Not at Home.Talk about bad timing. Last week, Westlake Village-based Homestore.com Inc., one of the last L.A.-area dot-coms left standing, completed the $150 million cash-and-stock acquisition of iPlace Inc., a provider of affinity marketing services. Included in the deal were 1.6 million Homestore.com shares, which -- once it closed -- promptly lost 30 percent of their value. MemberWorks Inc., the Stamford, Conn.-based seller of iPlace, saw $10.6 million of the deal's value evaporate e·vap·o·rate v. 1. To convert or change into a vapor; volatilize. 2. To produce vapor. 3. To draw or pass off in the form of vapor. 4. . Analysts said a weak housing report hurt Homestore.com, which also operates the Realtorcom Web site. Contributing columnist Benjamin Mark Cole Mark Cole is a multi-instrumentalist blues and roots musician based in Gloucester, UK Music Mark primarily writes and performs blues music but also writes and performs music influenced by other American roots music genres such as americana, cajun, zydeco, bluegrass and writes about the local investment community for the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Business Journal. His new book is "The Pied Pipers Pied Piper charms children of Hamelin with music. [Children’s Lit.: “The Pied Piper of Hamelin” in Dramatic Lyrics, Fisher, 279–281] See : Enchantment of Wall Street: How Analysts Sell You Down the River," published by Bloomberg Press. |
|
||||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion