IP: Capital Formation in Cyberspace

[Dave Farber <farber () cis upenn edu>]

"CAPITAL FORMATION IN CYBERSPACE:  
A REALISTIC INNOVATION IN FINANCE?


Sponsored by THE BUSINESS LAW 
ASSOCIATION at New York Law School


APRIL 15, 1998 6:30 PM - 9:00 PM
NEW YORK LAW SCHOOL
57 WORTH STREET, NYC


The phenomenal growth of the Internet is changing the 
way the world interacts.  From sending e-mail across continents to 
viewing pictures of the Martian landscape, this new tool enables 
access to information at speeds previously unimaginable.  This change 
in the acquisition of information challenges the foundations of the 
capital formation process.  The Internet's impact on the legal 
principles of disclosure, liability, and regulation of the markets 
will be explored in THE BUSINESS LAW ASSOCIATION's Symposium: 
"Capital Formation in Cyberspace, A Realistic Innovation in 
Finance?"


THE BUSINESS LAW ASSOCIATION at New York Law School 
has assembled a panel of experts to discuss whether this new dynamic 
will have a lasting impact on the way that securities are offered and 
traded.  Panelists representing each facet of this industry will hare 
their experiences, voice their concerns and prophesize their 
versions of the future.  


The Symposium will be held on April 15 from 6:30 pm to 9:00 pm in the 
Dining Room at New York Law School, 57 Worth Street, New York, NY 
10013-2960.  Seating is limited, so please  RSVP by April 8, 1998 to 
(212) 431-2851 or via e-mail to buslawassn () nyls edu.  If you RSVP via 
e-mail, please include your name, company and a day time phone 
number. For more information, contact THE BUSINESS LAW ASSOCIATION at 
(212) 431-2899, ext. 4301. PANELISTS INCLUDE:


Warren Gottlieb 
Associate Thacher Proffitt & Wood 
Mr. Gottlieb joined Thacher Proffitt & Wood in 
1996 as an associate in the Firms' Structured Finance Group.  Mr. 
Gottlieb received his J.D. from Tulane Law School where he graduated 
cum laude in 1996.  He received his B.S. from the Wharton School of 
the University of Pennsylvania in 1993.




Jeffrey J. Hass
Associate Professor
New York Law School
B.S., 1984, Florida State University; J.D., 1988, University of 
Pennsylvania Law School (Law Review, Comment Editor). NYLS since 
1996. Associate, Cravath, Swaine & Moore, 1988-1993; Associate, 
Latham & Watkins, 1993-1995; General Counsel, The Florida Project, 
1990 - present. Member, American Bar Association: Committee on 
Federal Regulation of Securities; Subcommittee on 1933 Act-General. 
Author, "Directorial Fiduciary Duties in a Tracking Stock Equity 
Structure: The Need for a Duty of Fairness" (University of Michigan 
Law Review, 1996); Co-author, with Peter Romeo, John uber et al., 
"ABA Position Paper on Rule 144" (1995); Co-author, with Erica 
Steinberger, "Introduction to Tracking Stocks" (PLI, 1993); "Insights 
into Lender Liability: An Argument for Treating Controlling Creditors 
as Controlling Shareholders" (University of Pennsylvania Law Review, 
1987). 


Andrew D. Klein 
President and Chief Strategist Wit Capital 
Andrew D. Klein, 38, is founder and chief strategist for Wit Capital.  


Mr. Klein did his undergraduate work at Brandeis University and in 
1983 earned a degree in American Studies.  He graduated from Harvard 
law School in 1986 and practiced securities law at Cravath, Swaine & 
Moore in New York City for six years.  In January  1993, Mr. Klein 
founded Spring Street Brewing Company and began brewing and marketing 
Wit Beer, a popular microbrewed Belgian wheat beer.  Three years 
later in January 1996, Klein created a stir on Wall Street and within 
the on line community when he conducted the first IPO over the 
Internet.  Without using underwriters or brokers, Spring Street 
Brewing Company raised $1.6 million from 3,500 online investors.  
Following the success of the online offering, Klein created a simple 
mechanism allowing investors to buy and sell Spring Street shares 
with each other.  In March 1996, the SEC conditionally approved 
Klein's online trading mechanism.  Based on the success of his first 
online IPO and encouraged by the overwhelming interest from Wall 
Street and the business community, Mr. Klein founded Wit Capital in 
April 1996.  Andy Klein is the author of WallStreet.com, published by 
Henry Holt and Company.




Broc Romanek 
Special Counsel in the Office of Chief Counsel, Division of 
Corporation Finance U.S. Securities and Exchange Commission 
Mr. Romanek contributed to the Staff's Revised Staff Legal Bulletin 
No. 5 regarding Year 2000 disclosure and the Commission's October 
1997 Congressional Study on the Impact of Recent Technological 
Advances on the Securities Markets.  In November 1997, he published 
an article in "wallstreetlawyer.com" entitled "Multimedia prospectuses: 
A New Way of Looking at Things." Before rejoining the SEC in Spring 
1996, Mr. Romanek privately practiced securities law for 5 years 
after spending 2 years in the Division.


Jonathan Sarno 
Webcinema
Founder
CNI Cinema
Director
An Art History and English graduate of the University of 
Pennsylvania Jonathan Sarno did post-graduate training in playwriting 
and directing at the Yale School of Drama under the directors Arthur 
Penn, George Roy Hill, Elia Kazan, Roberto Rosselini and the novelist 
Jerzy Kozinski. After Yale he studied film directing at New York 
University.  He began his professional career in filmmaking with the 
documentary short "The Green Felt Big Top" which was shown by the 
Lincoln Center Film Festival. His theatrical feature film career 
began with the founding of CNI Cinema  produce The Kirlian Witness, a 
psychologically thriller that went on to worldwide distribution when 
it was acquired by Paramount Pictures.  His second theatrical feature 
Ramona, a romantic comedy, was acquired by Curb Communications and 
won numerous award at international film festivals. In 1998 CNI Cinema 
has a slate of four films in preproduction.


In addition to directing films Jonathan Sarno has written numerous 
screenplays, most notably the upcoming production Mesmer, co-written 
by the late Dennis Potter, directed by Roger Spottiswood and starring 
Alan Richman.  Jonathan Sarno serves as the North American 
representative of the Cartagena International Film Festival in 


Cartagena, Colombia, South America. The festival is under the 
direction of the Nobel award-winning author Gabriel Garcia Marquez. 
He is also founder of Webcinema,  a nonprofit dedicated to the 
independent filmmaker using new media technologies to finance, 
create, produce, distribute and market independent film.


James E. (Jes) Staley 
Managing Director J.P. Morgan 
Mr. Staley joined J.P. Morgan in 1979 and presently heads the Equity 
Syndicate and Global Equity Capital Markets department.  Mr. Staley 
has served in various management capacities within the Equities 
business since 1989 including head of equity sales and trading and 
head of convertible debt sales and trading.  From 1980 to 1989, Mr. 
Staley worked in J.P. Morgan's Latin American Department, spending 
eight years in Brazil.  His responsibilities included Head of 
Corporate Finance Brazil, Treasurer of J.P. Morgan's Brazilian Branch 
and General Manager of J.P. Morgan's Brazilian brokerage firm.  Mr. 
Staley has a bachelor's degree in Economics from Bowdoin College.


MODERATED BY


Charles R. Kassouf  
Founder and Co-Chair 
THE BUSINESS LAW ASSOCIATION


Krystian G. Koper 
President, Symposium Committee 
THE BUSINESS LAW ASSOCIATION 








Grace E. Lee, Electronic Services Librarian
New York Law School Library
57 Worth St., NY NY 10013-2926
212-431-2858


mailto:glee () nyls edu