Free Learning Curve by Michael S. Malone Page B

her throat. “Yes.”
    â€œYes, I was sure you did. Anyway, we have concluded that this is the moment for eTernity to begin the process of making its first public sale of stock. We’d like to go out within the next six months.”
    Sounds of assent filled the room. Alison glanced over and saw Ed Lessing of Mayfield Fund, cup and saucer in his hand, smiling and nodding at her. Alison turned back to Bellflower. “An IPO? Now? This was supposed to be a couple years away. When we were bigger. And the market was better.”
    â€œYes,” said Bellflower, rocking slightly on his heels. “That was before. Now, after yesterday, everything has changed. We think Validator Software has made a terrible strategic mistake, one that tilts the playing field in your favor. The market is going to like that. You’re going to need a lot of capital to consolidate this advantage—the kind of money only public ownership can provide.”
    And, thought Alison sourly, it’s the perfect moment for all of you to cash out with enough profit to cover all of your other bad investments over the last couple years.
    Terry Bingham, the hot-shot head of Cisco’s corporate venture fund, spoke up. “Frankly Alison, there’s no indication that the stock market is going to get better anytime soon. This may be as good as it gets for a while.”
    Alison began to respond, then put up her hands. “I’m sorry,” she said. “But I’m confused. I seem to remember that when we founded this company four years ago, you all assured me that any decision to move towards a liquidation event—be it an IPO or an acquisition—would be the result of extended deliberations between myself and my staff and all of you. And that this event would be set for at least a year out to spare the company all the chaos and dislocation this kind of event inevitably causes.”
    Arthur glanced at the other men, then smiled at Alison. “That’s exactly what we’re doing, Alison, deliberating. That’s why we’re all here. And that is why you were invited here. We have all of the time we need this morning to deliberate on this Initial Public Offering idea, and to come to some kind of agreement on how to proceed.”
    â€œI assume all of you are unanimous in your support of this IPO?”
    Heads nodded. “That is correct,” said Bellflower. “Unanimous. And you don’t need to do any calculating to appreciate that this group represents more than sixty-two percent of the company’s outstanding warrants.”
    â€œSo,” said Alison stiffly, “it’s a fait accompli . Why am I here?”
    Bellflower’s face became stern. “Because, my dear, we haven’t gone this far with you—we haven’t put this much trust in you—to suddenly overrule your executive decisions. This will be your choice, Alison. We’re merely here to help you make that decision and to present our case.”
    Alison, sensing an opening for at least a little control over her fate, folded her arms across her chest. “Assuming I do agree with you all,” she began, “what’s the hurry? Why not take the time to do this right?”
    Bellflower chuckled. “Oh Alison, really? ‘What’s the hurry?’ I never thought I’d hear those words from you, of all people. From the moment we first met, here in these very offices, I can’t remember a day when you weren’t urging me to move more quickly.”
    Alison couldn’t help but smile at him.
    The door behind her opened. “Ah,” said Bellflower, “here’s your coffee and biscuits, Alison.” He stepped forward and took both of her hands. “Come, young lady, let’s have a seat. We’ll drink some coffee, tell some war stories, and have a little talk. Then we’ll come to some decisions.” His hands were surprisingly soft and warm.

v. 2.5
    W ith her