Daily Archives: 05/28/2009

(Community Matters) Yesterday’s corporate lunch series sponsored by Comerica, Winstead & Bridgepoint was super. The panelists: Austin Venture’s Tom Ball, Blue Sage’s Jim McBride and Guggenheim Capital’s Eric Rothfus.

Speaking with a couple of the panelists plus several of the attendees as well as many other conversations during the last couple of weeks, appears our economic decline has bottomed or is near bottom, and I’m hearing cautious optimism – especially caution that there could be a second dip (not predicted but realization there could be).

Jim isn’t worried about inflation for the next several years – he was much more concerned about deflation and seems to believe its risk has passed. Notes the greatest challenge today is the “velocity of change” in factors impacting margins, demand and revenues. I liked his lemons into lemonade perspective of these times as a cleansing time and his reminding of the quote, “when you’re going through hell, keep going.”

Eric notes that many sophisticated angels are still investing. Tom seconded that observation. (at the same time, I know a few quite sophisticated angel investors whose allocation of risk/less liquid capital has been realigned by the market and who are therefore not further investing in startups).

Guggenheim’s $65mm fund is 2/3 allocated toward distressed technology buys; 1/3 for startups, especially in the space of semiconductors and software. In the distressed space, they are often looking to buy assets rather than businesses.

Austin Venture’s newest, $900mm fund is allocated 2/3 to growth equity and 1/3 to traditional venture capital, 2/3 of which is targeted for Texas/SW USA. In both groups, they are increasingly focused on investing in people. Tom notes his last three deals have each been seed rounds of less than $1mm.

(Community Matters) The Uniter of England has long intrigued Robert Faires, who will debut his one-man show, Henry V, at the Off Center starting July 2. Barbara Chisholm producing through, Red Then Productions.

Steven and Robert Faires

Barbara organized a fundraiser at their SOCO home. They both told stories of Robert imagining this one man show for over 20 years, Barbara admitting Rosalind coming up with the idea. They are producing the show for Robert’s 50th birthday.

Barbara Chisholm

The food & drink was spectacular, all at the hands of Austin’s favorite actor – and an increasingly important producer, Barbara.

Larry Connelly, Michael Barnes & James Armstrong

Caught up with James & Larry – Steven and James traded stories about hosting moms for vacations in Europe, and what great memories that’s left for James. Michael filling me in on what a lovely weekend he and Kip had at Cliff Redd’s & Rick Johnson’s in Galveston.

Barbara & Turk Pipkin

Turk is making much progress on plans to build a school in Kenya. He’s raised nearly $40k of the necessary $70k, and Nike appears close to coming in as a sponsor.

Linda Ball & Gary Cooper

In addition to Linda & Gary, we enjoyed connecting to their partners, Forrest Preece and Richard Hartgrove. Also nice seeing my 20+ year friend, Joan Lava as well as many others, including Zach Scott’s Elizabeth Challener, her husband Brett and Emma Virjan author of Nacho the Party Puppy.

Not only were we treated to a reading by Robert, but Meredith McCall performed, accompanied by Jason Connor.

Steven and I very excited about this production – Robert such a true Shakespeare fan – and great seeing Barbara produce her second show.

(Community Matters) What was expected to be an intimate gathering of Jack McDonald supporters hosted by John Thornton & Kirk Rudy rather demonstrated Jack’s magic. Instead of the expected 20, the lobby was overflowing with 80+ contributors, many of whom have agreed to a max out contribution. Most surprising, I’m not sure the room wasn’t filled half by Republicans.

Though they’ve now all given and their names will be in FEC records, I’m not going to mention names of those attending since several expressed slight unease, longtime friendships with the incumbent in Distr. 10, Michael McCaul and/or his wife, Linda, even business relationships with McCaul’s benefactor and father-in-law, Lowry Mays – not only the grantor of $50mm to Linda & Mike but a Texas billionaire and the founder of Clear Channel Communications. I think the Congressman’s failure to standout from recent lockstep obstructionist party votes and his prostrations for Rush Limbaugh are making it difficult to continue supporting Mike against such a qualified candidate as Jack. Though, I note many mention what a nice guy Mike is.

(Community Matters) If you’ve charged anything at Starbucks over the Memorial weekend, I suggest checking statement. I used a bank debit card to refresh my Starbucks gold card (which gives you 10% off on each purchase). Reviewing my account looking for an uncleared item yesterday, I noticed Starbucks had posted the $100 charge against my account three times. Even before calling, one of the extra postings had been reversed. The second is still outstanding, however.

Michelle, the manager of the 38th St. store was very helpful and apologetic. After inquiring, she phoned me back to explain there’d evidently been systems errors and they anticipate correcting all charges within 48 hours. Nevertheless, I’d check.

(Community Matters) A federal court lawsuit filed against Prop 8, and they’ve asked for an injunction while appealed. The plantiffs are represented by Theodore Olson & David Boies. Olson represented GWB in the 2000 Bush v Gore case. Boies represented Gore.

“Mr. Olson and I are from different ends of the political spectrum, but we are fighting this case together because Proposition 8 clearly and fundamentally violates the freedoms guaranteed to all of us by the Constitution,” [David] Boies said. “Every American has a right to full equality under the law. Same-sex couples are entitled to the same marriage rights as straight couples. Any alternative is separate and unequal and relegates gays and lesbians to a second class status.”

press release here

hmm, hadn’t occured to me that maybe that left intact the 18,000 marriages knowing it would create a distinct second class of citizen knowing it might be ammunition of overturning the case.