission on the U.S. Securities and Exchange (SEC) requires companies to disclose to shareholders material information that may influence their decisions, but information about the health of top management such right does not apply. However, this week revived the debate in the U.S., which began two years ago, after surgery of Steve Jobs: silence if Apple and the letter of the law, does not this mean that the law is time to change?

Investors are accustomed to see a direct correlation between prosperity and the availability of Apple’s Steve Jobs in an armchair CEO. He controls every aspect of Apple, is the driving force behind the company. Jobs spent all important presentation and personally chose the chef for the cafeteria, his name is worth hundreds of patents for the company – from the box for the iPod to the design of stairs in the Apple Store in San Francisco.

Two years ago, in the midst of uncertainty with hospital Jobs completed as a liver transplant, worried investors, experts and journalists began to attack the SEC with a request that the issue of health CEO of Apple some clarity. And soon, Bloomberg reported citing an anonymous source that the Commission had begun an investigation to find out whether manipulating its shareholders, Apple, withholding important information. Many now urge SEC to reflect on recognition data on the health of top management as “essential» and require public companies to disclose them to its investors. Opinions, however, expressed very different.

Risks associated with hypertrophied significance of Jobs to Apple, already included in the price of the company, says former SEC head Arthur Levitt, who left office in 2001. “You have to be deaf, dumb or blind not to know about the problems of Jobs’ health – he said recently the agency Bloomberg. – Jobs takes the hospital and sends a message to the market, a wise investor is enough. I do not think that the Apple board of directors should be accountable for his disease more specifically. ”

But most experts think the opposite. “The right CEO to privacy outweighed the significance of this information to the market. If Apple wants the loyalty of thinking rather than emotional investment, it should tell you about the status of their CEO – that would be fair. Everyone wants to Jobs for a speedy recovery. But given that he leads the second-largest U.S. company, we need to know from what illness he has to get better, “- said the former vice-president of General Electric on the legal issues Ben Younger Hanimen. Calls for Jobs and Apple to tell the truth, and the SEC – to oblige them to do it, sounds from the pages of The New York Times and The Slate.
SEC’s dilemma is easy to understand. Force a person to tell the world his diagnosis and see how the markets are quoted duration of his life, is unethical. “But in some degree of top managers can be compared with high-ranking officials and athletes. When you occupy such a post and is responsible for such sums of money, you can not live a private life, like everybody else “, – said Alex Perryman, a professor of Texas School of Business. In the journal Business Horizons published its article on health CEO.

If the SEC decides to listen to public opinion, it would act as a pioneer: equity and corporate legislation of European countries do not provide a precedent. Might look like a new measure?

“If you are exporting coffee from Papua – New Guinea and you get information about what the next ten years, there is established atrocious weather and harvest coffee go bad, you must notify the shareholders. Jobs disease – a similar case, “- says CEO of British law firm Gololobov and Co. Russian advisors Dmitry Gololobov. But he believes that bind to report an accurate diagnosis is not: it violates human rights: “It is enough to reveal how severe the disease, as doctors evaluate the chances of cure, as well as call return possible – six months a year.”

“Probably should be required to disclose such information if a person combines several important functions. Like Jobs, who is also the founder and major shareholder, and has served as executive director “- the director of the Legal Consulting Group” ASPECT “and adviser prezdidenta” Business Russia “under the law of Alexander Molotnikov. Technical problems in adopting such legislative measures Molotnikov not see: it is possible to adopt a common law for all, or require the company to the relevant paragraph in the statute. The former Yukos lawyer Svetlana Bakhmina considered it inappropriate to publicly display an excerpt from a medical card, “can probably be grouped according to their degree of disease risk and require CEO just tell the group number.”

In the meantime, some companies disclose such information on their own initiative, for example, McDonalds in 2004, after learning of his terminal illness CEO Charlie Bell, immediately issued a press release.

Apple has announced record sales in its quarterly report

Recently, the press center of Apple published a fin. report for the first quarter of 2011 FY. year. Revenue was a record amount of $ 26.74 billion, a record quarterly profit of $ 6 billion ($ 6.43 per share). During the same quarter the previous year, Apple generated $ 15.68 billion, and profit then is $ 3.38 ($ 3.67 per share). International share of sales accounted for 62% of total revenue in the quarter.

Also during the quarter, Apple has made the sale of 4.13 million personal computers iMac, it’s 23% more than in the same quarter of 2010. Smartphone sales growth in the iPhone reached 86% over the previous year. Avot iPod sales fell to $ 19.45 million devaysov is 7% lower than in 2010. With sales of iPad during the quarter amounted to 7.33 million

“We had a fantastic record quarter, we sold a record number of Mac, iPhone and iPad» – said Steve Jobs, head of Apple.

“We are delighted with the success of our business, which provided a cashflow of $ 9.8 billion this year” – said Peter Oppenheimer, CFO of Apple.

Sales are good, even better predictions, the results of the second quarter of 2011, Apple plans to help out for about $ 22 billion, while earnings per share is 4.9 $.

The unaudited consolidated statements of operations

The unaudited consolidated statements of operations

Unaudited Consolidated Balance Sheet

Unaudited Consolidated Balance Sheet

The unaudited consolidated statements of cash flows

The unaudited consolidated statements of cash flows

 

How to do business on-line games

Today CEO “Innova” said Gevorg Sargsyan on the market structure of online games and products on it, the legalization of digital content on the pitfalls in the localization of online gaming, working with publishers MMOG and why personal motivation employees is more important than financial. The complete audio version you can listen to the interview on the program website, “Runetologiya.”

Maxim Spiridonov : Since ancient times, one of the most vivid illustrations of the needs and desires of man is the ancient Roman concept of “bread and circuses.” And the “spectacle” can be interpreted in a broader sense – as a general “entertainment.” Whether we like it or not, but after eating and sex entertainment – this is probably the main thing that worries the average consumer of any race or nationality. Therefore, the entertainment industry is a long and versatile working fine business. On the Internet one of the most notable are its offshoots games: Casual, browser, games, social networks and the like. Globally, it is now billions of dollars in annual turnover. Today, if I remember correctly the first time in “Runetologii” we’re talking about business in online games. Our guest Gevorg Sargsyan, General Director of game company “Innova”. Kevork, how and why you went into business for online gaming?

Gevorg Sargsyan: Any business needs to create interest. This industry is in a period when we first started dealing with it, was not investigated. We were among the first to provide users with a licensed content. Then the entire Russian market is a fragmented community of pirates, who were engaged only known at the time the game – Lineage II. Obviously, any pirate market should be as transparent and convert it into legal. This idea, we lit up, and we realize it, but since then has undergone many changes. Today, we understand that what we have learned and what we have today can compete with European and Asian publishers even.

– Today, you only localizers?

– Yes, but the localization process – a very delicate and complicated business. At first it may seem that everything is simple: you can easily translate the game, run it and make money. Many companies rushed into this market, trying to get some food and something to implement. The principle of our company, which has never changed – we are doing our best to provide the user with the highest quality product. We have never chased a quantity. This led to the fact that we are not only in runet, but throughout the industry among the first to have one personal account for all games, a single system to run the game, made a custom script most simple, one-password login for all games.

– According to the press, your turnover last year amounted to about $ 20 million is so?

– No, it’s understated figure. I do not know where it came from, because we have not officially announced.

– In fact, your turnover more?

– Yes.

– In your biography are intertwined in the office of public bodies and the transition to the game startup. How did it happen? You are in the Ministry of Taxation of Internet preparing to become an entrepreneur?

– I think that the human skills to make to do something, and are applicable in the civil service, and business. I can not say that his philosophy and character when I was a classic bureaucrat, but always felt that I could be a businessman. Even in the civil service I have found solutions that do not lie on the surface and it is often difficult realizable. I can say that people who can work effectively in business and in government service, there is, but they are few.

– It’s just a different mental entity. The usual official does not think “business».

– I do not agree with you, because I thought “entrepreneurial” and always put yourself in the shoes of the entrepreneurs with whom he worked. We can say that our office has been built on this model: we have done everything as efficiently as possible, do not build dead-ends, tried to overcome all obstacles and achieve maximum results. It is not necessary to exhaust all within the framework of the perception of officials, need to think like an entrepreneur thinks. I want my leaders were able to instill.

– It’s great, but when I hear about the clerk with an entrepreneurial mindset to me (and not just for me) comes entirely nepozitivny image. Officer – servant of the people, speaking high style. At least, it should be them. When he thinks like a businessman, surely he sees its benefits. Then, the situation, described in the blog Navalny …

– We probably have different understandings of the meaning of “Corporate Business” thinking. The point is not to make money. I have this problem never happened, because I come from affluent family and I have not had the need to earn big money. Corporate Business (entrepreneurial) thinking is that when you see any obstacles and barriers that are objectively impossible to overcome, you are looking for ways to overcome them. Cool Project Manager, ideally, should outsource all of its tasks within the company and outside it. When he realizes that a service which he provides the company of poor quality, it looks for solutions, it is necessary to solve this problem the best way for themselves. This Corporate Business method of thinking. When you do not stop and is not limited to management, when you realize that you have unlimited resources, you are looking for ways to maximize [effectively] the resources to distribute and get the result. It makes no sense to link it with money.

– How many “behind the border” people with an entrepreneurial mindset with the ability to flexibly navigate the circumstances, the ability of unconventional approach to the problem?

– There are not many. On many key positions such people, but the problem is that if these people are turned into the bad side of what you said recently, then worse. On the other side there are very strong people who do not act in the interests of the people.

– Why do you still have moved from the Ministry of Finance in the gaming business? Why not do social networks began, talking about the Internet? Why not become engaged in oil industry?

– It was one of the ideas. It is quite a long time been discussed with my colleagues and we decided that we would do for her.

– That is a group of like-minded people who have had the opportunity to invest in the project and the desire to start this project?

– Yes.

Often these projects have a very short lifetime. When going to a group of people, quite intelligent, enthusiastic and willing for any reason to be on the Internet, with the money, this is often not very well finished. Your example – one of the few exceptions when added to money management expertise, willingness and understanding of the market and we got a game startup, which as you say, now has more than $ 20 million turnover. By the standards of Runet is a very solid money. Do you think it possible to do this? That allowed us not to relax?

– To begin with, that to me all the companies differ in a single component – people. Investment can be identical, and differ only in men. Our success – the team that has never before anything is not shy and has contempt for the impossible.

As the team assembled?

– He collected himself at first, but then our “eychary» (HR), who think the same paradigm that I am. I still personally interviewed nearly everyone. I interviewed a lot of “eycharov” and only some time later found a man who thinks in the same plane with me. Once I found him I began to work closely with us to equally represent what people have to work as they should think and what they should aspire to.

One can formulate the paradigm that you carry with HR?

– We create an opportunity for people to find their place in the company and give them an opportunity to improve every day, we try to link the purpose of their lives with our goal. I should explain to staff what his purpose in the context of 15-20 years, because our success depends on how long we plan our lives. If you work in this company, this environment allows him to achieve this goal, he needs to explain to me the path that he has to go through. Work with us to fit into the framework of this path. If it does not fit, then it makes me wonder why a man with a love and passion to do what he does. I need to know that he will want to improve every day. When people realize that they have the opportunity to achieve what they want, they have a strong coach who will always keep them in suspense.

Coach – are you?

– I, or their immediate supervisor. In this case, strong – an important clause! – People are just happy. Strong players have always kept strong coaches, they set themselves high goals, but the coach puts even more stringent targets and are constantly doing everything to ensure that their coach, train and ask, respectively. Such people we are looking for, find and nurture in our company.

possible?

– The specific examples I can say absolutely that it is possible, but quite a lot and Feil. I agree that it is impossible to relax. A startup has no right to have enough money. If you have a lot of money, then you relax. “In order to run ahead of the pack, you need to always be hungry.” Relaxation comes in when you are not hungry. Then you stop and run ahead of the pack.

How do you keep yourself hungry?

– I am alone a man. Every day I tune myself to this wave. Our people are the same work.

According to some stories, motivational circuits in the “Innova” built on the principle of no-stick, but carrots. Bonuses and premiums are not paid – is it true?

– So.

Why?

– You can make an analogy. Do you have friends that are with you in a good relationship when you are provided? I think most people will answer no. None of the key people in the company should not be financially motivated. If key people in the company financially motivated, it means that you have friends who are friends with you only because you are in good condition and at a time when your condition is bad, these friends did not immediately become.

That is the motivation has to be personal?

– Motivation to be in achieving the goals that the person poses to himself. I strive to ensure that our employees were paid above the market and are able to afford many things: go to a nice restaurant for a good concert, and so on. Why is it important for me? Because I want to give employees a sense of taste was so they could see a lot and many have tried, and that they have developed emotional intelligence.

Now people from developing emotional intelligence you have about 150 if I remember correctly.

– I can not say that all are, but we strive to do so. The fact is that in a good company usually 20% of people who carry it forward, the rest is slower than the company. For example, Dell. The people who created the company, left, left two or three people, because the company is developing rapidly. Vector of the company faster than that of all people. My problem is that an array of such people was not 20, and 30-40%.

That is, you divide people into passionaries and staff?

– No, we do not have passionaries. We give everyone the opportunity to grow, from the Junior or professional competence of a particular, then to lida-specific competence, then to the PM, which may lead to different lidami competencies and so on. If a person has the potential (we take only people with potential), it can achieve great results in our company.

your flagship product to date – Lineage II?

– No. I was recently at a conference in Germany, many German companies CEO said that the game companies usually have one or two flagship products, and all other products – an appendage.

Usually this happens.

– We do not have. To date, we have a couple of products that we are not very happy. They are not as good as we wanted, and our expectations when we launched, differ from the current state. But all our other products occupy an important place in the structure of revenues and our users. For example, Point Blank – a shooter, which we launched last year, the number of users is now on a par with Lineage II.

With what intensity you start new projects?

– We do not focus on how to run a lot of projects, we focus on how to improve our services and make our overall service Game 4 is better. By September, he will undergo so many changes that it’s hard to imagine.

You 12 projects. How do you prioritize, how to manage such a set of different toys? How do you decide which projects to add to the pool, which closed?

– We have a flat structure in the company. Each project has a Project Manager, he is actually the CEO of his project, entitled to take all decisions from beginning to end within it. He is the manager of the project, it has the resources to ensure your project so that it is necessary, in the form of internal outsourcing translation department, design department and so on. Also, it has its own staff, who work exclusively on his project.

How many employees are usually on a project?

– At Point Blank – five people in Lineage – twelve. It depends on the formation of work to be done.

As projects come into the company? As I understand it’s localized Korean and Japanese products?

– All Korean. Now we have a priority – to work with American products. I think next year will be a couple of American ones.

How do you choose products?

– We have the estimation-command, which deals with estimates, intelligence, looks all game. It has its own rating system, which analyzes in detail the game, and the information comes to Project Managers, me, the team of international business (people who interact with the environment), and we decide which project to us is the most important and how we will fight for you to represent him in Russia.

How to build relationships with publisher-owner? It’s always a different model or is there some kind of typical?

– It’s always different models, which depend on the owner, how do you want to represent this game in Russia, as far as he wants her to trust you, and many other factors.

Affordable Europe

Investors European funds over the past three months received two serious blow: the capitalization of European companies fell by a decline in government expenditures, and debt crisis unleashed in Greece, the euro by almost 20%. At the same time, emerging market funds have shown themselves much better, falling by an average of 5% against 15% fall in Europe.

Fall has convinced some managers of international funds to pay attention to European equities, particularly for long-term investment. In fact, after shares of oil giant BP fell by 40% as a result of oil spills in the Gulf of Mexico, came a rare moment when the more profitable it became to invest in actively managed funds or individual stocks rather than indexes, like the index of SP’s Euro 350 ( BP takes it about 3%).

“We think that the European market meet the most undervalued assets that have excellent potential for global growth” – explains Cindy Sweeting, a portfolio manager Templeton Growth Fund (assets of $ 16.5 billion). – “While the mood in the markets of weaker countries of Europe such as Greece, obviously, is deteriorating, key performance indicators across the region – economic indicators and corporate profits – show an increase.”

Part of the optimism of investors due to the fact that many in Europe are based multinationals such as Unilever and Diageo, earning mostly in the U.S. and in developing countries. For example, shares Diageo, which owns alcohol brands Johnnie Walker, Smirnoff and Jose Cuervo, fell 3% in three months and only 10% with respect to its annual maximum.

Shares in global European companies – a strategic interest in Chad Dickens, manager of RidgeWorth International Equity fund, invested another $ 235 million in undervalued, according to the company’s assets. “Everything fascinated debt crisis, which we think will be – he says. – This moment we invest in company affected than they deserve ».

In Dickens’ portfolio consists mainly of multinational companies like Nestle and SABMiller (Miller and brewer Grolsch): «SABMiller has plants in almost all continents, so the company benefits from growth in both Europe and in emerging markets such as Brazil and some African countries “.

Investors rejoice in the fall euro like the American tourists, who for their dollars can now buy more European currency than a year ago. “Before the crisis, it was hard to find assets for successful investment. Now, after the market correction, many risks have disappeared, “- says David Samra, head of Artisan International Value Fund, which manages assets of $ 2.3 billion to change its strategy to convince this fall of the euro. Now, Samra invested in companies that benefit from European growth. For example, the airline-loukoster Ryanair. “Budget deficits in the eurozone, of course, hinder the development of the economy, but it is not only a European problem,” – he concludes.

Large Moscow real estate development collapse

In an era of high oil prices and rapidly rising in price of real estate money flowed to the river to developers. In autumn 2008 the story was over. It is best to have survived the crisis big companies with access to government contracts. Owners of DSC-1, SU-155, a group of LSR or, for example, the company “Inteko” keep your business. Owners of Capital Group and head of Mirax Group Sergei Polonsky, parted with some of the real estate, but the company maintained. But the four companies whose owners were forced to give up control over the business.

Sistema Hals

Revenue in 2007 – $ 452.2 million revenue in 2009 – $ 64 million

Two unfinished towers on Leningrad Prospekt (Moscow)

Two unfinished towers on Leningrad Prospekt (Moscow)

Before the crisis:

The owner of the company was AFK “Sistema” Vladimir Yevtushenko. The most famous sites – two unfinished towers on Leningrad Prospekt (Moscow), headquartered AFK “System” on Moss Street, cottage settlement “Gorki-8.”

After the crisis:

From the sale of apartments in the company last year received just over $ 24 million, the rest – the sale of land and development projects. Last year the company completed a loss of $ 555.4 million in April 2009, VTB acquired a controlling stake in the developer for a symbolic 60 rubles in exchange for debt restructuring of $ 700 million

PIK Group

Revenue in 2007 – $ 2.7 billion in revenue in 2009 – $ 1.3 billion

Flats economy class Kerimov

Flats economy class Kerimov

Before the crisis:

The company specializes in large-scale construction of housing economy class. PIC has built more than 1 million square feet. m per year. Controlling shareholders are the founders Kirill Pisarev and Yuri Zhukov.

After the crisis:

In April 2009 the debt peak reaches 44 billion rubles, and surpassed the annual revenue loss for the year – $ 360 million, billionaire Suleiman Kerimov has received from the founders of the PIC a 25% stake in exchange for assistance in restructuring of debt owed to banks (the largest creditor – the Savings Bank). Now the share structure of PIK Karimov, according to various estimates, from 35% to 45%, it became the largest shareholder.

DON-Story

Revenue in 2007 – $ 1.3 billion in revenue in 2009 – N / A *.

(* According to “SPARK-Interfax” – $ 10.5 million in 2008)

Company DON-Story is cut two major lender VTB and Sberbank

Company DON-Story is cut two major lender VTB and Sberbank

Before the crisis:

Strong position in the company of Maxim Blazhko and Dmitry Zelenova someone connected with the patronage of Deputy Mayor Vladimir Resin, someone – that is one of its owners in 1990 was listed wife of another officer of the Moscow construction of Alexander Matrosov. Under their residential complex “Scarlet sails”, “Sparrow Hills”, “New Ostozhenka”, “Izmailovo” “DON-Story” received the best areas.

After the crisis:

Residential real estate business class in the crisis was the worst selling, sales rose in residential complexes. Because of the reduction in revenue the company lost the opportunity to service debt. The company’s assets divided among its largest lenders – Sberbank and VTB.

Russian Land

value of the portfolio in 2007 – $ 10 billion cost of the portfolio now – estimated $ 124 million

The crisis destroyed all prospects of Shalva Chigirinsky

The crisis destroyed all prospects of Shalva Chigirinsky

Before the crisis:

Shalva Chigirinsky company owned rights to the building site at the site was demolished hotel “Russia” in front of the Kremlin, under the section of the highest skyscraper in Europe, “Moscow City” development rights of the island “New Holland” in St. Petersburg, and dozens of major projects.

After the crisis:

Banks willing to lend a businessman, but a crisis of access to money was gone. Moscow authorities have taken away the right to build on the site of “Russia”, and the government of St. Petersburg – the “New Holland”, instead of a skyscraper in the “City” city officials now promise to parking. The authorities in Moscow, the structure of the Chechen businessman Ruslan Baisarov and holding “Adamant” Igor Leytis received for the debts of the hotel “Soviet” and 160 hectares of land in the Klin district.