Предприниматель | Информационно-аналитический журнал - Part 126

Gennady Axelrod — new debt or old conflicts?

April 14th, 2012 Журнал «Предприниматель»

September 17, 2011, at 3 pm, Gennady Korban and his friend, developer Gennady Axelrod, dined at the restaurant “Pepperoni” near the park Shevchenko, during lunch at the site of an explosion of summer – it went off, then both the businessman came to the hospital and escaped with minor bruises and fractures. After the incident, said Gennady Korban attack:

– Do you think that trying to kill you or your business partners?
– I believe that an attempt on me. Business Gennady Axelrod quite peaceful and creative – he builds shopping centers. Oleg Levin, as I said, suffered less than others.

After the assassination (September 17, 2011) found out that the company “PFG SPARTA” vice-president is Axelrod Gennadiy Ilich has filed a lawsuit against itself and requests to declare bankruptcy because it can not pay the debt of $ 668.7 million . UAH several creditors, including the main creditor bank “Forum”, which the company “PFG SPARTA” to UAH 362 million (this amount was used for the construction of two houses Akselhoff Boutique Hotel and Residential Complex “Kudashevsky”). The key to this loan was the shopping center “Europa”, but without going through all the restrictions he had nevertheless been resold several times unknown offshore companies. In his statement of claim lawyers of “PFG SPARTA” indicated that the company has no property assets sufficient to meet the full requirements of all creditors, which means that the portion of debt that can not repay SPARTA simply write off the court. Moreover, before filing the complaint came from the founders, Gennady Axelrod, Myron Levin and Oleg Sosnowski. Ownership structure PFG LLC “SPARTA” and the conflict we wrote earlier .

April 14, 2012, at 17:30, after 7 months, there was another attack on a representative group of “Private” as a result of which was killed by Gennady Axelrod , whose business according to Gennady Korban is a peaceful and constructive. At the moment it became known that the construction of a new shopping center “Passage,” an estimated cost of about $ 100 million was taken by a new loan, which has not yet given. After the introduction of an object “Passage” was only 1.5 years, while the payback period of such projects even in the face of Ukraine at least 7-10 years.

And now constructively on the causes of the attempt:

Old debts

Bankruptcy LLC PFG “SPARTA”, which was held in April 2011 actually made it possible to avoid the payment of arrears in the amount of 668.7 mln. However, the experience of the lawsuit, which the bank sent a forum about bankruptcy eruption of SPARTA is in production at least a year, but in reality, 2-3 years, hence the time of the lawsuit has not yet happened, and I can not believe that German shareholders of the bank Commerzbank, which owns Bank Forum will address issues like this.

New debt

October 1, 2011 in the center of Kiev has opened a new shopping center “Passage”, at an estimated cost of $ 100 million facility, the majority of this amount was taken on loan. However, as shown by the investment experience and return on such projects as the shopping center “Passage” even if highly profitable Ukrainian market from just five years, hence the reason the attempt because of the new debt is absurd.

Old conflicts

The hatchet between the group of “Private” and Pavel Lazarenko is not buried ever since the ’90s, when such facilities as the Department Store, Children’s World, located in the central avenue of Karl Marx in Dnepropetrovsk, formerly owned by nominees Pavel Ivanovich suddenly changed the owner.

It is unfortunate that business conflicts in Ukraine is still not resolved in the courts and the criminal plane. This is not conducive to the business mood in the country.

To be continued …

8 most unsuccessful transactions in the IT

September 25th, 2011 Журнал «Предприниматель»

June 30, 2010 Internet company Specific Media was acquired social networking site MySpace for $ 35 million . The former owner of MySpace Corporation News Corp. media mogul Rupert Murdoch. Sales amount to 10 times less than the amount you paid for MySpace News Corp in 2005. And such “unfavorable stories” are not enough, MySpace, ICQ, Bebo and other successful projects in the old days, which brought the state in the past one and a headache in the future to others. 8 will reveal some of the failed trades in the history of IT-industry.

Buying MySpace

Rupert Murdoch, owner of News Corp.

Rupert Murdoch, owner of News Corp.

Buyer : News Corp. Purchase Price : $ 327 million Price : $ 35 million In summer 2005, the Corporation Rupert Murdoch’s News Corp. become very popular at that time, the site in the world of MySpace, paying for it $ 327 million . As early as 2006 mu site led the world in terms of page views and has dominated the segment of social networks (75% of visits). But in 2008, Facebook is not only caught up with him in popularity (it has since MySpace started to lose an average of 1 million unique monthly visitors), but leave the competition far behind: By 2010, Facebook has 640 million registered users compared to 100 million from MySpace. In October last year, MySpace, acknowledging his defeat, officially re-classified into an entertainment portal. Unfortunately, this does not help, and MySpace continues to plummet. In 2010 MySpace will record a loss of $ 165 million on a turnover of $ 109 million, Yes, with indicators such News Corp. It was not easy to find a Buyer on MySpace. But in the end they all still did it, and the owner was a little-known company Specific Media. While nothing is known about the plans with respect to Specific Media MySpace, while News Corp. (Obviously, just in case) retained 5% in MySpace.

Buying ICQ

CEO AOL Steve Case

CEO AOL Steve Case

Buyer : AOL Purchase Price : $ 407 million Price : $ 187 million Israeli company Mirabilis in 1996, has developed ICQ. And in 1998, AOL pays for services around Instant Messaging $ 400 million (including a bonus for developers $ 120 million). At that time, the Israeli technology sector that has become the biggest deal. Unfortunately, since then ICQ was not able to achieve more substantial progress, and even gave way in the face of rivals MSN, and later, Skype, Google Talks and other services. In 2010 the world used about 33 ICQ million people, nearly a third of users were from Russia. This explains the interest to the Russian Fund ICQ DST (or Mail.ru Group), paid in the last year for the service $ 187 million . By the way, the deal could prevent the U.S. intelligence agencies, who feared losing access to transcripts of negotiations Eastern European criminal gruppv relocation ICQ servers in Russia. Purchase

MP3.com

CEO Vivendi, Jean-Marie Messier

CEO Vivendi, Jean-Marie Messier

Buyer : Vivendi Purchase Price : $ 372 million Price : $ 2,5 млн In 2001, the French media corporations Vivendi International, which among other things owns one of the largest majors Universal Music, for $ 372 million purchased music service MP3.com. Michael Robertson and Greg Flores (makers of MP3.com) wanted to change the world, allowing the musicians to sell their music, bypassing the record labels. But since Vivendi pursuing opposite goals, Jean-Marie Messier (CEO Vivendi), commented on the acquisition, calling MP3.com «advanced technology”, which should make the purchase of Vivendi into a leading distributor of digital music. By the year 2003 Vivendi sells service media company CNET Networks, which immediately closes it, leaving only his domain name.

Buy Broadcast.com

Founders Jerry Yang and Yahoo! David Filo

Founders Jerry Yang and Yahoo! David Filo

Buyer : Yahoo! Purchase Price : $ 5,04 млрд Price : the service is closed 1999. Yahoo! Acquires $ 5,04 per млрд site Broadcast.com (a primitive prototype of Youtube). And for several years been trying to incorporate Broadcast.com in its structure, but all in vain – Yahoo! and could not turn it into a hit. “Dotcom bubble” burst, Broadcast.com depreciated along with the other companies of that era. And today, Broadcast.com no longer exists. But its founders – Mark and Todd Wagner Kyubana selling Broadcast.com made ??billionaires. Kyuban saved his fortune and now he owns the club’s NBA Dallas Mavericks. Recently won the Dallas Cup title NBA (for the first time in 30 years). Last year, Forbes richest people in the world put Kyubana the state $ 2.5 mlrd.na 459th place.

Buy Skype

eBay founder Pierre Omidyar

eBay founder Pierre Omidyar

Buyer : eBay Price : $ 3,1 млрд Price : $ 2 billion In 2005, eBay purchased Skype, created in 2003, a total of $ 3,1 billion Integrate Skype into its core eBay business is not managed, as well as monetize the popular auction. EBay founder Pierre Omidyar has written off its value more than $ 900 million, “How many free calls I need to do to justify the purchase of Skype?» – Lamented the spring of 2008 in a Twitter-account Pierre Omidyar. But a year later, in 2009, eBay sells Skype controlling group of private investors for $ 2 billion , but it retains the 30% stake, it is possible to earn good money (as a group after the acquisition of Skype private investors to resell it to Microsoft for $ 8.5 billion). It should be noted the quality of management, that for the period since the joint-stock outswing selling it on eBay and buy Microsoft Skype has not undergone any major changes.

Buying Bebo

Randy Falco CEO AOL

Randy Falco CEO AOL

Buyer : AOL Purchase Price : $ 850 million Price : $ 10 million In 2008, Facebook is rapidly gaining popularity among users of social networks (the number of Facebook users increased 150% on a monthly basis and by the end of the summer has reached the 100 million people). AOL decides to get its own network and acquires Bebo, Michael Birch and Hochi. However, AOL does not create a serious competition of Mark Zuckerberg. Alas, two years the number of unique visitors to Bebo was reduced from 22 million to 14.6 million per month, and subsequently continued to fall. Already in 2009, AOL began to look for Buyers of Bebo. And in the summer of 2010 it bought a private foundation Criterion Capital Partners in 85 times cheaper deal with Birch. Now Bebo – a small company with a staff of 50 people.

Purchase Flip

John Chambers CEO Cisco

John Chambers CEO Cisco

Buyer : Cisco Purchase Price : $ 590 million Price : the company is closed Cisco acquired Pure Digital за $590 million, Flip pocket camcorders manufactured in 2009. Earnings Cisco, whose core business is the production of networking equipment for enterprises in the period declined and the company was looking to enter new markets for themselves of their equipment, and cameras Flip to the point were a sensation. The reason for their popularity was able to instantly send captured video on Youtube and other video hosting. But this year the developers of mobile phones reached a significant improvement of quality shots. Because of this camera Flip lose potential customers. In early 2010, Cisco announced the departure of the consumer market with handheld video cameras, cameras for the production department is fully closes and fires the entire staff.

Merger of AOL and Time Warner

CEO AOL Steve Case and CEO Time Warner Gerard Levin

CEO AOL Steve Case and CEO Time Warner Gerard Levin

The world’s largest media conglomerates Time Warner and the world’s largest Internet company in 1999, AOL announced a merger. The amount of “deal of the century” was about $ 350 billion market capitalization by the time AOL was about $ 240 billion, company has a joint venture 55% of the shares. “Dotcom bubble” burst soon and AOL assets are rapidly losing in value. AOL Time Warner was forced to fix the 2002 record in the history of American companies damage – $ 99 billion in ten years after the merger in late 2009, Time Warner and AOL put a point in the relationship and finally separated. Today, the market value of AOL is not more than 2 billion $ .

Business Secrets: Oliver Hughes

September 23rd, 2011 Журнал «Предприниматель»


Oliver Hughes, president of the bank “Tinkoff Credit Systems” in the “business secrets”.

Business Secrets: Oleg Novikov

September 23rd, 2011 Журнал «Предприниматель»

Founder of the publishing house “Eksmo” Oleg Novikov in the “business secrets”.

Business secrets, Fyodor Ovchinnikov

September 23rd, 2011 Журнал «Предприниматель»

Young entrepreneur Fyodor Ovchinnikov in the “business secrets».

Business Secrets: Maxim Kashirin

August 31st, 2011 Журнал «Предприниматель»

Wine Entrepreneur Maxim Kashirin in the “Business Secrets”.

How to open an online store Shipping

August 22nd, 2011 Журнал «Предприниматель»

Ukraine is a country with poor structure, delivery, and at least for the moment almost all the courier services have created a model partnership with the online stores, it still is not perfect. If we take the example Rozetka.com, whose stations are products found in virtually all large and medium cities, the other online stores, things are not so great. By what means of delivery must be used to quickly, efficiently and without delay, deliver the goods to his buyer.

Own delivery service

recently opened an online store «onovamnadom.ru» Natalia Kulakov decided to acquire their own couriers to deliver products. “Delivery of products — a very delicate matter. Own couriers can be taught, for example, do not put bags on the ground to monitor the location of food packages to household chemicals and products were separated. There is no guarantee that it will be observed in the courier service is not “- Natalie complains.
of the benefits: The possibility of continuous monitoring and polishing service quality. The operator of the service delivery after the order immediately calls back and asks whether the time was brought to order and gave a courier delivery and if there are any claims.

the minuses: Most of staff turnover. “Decent people in the office messenger to find very problematic. Eight hours to run through the city, sometimes in crowded public transport and in the cold — tends to scare people, “- says the author of” How to open an online store, “Alain Salber.

Couriers in outsourcing

You can instruct the shipping company specializing in express delivery. Couriers give yourself a check to the buyer, after which the money in the accounts are first courier company, and then send them to the online store. The usual fee for such services — 1.5-3% of the delivered goods, said Ivan Matveev, CEO, specializing in such services under the name IM Logistics.

of the benefits: It does not require full-time accountant and couriers. “In theory it is believed that outsourcing relieves you from the problems of delivery and you can safely do business”, — says Love Kozyrev, owner of online store children’s products «101slon.ru».

the minuses: During the peak load courier express service is not always cope with their commitments. “We had a case where the carriers are constantly postponing delivery, the goods were detained for a week. We knew nothing about it. The client of course, refused the order, “- says Kozyrev.

Ukrposhta

Logistics service with the most developed infrastructure in the country today is still “Ukrposhta”. With this government agency can send goods to any destination in Ukraine and the world shipping costs. Because of the old mentality of people are still wary of the Internet, so this method of delivery is very popular among customers. Timing and cost of shipping can quickly find on the site.

of the benefits: The “Ukrposhta” 31 branches, about 20 000 postal facilities that provide 50 kinds of services throughout Ukraine, including all towns and villages.

the minuses: Despite the rich infrastructure, post offices are almost always a queue. Moreover, “Ukrposhta” has a list of items prohibited for transfer. With cash on delivery, if the buyer took the goods, you will have to pay not only the delivery of goods at destination (if the customer took delivery of the goods that he paid with the order), but also the delivery of goods for shipping back. “We decided that we send goods COD will be only verified buyers” — says the owner of the «101slon.ru» Love Kozyrev.

Zynga — $ 20 billion in programa

August 18th, 2011 Журнал «Предприниматель»

Company Zynga one of the main developers of games for social networks before the IPO recognized that its business largely depends on the Facebook. But the well-known social network, it brings more than 10% of the profits.

Recently Commission on Securities and Exchange Commission United States (The United States Securities and Exchange Commission (SEC)) took an application for an IPO of Representatives Zynga. The program for the placement does not specify a price the volume of shares, however, according to the publication The Wall Street Journal, in the near future the company will undoubtedly attract $ 2 billion, and expects to assess a $ 20 billion for 100% of the shares. In February this year when preparing a private placement Zynga was assessed in half the cost — namely the $ 10 billion.

Mark Pincus dog named Zynga has become a symbol of the company

Mark Pincus dog named Zynga has become a symbol of the company

In the event meet the expectations of the company Zynga, the company’s capitalization will be significantly higher than the two biggest traditional game companies Activison Blizzard ($ 13 billion) and Electronic Arts ($ 8 billion).

It is likely that a company can assess Zynga above the “fastest growing companies in the world” — the site of collective discounts Groupon, who filed the documents with the SEC in early June. Founded four years ago, Zynga makes now, as opposed to Groupon, which remains unprofitable. In 2010, its net income amounted to U.S. $ 90 million on revenue of 597 million U.S. dollars. In the first quarter of 2011, its financial performance continues to grow. Compared with last year its revenues increased by another 134%, which amounted to 235 million U.S. dollars.

Quarterly revenue Zynga, 2009-2011 years

Quarterly revenue Zynga, 2009-2011 years

Some of the most successful products of the company Zynga — Town Planning Manager CityVille, farming simulator FarmVille and military strategy of Empires and Allies — are provided to users free of charge. Thus for the money a player can greatly simplify your life gaining for example tractor FarmVille, which would make it profitable to farm on land that is fertile. The acquisition of such virtual goods company Zynga brings approximately 95% of revenue, other revenues come from advertising. 140 million — a monthly audience of Zynga, with the number of paid users for some reason the company did not disclose. Although the number of the latter is a small amount (generally, on the market, the players acquire different virtual goods is approximately about 5%) and Zynga is going to increase the number of such users.

Base business Zynga is the world’s largest network Facebook. This is the main area of ??distribution and promotion of games Zynga, the developer said in a brochure. Even a slight deterioration of relations with the Facebook cause a recession revenue Zynga, which in turn would reduce the value of the shares of the company, which would not have wanted its representatives. It is also worth noting that the infamous depending on Facebook Zynga paid much more attention than, say the company’s competitors or seismic activity in the locations of data centers.

But Facebook is also very interested in Zynga. Owning a company Zynga owns four of the five most popular games in the social network and user activity exceeds the activity of users playing other games more than 15 times combined. About a year ago, the company Zynga has been forced to use to calculate a player’s own virtual currency Facebook — Facebook credits (FC, $ 1 = 10 FC), which forced the developer to transfer the social network 30% of revenues. Over the last year social networking to work, so at least $ 130 million (taking into account only the second half, after fixing the amount of deductions). And in 2010 the company paid Zynga Facebook $ 72 million as one of its biggest partners. This situation has provided 10% of Facebook revenue, which is in the balance of $ 1.86 billion

Of course, Zynga is not averse to reduce dependence on Facebook, thereby strengthening its position in the market of games for mobile gadgets, as well as ahead of its competitors, such as the Rovio and Popcap. Here, the developers recognized that the experience of developing games for social networks may be useless to develop games for other platforms. Upon completion of private placement of shares IPO — Zynga stake will be divided into three classes — A, B and C. Each block of shares will have a different number of votes. And in exchange, the turnover will be only Class A shares, each of which allows only one vote. The current owners and employees of the company Zynga will hold shares of Class B and C, which provide more power. This method of business management characteristic of the majority of IT-companies, it is necessary to a greater extent to reduce the impact of new investors to make decisions.

Founder and CEO, Zynga — Mark Pincus has a 100% voting shares of class C, it also has to its credit 16% of the shares of class B, that is, his word is one of the decisive in the vote.

Recall that Pincus claims to be candidates in the list of billionaires Forbes: if Zynga appreciated as it should be — in the $ 20 billion, its package will cost between $ 3.6 billion business, 11% of the shares of Class B owned venture fund Kleiner Perkins Caufield & ; Byers, and Institutional Venture Partners XII, Avalon Ventures VIII and Foundry Venture Capital in 2007 to have 6.1% shares. But DST Global Yuri Milner and Alisher Usmanov owns 5.8% of shares.

Business Secrets: Eugene Katznelson

August 18th, 2011 Журнал «Предприниматель»

Restaurateur Eugene Katznelson in the “Business Secrets”.

Red card for startup

July 29th, 2011 Журнал «Предприниматель»

Believing in the possibility that your project is shot, venture capitalists do not pay attention to many factors. But there are things that can just put them out of themselves. Were interviewed by representatives of leading private and as a result of this survey it was found that there is a list of simple mistakes that applicants make is financial blunder.

The results of the survey prepared by the responses the following business: managing director of General Catalyst Joel Cutler, managing partner at venture fund Almaz Capital Partners Alexander Galich, president of the venture fund EDventure Holdings Esther Dyson, director of Intel Capital in CIS Igor Taber, CEO and Group Neurok Vadim Asadov .

Delay


There is a high degree of probability that an entrepreneur who came late to the first meeting is literally “removed from the field.” If you’re in love with you and your project is essential to attract investors to calculate the time on the road all still possible, even heavy traffic jams will not be a valid argument. Extreme degree of disrespect for the investor, as well as poor preparation, whereas in the case of late entrepreneur presents a draft of the scope that does not interest investors.

Tricks


Causes extreme wariness situation where the entrepreneur during the second meeting with the investor forgets preliminary agreements or deals with these arrangements in a completely different way. Esther Dyson is convinced: “If a person frequently changes his mind or evades direct answers to questions, it’s a bad sign.” However, according to Vadim Asadov of Neurok, must be separated from the cunning shifts position in the debate.

Mediator


Worse when the entrepreneur carries out the project does not itself, but delegates to this important task to his friend, partner, employee, who represents the project on its behalf. There is the obvious question: if the creator of the idea can not defend it in front of investors, what is the likelihood that he will be able to convince their prospective clients? According to Joel Cutler: – “The entrepreneur must drive, aggression.” When these qualities are absent, a high degree of likelihood of receiving a “red card” from the investor.

Spending other people’s time


“I can not stand idle chatter. If a person is more than an hour pouring water, I will think about whether to meet with him again “, – says Alexander Galitsky, a fund Almaz Capital Partners. The presentation, which describes a list of steps that the company will engage in the hope that at least one of them will work, is unlikely to cause concern among investors. There is no need to paint all the market indicators and make the characteristic of all consumer groups. Another fatal mistake novice entrepreneurs is a proposal to the investors of several projects that more work is underway in order that he chose one of them. “Lack of focus is bad”, – says Igor Taber. The structure of the presentation should include no more than 15 slides. Need to focus on three key issues that cause the greatest interest of the investor: the team, market size and uniqueness of the product.

Conformism


Bad form is the fact that at the slightest remark in his address to the entrepreneur willingly responds, “Thank you, fix it”. “In the relentless struggle for all good investments, but you must win back the opinion and the idea that” sick “- Alexander Galich. Venture capital investments – risky business if you do not stand firm, then a high probability that you will not see the money. But the situation where the entrepreneur refuses to listen to completely counter is invalid.

Unethical statements


If the employer responds poorly about their competitors, partners or former colleagues, he will never get the money from the investor. Also, do not count on the attention to the project, designed for misleading customers. If you are not honest with customers, why should a potential investor to believe you? Another common mistake beginners business – to create an aura of indispensability around that without them the company would collapse. It means – people can not build a good project and a sober assessment of their capabilities.

Unwillingness to work hard


According to Director General of General Catalyst Joel Cutler, causes extreme caution in the absence of the entrepreneur and his unwillingness to drive to spread in your project to complete. Extremely valid argument with the investor plans to sell the business in the future. On this fact emerges quite reasonable, and which holds the feasibility of inserting money into a company that is not created for the further development and for sale? Igor Taber from the fund Intel Capital, based on their experience says that a high degree of probability of failure, a man who at the entrance of the business, talks about his salary and the amount of cash out.

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