IP: Bill Gates' personal investment in Red Hat - today's NYT

[David Farber <dave () farber net>]

> Date: Wed, 15 Aug 2001 07:59:49 -0400
> To: dave () farber net
>
> Dave
>
> From the watch what they do, vs what they say dept.....
>
> Today's NYT article below reports Bill Gates' personal investment company 
> is an investor in Red Hat....gee, I thought Red Hat was involved in 
> something related to, heaven forbid....'open source' software????? <g>
>
> Thought IP list readers might enjoy this small ironic delight
>
> XXXX XXXXXNOTE PLEASE LEAVE MY NAME OFF POSTING IF YOU DECIDE TO DO SO, TX
>
>
>
> > This article from NYTimes.com
> >
> > bill gates personal inv company owns piece of red hat linux sw. company
> >
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> > Gates to Invest $100 Million in Gabelli Asset
> >
> > By BLOOMBERG NEWS
> >
> >
> >
> >
> >
> > RYE, N.Y., Aug. 13 (Bloomberg News) William H. Gates,
> > founder and chairman of Microsoft (news/quote), plans to invest
> > $100 million in the $26 billion funds management business of Mario
> > Gabelli, helping finance the firm's push into Europe.
> >
> >  Mr. Gates's personal investment company, Cascade Investment
> > L.L.C., agreed to buy a 10-year convertible note in Gabelli Asset
> > Management Inc. (news/quote), Gabelli said. If the note is
> > converted into stock, Cascade will own 6 percent of Gabelli, whose
> > assets grew by $1.3 billion in the first half of the year.
> >
> >  Gabelli needs to expand into new markets to continue that growth,
> > analysts said. "This is a company that has grown very fast and it's
> > going to be difficult for them to continue growing as fast," said
> > Craig Woker, a stock analyst at Morningstar Inc.
> >
> >  Mr. Gates and Mr. Gabelli attended a media and computer conference
> > in Sun Valley, Idaho, sponsored by Allen & Company last
> > month, and they have been business partners in the past. In
> > December 1999, Cascade lent $25 million to Gabelli's local
> > telephone venture, the Lynch Interactive Corporation (news/quote),
> > taking a 17 percent stake in the business. Lynch shares are up 57
> > percent this year.
> >
> >  Most of Cascade's funds, managed by Michael Larson on behalf of
> > Mr. Gates, are in Microsoft stock. The fund also holds stakes in
> > Liberty Satellite and Technology Inc. (news/quote), a company
> > controlled by Liberty Media, and in the software company Red Hat
> > Inc. (news/quote)
> >
> >  Gabelli will pay 6.5 percent interest on the note in the first
> > year and 6 percent after that. Cascade can convert the note into
> > Gabelli shares at $53 a share, a 21 percent premium to Gabelli's
> > Friday closing price of $43.78. The shares rose 72 cents today, to
> > $44.50.
> >
> >  After the purchase, Gabelli will have a $400 million fund for
> > Europe, including $300 million it raised before Mr. Gates's
> > investment, The Financial Times reported yesterday.
> >
> >  "Over time there is probably going to be more organic growth in
> > markets like Europe, and generally speaking outside the U.S., than
> > in the U.S. itself," said Guy Moszkowski, an asset management
> > analyst at Salomon Smith Barney, which took Gabelli public in 1999
> > at $17.50 a share.
> >
> >  Gabelli, based in Rye, manages about $26 billion in assets of
> > mutual funds, closed-end funds, partnerships, offshore funds and
> > private advisory accounts.
> >
> > http://www.nytimes.com/2001/08/14/technology/14FUND.html?ex=998886011&ei=1&en=3bb121eabddfb3a0
> >
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