Thursday, April 17, 2014

CONTEST: I’M IN A PHILANTHROPIC STATE OF MIND

This is the “new normal” way to become a billionaire???

I’ve been writing, off an on, about Textura Corp (NYSE: TXTR) since before it went public last year.  Textura, a company operating in the A/E/C Industry SaaS space, has yet to report a profit, but, in spite of that, had, at one point last year, a market cap of over $1 billion.  More recently (after a scathing report from Citron Research), TXTR has come closer to earth, recently trading in the low $20.00 range (after hitting a high of $45.63 last October 1st.)  Note that at $20.00 per share, TXTR has a market cap of $496 million.  To put that market cap into proper perspective, TXTR’s revenues were $12 million for the quarter ended 12/31/13.  Uh huh, that’s correct, a company that achieved $12 mil in sales for a quarter is valued at around $496 mil.  Hmmmm.  Well, in recent years, it’s been fairly common for tech-related companies to go public without any earnings and without any near-term prospects of earnings.  On a message board today (Yahoo Finance, TXTR), someone suggested that TXTR is following another company’s footsteps – to achieving significant market cap.  Apparently, in this game - building market cap in the SaaS space - the more you lose, the more you’re worth.

CONTEST:
Now, as to the CONTEST, the first person who e-mails me the name of the company whose numbers appear below wins a $100.00 check for his/her favorite charity.  (Disclaimer:  Ben Stein and I graduated from the same high school.)

To which company do these interesting numbers belong?

E-mail your answer to joel.salus@mac.com

HINTS:
-the company is listed on NYSE
-the company is in the SaaS business
-some reprographers use this company's SaaS product


  In Millions of USD
  year-end year-end year-end year-end
  1/31/14 1/31/13 1/31/12 1/31/11
Revenue  $4,071.00  $3,050.20  $2,266.54  $1,657.14
Operating Income  $(286.07)  $(110.71)  $(35.09)  $97.50
   
price per share  
at end of fiscal year  $60.53  $43.03  $29.20  $32.28
   
Market Cap (prox) $36.9 BIL $24.3 BIL $15.8 BIL $17.6 BIL

3D Systems acquires Xerox Corporation’s product design, engineering and chemistry group

The following paragraph comes from an in-depth article (about the subject reported below) that appeared in Larry Hunt’s Wide-Format News, April 2014 edition.  (You need to be a subscriber to that newsletter to read the full article.)


3D Systems and Xerox recently announced a transaction designed to leverage both companies’ 3D printing capabilities to accelerate growth and cement leadership positions. 3D Systems entered into a definitive agreement to acquire Xerox Corporation’s Wilsonville, Oregon product design, engineering and chemistry group and related assets for $32.5 million in cash. This transaction was expected to close before the end of last year, subject to fulfillment of certain customary conditions. This agreement expands the- decade and-a-half long collaboration between the companies that has already produced 3DS’ best-selling ProJet series 3D printers. As part of this agreement, 3DS expects to add more than 100 experienced Xerox engineers and contractors who are specializing in product design and materials science to its global R&D team

Tuesday, April 15, 2014

Staples to Offer 3D Printing Services

I received this e-mail from a friend yesterday afternoon:  “I caught this on Bloomberg today - you may have seen the article or discussion already. I hope all is well with you.” And, here’s the article, up on Forbes.com, by Gene Marks:

Will 3D Printing Be Staples' Field of Dreams?
“If you build it, they will come.”
It worked for Ray Kinsella.  Maybe, just maybe, it’ll work for Staples SPLS +2.03% too.  The office supply company is now bringing their brand recognition to the field of 3D printing.  They’re building it.  And now they’re hoping that entrepreneurs will respond. Staples is a client of mine and I was paid to moderate a panel last week in New York about this new offering.
3D printing is not new.  The problem is that to date it’s not been very sexy and no one is familiar with the players.
Take for example ProtoCAM, a small company near Allentown, Pennsylvania who is also a client of mine.  Since 1994, they’ve been creating 3D prototypes of parts that their customers then use in their final designs of production equipment. It’s not very sexy work.  ProtoCAM’s engineers and technicians use complex computer applications and very expensive, custom made machines that oftentimes take days to pop out molds and models.  They do this using cast urethane models, rapid injection molding, high-quality metal castings and roto-casting.  “We’ve always been at the leading edge using the latest stereolithography resins to provide our customers with the best possible alternatives for their rapid prototyping needs,” the company’s website says.
Look, I didn’t say this was exciting, did I?  And if you really want an alternative to counting sheep, try visiting one of the many Design2Part shows around the country that feature the products and services of other companies just like ProtoCAM.  Or checkout the next 3D Printer World Expo which is scheduled for 2015 in Burbank, California, following a successful event this past month in New York.  You’ll find that many of these companies are, like ProtoCAM, not exactly newcomers to the world of 3D printing.  They’ve been doing this for years.
We’re told that soon people will be “printing” houses, fingers, ears, parts for your car, parts for your factory equipment, food, pharmaceuticals.  3D printing will be creating new industries, generating billions in wealth and forever changing our lives. But even though 3D printing is projected to be a $10.8 billion industry by 2021, most of us aren’t yet affected.  So when will 3D printing become as pervasive and commonplace as just…printing?  How can entrepreneurs with an idea but little capital get in on the action?
Enter Staples.  And 3D Systems.
Last week, Staples announced a partnership with 3D Systems DDD -1.93% to provide 3D printing services at two of its retail locations.   Customers can bring their 3D print-ready files to have them printed at Staples’ stores on 5th Avenue in Manhattan, N.Y. and Wilshire Boulevard in Los Angeles, Calif.
The idea is this:  there’s no need to buy a 3D printer (they sell those too) just like there’s no need to buy a regular printer, scanner or copy machine. Just come into the service center and Staples will take care of the job for you.  They’ll have the equipment there. They’ll have people who specialize in 3D printing available.  They’ll be ready to go for any of your 3D printing needs, just like they’re ready for any of the jobs you already bring into the copy and print center.  To demonstrate at our panel event, Staples displayed models of phone cases, chess pieces, figurines and jewelry that they can print in the store.
“We believe that literally millions of small businesses and customers could benefit from the technology,” said Damien Leigh, senior vice president of business services for Staples. “We wanted to educate businesses so they can get involved with 3D printing at a fraction of the cost because right now they don’t understand it.”
So give credit where credit is due.  Staples is bringing their brand to 3D printing. The company is investing in this technology.  They’re hoping to expand these services nationwide.  They’re training their people to understand the intricacies of 3D printing.  They’re partnering with a well-known company in the industry. They’re buying equipment and promoting the service.  They’re putting everything into place. Like Ray Kinsella, they’ve built the field.  And now all they need now is is…customers.  Entrepreneurs.  Business people with ideas.
Will they come?  I have no idea.  Where’s James Earl Jones when you need him?
Besides Forbes, Gene Marks writes daily for The New York Times and weekly for Inc.com.

Blog Publisher’s Comment:


Personally, I don’t believe that Staples has done all that good of a job in the Copy/Print business.  It will be very interesting to see if Staples can do a better job with 3D printing services …. but I don’t expect that will be the case.

U.S.-based Mimeo.com acquires Koebcke GmbH (Service Point Solutions’ former operation in Germany)

I’d like to thank a friend in Germany for bringing this news to my attention.

In his e-mail this morning, he said…

“The U.S. investor Mimeo Inc. took over the operation of the German Koebcke GmbH at three locations in Berlin and another seven offices nationwide.”

You will find, below, Google Translate translations – of two articles - from German to English.  As always, keep in mind that translations are not perfect.

1st article……

April 14, 2014                      

Saved Berlin Digital printing Koebcke: Tiefenbach insolvency administration
Retained 100 jobs: self-administration successfully

- Rehabilitation Director, Marcello Di Stefano, Tiefenbach insolvency administration

- Trustee, Dr. Juergen Wallner, Wallner White insolvency expert GbR

Berlin, April 11, 2014 - The long-established Berlin printshop Koebcke is saved.
The company, one of the largest European producers of photo books had, in early November 2013 must sign insolvency after the Service Point Solutions SA of Barcelona was advised as affiliated company during the economic crisis in Spain itself in financial difficulties. Now, the U.S. investor has Mimeo, at three locations in Berlin and another seven offices nationwide, took over the operation of the Koebcke GmbH, a German subsidiary. All of the approximately 100 remaining jobs were obtained (retained).
At the request of Koebcke (annual turnover of about EUR 11 million) had ordered the self-administration, the district court Charlot Altenburg. Rehabilitation manager Marcello Di Stefano as equity manager and administrator Dr. Juergen Wallner, both experienced in insolvency administration and restructuring of companies lawyers, it is then succeeded together, successfully handle the seasonal extremely turbulent and difficult Christmas trading and subsequently paved the way for the companies to provide new. Once it became clear that a bankruptcy plan would already no longer come to fruition due to time constraints, to Mimeo has prevailed against three other prospects and acquired the business operations of Koebcke GmbH by way of a so-called asset deal. As a strategic investor plans Mimeo, the acquired operations to expand under a new name to its production center in continental Europe.
For legal reasons, was canceled at his own request and with the goal of a smooth transfer to an investor, self-administration just before signing the contract and lawyer Dr. Juergen Wallner been appointed to be the administrator, who ultimately then made the deal perfect. "The good cooperation between equity managers, trustees and creditors' committee was ultimately crucial to the success of this mission." Says Di Stefano. - Wallner explained: "It was open until the end, which investor would win. With the refurbishment solution now found the operation for the future is in good shape. ". Both lawyers consider it a particular success, that in a difficult position layoffs could be avoided.

2nd article……

Previous News Next News 14/04/2014 - Category " Proceedings"
Saved Berlin Digital printing Koebcke

Large printing Koebcke is rescued from insolvency
Retained 100 jobs : self-administration successfully

The old Berliners large printing Koebcke is saved. The company , one of the largest European producers of photo books had , in early November 2013 must Sign insolvency after the Service Point Solutions SA was out of Barcelona as the affiliated company during the economic crisis in Spain itself in financial difficulties. Now, the U.S. investor has mimeo , at three locations in Berlin and another seven offices nationwide , took over the operation of the Koebcke GmbH , a German subsidiary . All of the approximately 100 remaining jobs were obtained (retained).

At the request of Koebcke (annual turnover of about EUR 11 million ) had ordered the self-administration , the District Court of Charlottenburg. Rehabilitation manager Marcello Di Stefano as equity managers and administrator Dr. Juergen Wallner, both experienced in insolvency administration and restructuring of companies lawyers, it is then succeeded together , successfully handle the seasonal extremely turbulent and difficult Christmas trading and subsequently paved the way for the company new to ask . Once it became clear that a bankruptcy plan would already no longer come to fruition due to time constraints , to mimeo has prevailed against three other prospects and acquired the business operations of Koebcke GmbH by way of a so-called asset deal . As a strategic investor plans mimeo , the acquired operations to expand under a new name to its production center in continental Europe.

For legal reasons , was canceled at his own request and with the goal of a smooth transfer to an investor , self-administration just before signing the contract and lawyer Dr. Juergen Wallner been appointed to be the administrator , who ultimately then made ​​the deal perfect. "The good cooperation between equity managers , trustees and creditors' committee was ultimately crucial to the success of this mission . " Says Di Stefano . - Wallner explained : "It was open until the end, which investor would win . With the refurbishment solution now found the operation for the future is in good shape. " . Both lawyers consider it a particular success , that in a difficult position layoffs could be avoided.

Lawyer Marcello Di Stefano , lawyer specializing in bankruptcy law , is known as bankruptcy law expert and insolvency , and renovators nationwide. He is a partner of Tiefenbach Lawyers Partnership to the Tiefenbach insolvency administration part .

Information about Tiefenbach insolvency administration
Tiefenbach insolvency administration operates nationwide as a known renovators and Fort leader in bankruptcy proceedings for over 25 years . More than 2000 bankruptcy proceedings have been taken care of by now 9 liquidators of 13 locations in Germany. In collaboration with Tiefenbach lawyers the entire portfolio of administration tasks are covered . The administrator understand has always been the bankruptcy as an opportunity to restructure and make a fresh start . More information at www.tiefenbacher - insovenzverwaltung.de .

Attorney Dr. Juergen Wallner, lawyer specializing in bankruptcy law, is a founding partner of Wallner White insolvency expert GbR and nationally active as a bankruptcy law expert and insolvency . Since the law was changed in March 2012, the lawyer Dr. Juergen Wallner already and many companies , especially in the printing industry , in the context of self-administration under the supervision of Mr. be rehabilitated.

Information about Wallner White

The Wallner White insolvency expert GbR is part of the White Wallner group of companies , which for over 11 years with 6 admin- tern at 16 locations specializing in corporate restructuring and nationwide. Through an efficient and highly specialized staff business and legal expertise will be implemented in practical crisis management. Its particular strength lies in a multidisciplinary and holistic approach , flows into the next experience business management also derived from the control of more than 1,000 corporate insolvencies know- how.

Saturday, April 5, 2014

Marathon Reprographics vs. Kevin Rowe, iPlanTables, et al – CASE DISMISSED

On March 19th, a “stipulation for dismissal” was filed with the Court.

"COME NOW the Plaintiff Marathon Reprographics, Inc. and Defendants Kevin Rowe and Beth Swanson, TRC Digital Services, LLC, TRC, Inc., iPlanTables, LLC, and James D. Costello, by and through their respective counsel, and hereby stipulate to the dismissal of the claims between them with prejudice. As between these parties, each party shall be responsible for and bear their own attorney’s fees and costs."

On March 24th, the court issued an “order” directing the case to be dismissed “in its entirety with prejudice, with each party to bear their own costs and fees.”

Okay, now for Law101 from Repro101…..

What does “dismissal with prejudice” mean?

In general, it means that the lawsuit may not be refilled, and as such, it operates as an adjudication on the merits.  The dismissal may be voluntary (that is, the plaintiff dismisses with prejudice when a settlement has been consummated), or it may be involuntary (often as an extreme sanction imposed by the court for disobedience to court orders). 

Question
What does it mean to dismiss a court case because of prejudice? How about voluntary vs. involuntary?
Answer
I think what you mean to ask about is a case being dismissed "with prejudice" or "without prejudice." Those are the formal legal terms for the different ways cases get dismissed. Dismissing a case "because of prejudice" sounds like it got dismissed because a judge's racism or something like that – this is not true.
In the formal legal world a court case that is dismissed with prejudice means that it is dismissed permanently. A case dismissed with prejudice is over and done with, once and for all, and can't be brought back to court. 
A case dismissed without prejudice means the opposite. It's not dismissed forever. The person whose case it is can try again.
Cases are also dismissed voluntarily, by the person who filed the case, or involuntarily, by a judge. For example, you could file a small claims case and voluntarily dismiss your case either with or without prejudice. You could dismiss with prejudice, if there'd probably be no need to come back to court, because, say, you’ve been paid.  However, if you decided they wanted to sue in regular court, because the amount is too much for small claims court, you could voluntarily dismiss your small claims case without prejudice. That would allow you to try your case in regular court. You could even change your mind again and return to Small Claims by reducing your claim.
When cases are dismissed involuntarily, it's by a judge, against the wishes of the person whose case is dismissed. Involuntary dismissals happen when the judge decides the case can’t go forward because of a legal reason. Usually, they're the result of the other side filing a Motion to Dismiss, pointing out those reasons.
When a case is involuntarily dismissed by a judge, it could be with or without prejudice. Often, judges dismiss cases without prejudice, so that the person whose case got dismissed can try again after fixing the problem the other side pointed out.

Sometimes, though, judges dismiss cases with prejudice. Maybe the loser has already had chances to fix their case, and the judge concludes there's no simply way the case can go forward. But it could be lots of things. The result is that the case is closed. If your case was dismissed with prejudice it can be appealed to a higher judge, but you can’t start over from scratch and try again.