07.26.2011 - Money Matters
The brinkmanship of the feckless politicians on both sides of the aisle inWashingtontoday is irresponsible. The economic recovery has been the weakest since the Great Depression and remains extremely fragile to this day. The fallout from a default would cause another recession. While it is important to get the deficit under control and raise the debt ceiling,it is truly a sad day when the leaders of our country posture to enhance their reelection chances in 2012 rather than compromise.
07.15.2011 - Mergers & Acquisitions
Our contention remains that all is not well in the M&A market despite the headlines mega transactions garner in the media. We recently read the June 2001 Monthly M&A Insider report published by Mergermarket which reinforced our thinking. In particular, the report reflected a pronounced decline in transactions globally as well as in North America for the first five months of 2011 as compared to the second half of 2010.
07.09.2011 - Money Matters
We thank William Shakespeare and his famous phrase from Hamlet, “To be, or not to be: that is the question” for the inspiration of our title. In short, it sums up the dilemma facing the European Central Bank (ECB) and the leaders of the European Union (EU) countries regarding the sovereign debt crisis embroiling Greece.
07.03.2011 - Banquet Of Life
The picturesque Napa Valley is a truly blessed place to live and work. The sense of community is clearly palpable with the multiplicity of activities and events that provide for those less fortunate. Leading the charge are the many world class chefs and wineries that call the Napa Valley home.
06.27.2011 - Capital Markets
The credit market pendulum has swung from one extreme to another and then back again. The financial crisis precipitated by the Lehman Brothers bankruptcy appears to be a dim and distant memory. Commercial banks are climbing all over themselves today to write new business and demonstrate top line growth to investors and analysts. The tightened credit standards of the last couple of years have begun to fall by the wayside with the banks’ increased appetite for risk.
06.20.2011 - Private Equity
Headlines in the financial press of the last couple of months have reflected the resurgent IPO market for private equity portfolio company exits. Further evidence of this renewed appetite for risk was a research report released on May 24, 2011 by Preqin, a London based independent research firm focusing exclusively on alternative assets. Needless to say, the rebound of the IPO market is putting smiles on the faces of general partners and making limited partners very happy.
06.12.2011 - Mergers & Acquisitions
Few business activities are more complex or risky than consummating an acquisition of a privately owned company. Consequently, and especially in light of today’s litigious environment companies about to be acquired will undergo a thorough due diligence examination. The objective of due diligence is to confirm all material facts regarding a company prior to completing a transaction.
06.05.2011 - Banquet Of Life
Prepare for an incredible Italian feast when dining at Cucina Italiana. Everything is fresh, delicious and reasonably priced. You will enjoy generous portions of exceptional authentic Italian fare are made to order. It is well worth a detour from the heart of Napa Valley and the drive is gorgeous.
05.29.2011 - Money Matters
While we are not economists by training, we believe the significant headwinds the nation faces along with a good dose on common sense will keep consumers, which represent 70% of the economy, from returning to previous spending patterns anytime soon.
05.28.2011 - Private Equity
It seemed very apropos to borrow Charles Dickens famous quote to describe the current state of the private equity industry.
The excellent report, Private Equity in 2011, recently issued by Rothstein Kass indicates a renewed sense of optimism for 2011 on the part of industry leaders. Several factors are cited including an expectation of an increase in attractive investment opportunities, a more receptive IPO market for portfolio company exits and an improved fund raising environment.