DOCSLIB.ORG

Venture Capital Firms and the Retention of Founder-Ceos Timothy G

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Venture Capital Firms and the Retention of Founder-Ceos Timothy G Strategic Entrepreneurship Journal Strat. Entrepreneurship J., 3: 199–217 (2009) Published online in Wiley InterScience (www.interscience.wiley.com). DOI: 10.1002/sej.71 DANCE WITH THE ONE THAT BROUGHT YOU? VENTURE CAPITAL FIRMS AND THE RETENTION OF FOUNDER-CEOS TIMOTHY G. POLLOCK,1* BRET R. FUND,2 and TED BAKER3 1Smeal School of Business, The Pennsylvania State University, University Park, Pennsylvania, U.S.A. 2Leeds School of Business, University of Colorado-Boulder, Boulder, Colorado, U.S.A. 3College of Management, North Carolina State University, Raleigh, North Carolina, U.S.A. We consider how a venture capital fi rm’s perceived uncertainty in new and uncertain industry environments affects its decisions to retain founder-CEOs at companies they take public. We further consider how the human capital of the founder-CEO, the overall experience of the venture capital fi rm (VCF), and the VCF’s specifi c experience with the new industry moderate the relationship between industry-based uncertainty and founder-CEO retention. We explore these issues in the context of 340 venture capital fi rm investments in Internet sector start-ups that went public from 1995 to 2000. We fi nd evidence that industry-based uncertainty decreases the likelihood of founder-CEO retention, that founder-CEO human capital and VCF Internet- sector experience decreases the effects of these uncertainties on founder-CEO retention for business-to-business (B2B) fi rms, but increases them for business-to consumer (B2C) fi rms, and that VCF age further decreases the likelihood that the founder-CEOs of B2C fi rms will be retained. Copyright © 2009 Strategic Management Society. INTRODUCTION founded and grown their new companies (Boeker and Karichalil, 2002; Flamholtz and Randle, 2000; Two key assumptions underlying research on upper Nelson, 2003; Wasserman, 2003). An equally key echelons and corporate governance are that who assumption that has received far less scholarly atten- leads a company matters greatly, and that changes tion is that owners somehow know whether and how in leadership can have signifi cant consequences for to use their ability to replace fi rms’ leaders in ways a fi rm’s strategy and performance (e.g., Bebchuk that will enhance fi rm performance. However, the and Fried, 2004; Hambrick and Mason, 1984; Shen general assumption that owners are skilled in their and Cannella, 2002; Westphal and Fredrickson, performance of governance activities has been chal- 2001). In the context of entrepreneurial start-ups, lenged (see Bebchuk and Fried [2004] for a review these leaders are generally the individuals who have of this literature), and research on the effects of founder-CEO replacement on fi rm performance has been mixed (e.g., Beckman, Burton and O’Reilly, Keywords: Initial public offerings; founder; venture capitalist; corporate governance; cognition; symbolic action; decision 2007; Certo, et al., 2001; Daily and Dalton, 1992; making He, 2008; Jayaraman, et al., 2000; Nelson, 2003; *Correspondence to: Timothy G. Pollock, Smeal School of Willard, Krueger, and Feeser, 1992). Business, The Pennsylvania State University, 417 Business Building, University Park, PA 16802, U.S.A. Further, little research has considered what E-mail: [email protected] happens to owners’ attempts to shape fi rm Copyright © 2009 Strategic Management Society 200 T. G. Pollock, B. R. Fund, and T. Baker leadership during upheavals in the organizational in an emerging and fast-changing industry. In addi- landscape around the creation of major new indus- tion, we consider how founder-CEOs’ human capital tries and the promulgation of new technologies. The and different types of VCF experience shape the novelty and uncertainty of such developments creates extent to which industry-based uncertainty infl u- new ambiguities, confl icting interests, different ences founder-CEO retention decisions. means of success, and alternative ways for the con- We test our hypotheses using a sample of 340 fl icting interests and preferences to play out (Santos VCF investments in Internet fi rms that went public and Eisenhardt, 2009; Sine, Mitsuhashi, and Kirsch, from 1995 to 2000. VCFs play a critical role in 2006), all of which can challenge existing under- shaping young fi rms’ leadership and governance standings of who is appropriate to lead a fi rm. structures as they attempt to deal with major issues We attempt to address this issue by studying how of uncertainty and incentive alignment between owners’ perceptions of industry-based uncertainty sources and users of risk capital, especially in prom- infl uence decisions to retain or replace founder- ising new industries (Sahlman, 1988; Sapienza and CEOs in companies preparing to conduct initial Gupta, 1994). The infusion of venture capital into a public offerings (IPOs). Prior research has consid- young fi rm is a fundamental step in the process of ered the important role that governance and execu- separating ownership from control (Berle and Means, tive recruiting plays in managing uncertainties as 1932; Wasserman, 2003), and the leadership deci- fi rms prepare for their IPOs (Beatty and Zajac, 1994; sions made at this early stage in an organization’s Certo, et al., 2003; Chen, Hambrick, and Pollock, life can have signifi cant, ongoing consequences for 2008). In this study, we consider how one particular the fi rm (Baron, Hannan, and Burton, 1999; Fischer set of active and powerful owners—venture capital and Pollock, 2004; He, 2008). fi rms (VCFs)—infl uenced the leadership of start-ups We contribute to the entrepreneurship literature they invested in during the Internet bubble of the by exploring the important role that VCFs’ perceived mid- to late-1990s (Hendershott, 2004; Sine, et al., uncertainty plays in shaping the founder-CEO reten- 2006). Both academics and practitioners have noted tion decision in an emerging industry. Our study that replacing founder-CEOs with outside execu- contributes to the governance literature by showing tives is one of the most signifi cant ways that venture how differing experiences infl uence owners’ percep- capital fi rms shape their portfolio companies (Boeker tions of uncertainty, thereby shaping fundamental and Karichalil, 2002; Flamholtz and Randle, 2000; governance decisions. Levensohn, 2006; Nelson, 2003; Wasserman, 2003). Indeed, as one experienced venture capitalist recently wrote, ‘Executing that task [managing the founder- THEORY AND HYPOTHESES CEO transition] is arguably the single most impor- tant value a VC board will add in the company’s The benefi ts and costs of founder-CEO retention and replacement lifetime’ (Levensohn, 2006: 5). And while prior research has explored how factors such as stock Deciding whether or not to retain the founding CEOs ownership, founder characteristics, and life cycle of promising fi rms in their investment portfolios is factors (such as hitting milestones) infl uence this a key strategic decision made by VCFs, second in decision (e.g., Boeker and Karichalil, 2002; Jain and importance only to their decisions about which Tabak, 2008; Wasserman, 2003), questions regard- investments to make (Hellmann and Puri, 2002; ing the role played by VCFs’ perceptions of the Kaplan and Stromberg, 2004; Wasserman, 2003). industry uncertainties they face, and how these per- This decision can have substantial consequences for ceptions infl uence whether a founder-CEO is retained the structure of the fi rm (Baron, Burton, and Hannan, or replaced, have been left largely unaddressed. 1999) and its ability to retain key employees (Baron, We draw on cognitive theories of perception and Hannan, and Burton, 2001; Beckman, et al., 2007), decision making (Carpenter, Pollock, and Leary, acquire fi nancial resources (Boeker and Karichalil, 2003; Cyert and March, 1963; Haunschild and 2002; Certo, et al., 2001; Nelson, 2003) and even Miner, 1997; Sitkin and Pablo, 1992) and theories survive (Fischer and Pollock, 2004; He, 2008). Evi- of symbolic action (DiMaggio and Powell, 1983; dence regarding the performance benefi ts of founder- Meyer and Rowan, 1977; Pfeffer and Salancik, CEO retention remains quite mixed. Some studies 1978) to examine how perceived uncertainty infl u- fi nd that replacing a founder-CEO enhances perfor- ences whether VCFs retain or replace founder-CEOs mance outcomes (Beckman et al., 2007; Certo et al., Copyright © 2009 Strategic Management Society Strat. Entrepreneurship J., 3: 199–217 (2009) DOI: 10.1002/sej Founder-CEO Retention 201 2001; Hambrick and Crozier, 1985), while others substantially less relationship confl ict among board fi nd no signifi cant performance differences (Daily members. and Dalton, 1992; Willard, et al., 1992), and yet Mixed effects are also found when studying the others fi nd benefi ts to founder-CEO retention relationship between founder-CEO presence and (Fischer and Pollock, 2004; Forbes, Korsgaard, and initial fi nancial market reactions at IPO. Nelson Sapienza, Forthcoming; He, 2008; Jayaraman et al., (2003) found that fi rms going public with founder- 2000; Kor, 2003; Nelson, 2003). CEOs receive a higher price premium over the book The relationship between founder-CEO retention value of the company, suggesting investors may or replacement and fi rm performance is complicated. place a higher value on the intangible benefi ts asso- The presence of a founder-CEO who retains sub- ciated with the founder’s presence. In contrast, other stantial ownership power and, thus, greater control scholars (Certo et al., 2001) found that founder-CEO over the practices and strategic direction of the
Load more

Recommended publications
  • Download Printable
    Plumleigh Law P L Intellectual Property Transactions • Technology • Life Sciences • Media + Entertainment SERVICES Technology and Software Licensing, including Enterprise and Open Source Hardware/Semiconductor Digital Media/Internet/Entertainment Life Sciences/BioTech Commercial Transactions – Strategic Alliances, Corporate Partnering and M&A Virtual General Counsel – Policies, Compliance, Employment and Consulting Agreements >> Technology and Software Licensing, including Enterprise and Open Source We have advised clients on numerous transactions and matters relating to the development, commercialization, sales and procurement of software and technology, including: - Software License and Support Agreements - Enterprise and Site License Agreements - Clickwrap/Shrinkwrap Licenses - Evaluation Licenses - Source Code Licenses - Open Source Software Licenses - Open Source Compliance Programs - Software License Checklists and Training for In-House Sales Departments - Distribution Agreements - OEM/VAR/ISV Agreements - Software Development Agreements - Independent Consulting Agreements - SDK (Software Development Kit Licenses) - ASP (Application Service Provider)/Hosting Agreements - SaaS (Software as a Service) Agreements - Outsourced Support and Service Agreements - SLAs (Service Level Agreements) - Patent, Copyright, Trade Secret and Technology Licenses - Trademark Licenses Representative Transactions: For Critical Path, Inc.: - Negotiated software licenses and service agreements with wireless carriers and telecommunications providers worldwide,
    [Show full text]
  • 1 UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C
    1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2000 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries Institutional Investment Manager Filing this Report: Name: AMERICAN INTERNATIONAL GROUP, INC. Address: 70 Pine Street New York, New York 10270 Form 13F File Number: 28-219 The Institutional Investment Manager filing this report and the person by whom it is signed represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Edward E. Matthews Title: Vice Chairman -- Investments and Financial Services Phone: (212) 770-7000 Signature, Place, and Date of Signing: /s/ Edward E. Matthews New York, New York November 14, 2000 - ------------------------------- ------------------------ ----------------- (Signature) (City, State) (Date) Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check if no holdings reported are in this report, and all holdings are reported in this report and a portion are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check
    [Show full text]
  • 3Rd Quarter, 2000
    RUN DATE:10/06/00 ** LIST OF SECTION 13F SECURITIES ** PAGE 1 RUN TIME:14:34 IVMOOl CUSIP NO. ISSUER NAME ISSUER DESCRIPTION STATUS B49233 10 7 ICOS VISION SYS CORP N V ORD B5628B 10 4 * LERNOUT & HAUSPIE SPEECH PRODS COM B5628B 90 4 LERNOUT & HAUSPIE SPEECH PRODS CALL B5628B 95 4 LERNOUT & HAUSPIE SPEECH PRODS PUT D1497A 10 1 CELANESE AG ORD D1668R 12 3 * DAIMLERCHRYSLER AG ORD D1668R 90 3 DAIMLERCHRYSLER AG CALL D1668R 95 3 DAIMLERCHRYSLER AG PUT F9212D 14 2 TOTAL FINA ELF S A WT EXP 080503 G0070K 10 3 * ACE LTD ORD G0070K 90 3 ACE LTD CALL G0070K 95 3 ACE LTD PUT GO2602 10 3 * AMDOCS LTD ORD GO2602 90 3 AMDOCS LTD CALL GO2602 95 3 AMDOCS LTD PUT GO2995 10 1 AMERICAN SAFETY INS GROUP LTD ORD GO3910 10 9 * ANNUITY AND LIFE RE HLDGS ORD GO3910 90 9 ANNUITY AND LIFE RE HLDGS CALL GO3910 95 9 ANNUITY AND LIFE RE HLDGS PUT GO4074 10 3 APEX SILVER MINES LTD ORD GO4074 11 1 APEX SILVER MINES LTD WT EXP 110402 GO4397 10 8 * APW LTD COM ADDED GO4397 90 8 APW LTD CALL ADDED GO4397 95 8 APW LTD PUT ADDED GO4450 10 5 ARAMEX INTL LTD ORD GO5345 10 6 ASIA PACIFIC RES INTL HLDG LTD CL A G0535E 10 6 ASIA PACIFIC WIRE & CABLE CORP ORD GO5354 10 8 ASIACONTENT COM LTD CL A 620045 20 2 CENTRAL EUROPEAN MEDIA ENTRPRS CL A NEW G2107X 10 8 CHINA TIRE HLDGS LTD COM G2108N 10 9 * CHINADOTCOM CORP CL A G2108N 90 9 CHINADOTCOM CORP CALL G2108N 95 9 CHINADOTCOM CORP PUT 621082 10 5 CHINA YUCHAI INTL LTD COM 623257 10 1 COMMODORE HLDGS LTD ORD 623257 11 9 COMMODORE HLDGS LTD WT EXP 071501 623773 10 7 CONSOLIDATED WATER CO INC ORD G2422R 10 9 * CORECOMM LTD ORD G2422R 90 9 CORECOMM LTD CALL G2422R 95 9 CORECOMM LTD PUT G2519Y 10 8 CREDICORP LTD COM G2706W 10 5 DELPHI INTERNATIONAL LTD ORD 627545 10 5 DF CHINA TECHNOLOGY INC ORD G2759W 10 1 DIGITAL UNITED HOLDINGS LTD ORD ADDED 628471 10 3 DSG INTL LTD ORD 629526 10 3 EK CHOR CHINA MOTORCYCLE CO COM 629539 14 8 ELAN PLC R T 630177 10 2 * EL SIT10 INC ORD 630177 90 2 EL SIT10 INC CALL RUN DATE:10/06/00 ** LIST OF SECTION 13F SECURITIES ** PAGE 2 RUN TIME:14:34 IVMOOl CUSIP NO.
    [Show full text]
  • Wells Fargo Bank Na
    SECURITIES AND EXCHANGE COMMISSION FORM 13F-HR Initial quarterly Form 13F holdings report filed by institutional managers Filing Date: 2001-02-20 | Period of Report: 2000-09-29 SEC Accession No. 0001045969-01-000230 (HTML Version on secdatabase.com) FILER WELLS FARGO BANK N A Business Address 420 MONTGOMERY ST CIK:740906| IRS No.: 941347393 | Fiscal Year End: 1231 SAN FRANCISCO CA 94163 Type: 13F-HR | Act: 34 | File No.: 028-01341 | Film No.: 1549792 4152225300 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE REPORT FOR THE CALENDAR YEAR OR QUARTER ENDED: 9/29/00 CHECK HERE IF AMENDMENT ( ); AMENDMENT NUMBER: THIS AMENDMENT (CHECK ONLY ONE.): ( ) IS A RESTATEMENT. ( ) ADDS NEW HOLDINGS ENTRIES INSTITUTIONAL INVESTMENT MANAGER FILING THIS REPORT: NAME: WELLS FARGO BANK, N.A. ADDRESS: 420 MONTGOMERY STREET SAN FRANCISCO, CA 94104 13F FILE NUMBER: 28-1341 THE INSTITUTIONAL INVESTMENT MANAGER FILING THIS REPORT AND THE PERSON BY WHOM IT IS SIGNED HEREBY REPRESENT THAT THE PERSON SIGNING THE REPORT IS AUTHORIZED TO SUBMIT IT, THAT ALL INFORMATION CONTAINED HEREIN IS TRUE, CORRECT AND COMPLETE, AND THAT IT IS UNDERSTOOD THAT ALL REQUIRED ITEMS, STATEMENTS SCHEDULES, LISTS, AND TABLES, ARE CONSIDERED INTEGRAL PARTS OF THIS FORM. PERSON SIGNING THIS REPORT ON BEHALF OF REPORTING MANAGER: NAME: THEODORE MONOHON TITLE: VICE PRESIDENT PHONE: (415)222-5300 SIGNATURE,PLACE,AND DATE OF SIGNING: THEODORE MONOHON SAN FRANCISCO, CA 2/14/01 REPORT TYPE (CHECK ONLY ONE.): (X) 13F HOLDINGS REPORT ( ) 13F NOTICE ( ) 13F COMBINATION REPORT LIST OF OTHER MANAGERS REPORTING FOR THIS MANAGER: NONE I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
    [Show full text]
  • Form: 13F-HR/A, Filing Date: 08/15/2000
    SECURITIES AND EXCHANGE COMMISSION FORM 13F-HR/A Initial quarterly Form 13F holdings report filed by institutional managers [amend] Filing Date: 2000-08-15 | Period of Report: 2000-06-30 SEC Accession No. 0000314965-00-000004 (HTML Version on secdatabase.com) FILER CAPITAL GUARDIAN TRUST CO Mailing Address Business Address 333 SOUTH HOPE ST 333 SOUTH HOPE ST CIK:314965| IRS No.: 953939997 | State of Incorp.:CA | Fiscal Year End: 0630 55TH FL 55TH FL Type: 13F-HR/A | Act: 34 | File No.: 028-00096 | Film No.: 702989 LOS ANGELES CA 90071 LOS ANGELES CA 90071 2134869200 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2000 Check here if Amendment [X]; Amendment Number: __1__ This Amendment (Check only one.): [X] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Capital Guardian Trust Company Address: 11100 Santa Monica Boulevard Los Angeles, CA 90025-3384 Form 13F File Number: 28-96 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: David I. Fisher Title: Chairman Phone: 310/996-6331 Signature, Place, and Date of Signing: David I.
    [Show full text]
  • Current Topics of Business Policy Readings
    Current Topics of Business Policy (E/A/M 21871, IBE 21149) Benito Arruñada Universitat Pompeu Fabra Readings Table of contents 1. Behavior — Due: week 1 2. Contracting — Due: week 2 3. Public sector reform — Due: week 3 4. Other topics — Due: week 4 5. Professional career — Due: TBA 6. E-business — Due: 1st class on e-business 7. Tools — Due: project preparation 1. Behavior — Due: week 1 References: Pinker, Steven (1997), “Standard Equipment,” chapter 1 of How the Mind Works, Norton, New York, 3-58. Stark, Rodney (1996), “Conversion and Christian Growth,” in The Rise of Christianity: A Sociologist Reconsiders History, Princeton University Press, Princeton, 2-27. Pinker, Steven (2002), The Blank Slate: The Modern Denial of Human Nature, Viking, New York, pp. on stereotypes (201-207). Mullainathan, Sendhil, and Andrei Shleifer (2005), “The Market for News,” American Economic Review, 95(4), 1031-53. Luscombe, Belinda (2013), “Confidence Woman,” Time, March 7. PENGUIN BOOKS Published by the Penguin Group Penguin Books Ltd, 27 Wrights Lane, London W8 5TZ, England Penguin Putnam Inc., 375 Hudson Street, New York, New York 10014, USA Penguin Books Australia Ltd, Ringwood, Victoria, Australia Penguin Books Canada Ltd, 10 Alcorn Avenue, Toronto, Ontario, Canada M4V 3B2 HOW Penguin Books (NZ) Ltd, 182-190 Wairau Road, Auckland 10, New Zealand Penguin Books Ltd, Registered Offices: Harmondsworth, Middlesex, England First published in the USA by W. W. Norton 1997 First published in Great Britain by Allen Lane The Penguin Press 1998 THE MIND Published
    [Show full text]
  • Robert M. Karr Collection of IPO S-1 Registration Documents Inventory, 1980-2001
    Robert M. Karr collection of IPO S-1 registration documents X8760.2019 Robert M. Karr collection of IPO S-1 registration documents inventory, 1980-2001 The following inventory was provided by the donor. Box 1: 3D Labs – CardioGenesis Box 2: Cardiometrics – Farallon Communications Box 3: Faroudja – Larscom Box 4: Laserscope – Pacific Gateway Exchange Box 5: Packeteer – Somnus Medical Technologies Box 6: SonicWALL – WJ Communications Box 7: Women.com Networks – Zycon Name Issue date Year 3D Labs 11/18/96 1996 3DFX 6/25/97 1997 8x8 7/2/97 1997 Abaxis 1/22/92 1992 Abgenix 7/2/98 1998 Abovenet Communications 12/10/98 1998 AccelGraphics 4/11/97 1997 Accom 9/26/95 1995 Accrue Software 7/30/99 1999 Aclara 3/20/00 2000 Actel 8/2/93 1993 ActivCard 3/15/00 2000 Active Software 8/12/99 1999 Actuate 7/17/98 1998 Adept 12/15/95 1995 Adeza 1996 Adforce 5/7/99 1999 Adobe Systems 8/13/86 1986 Advanced Fibre Communications 9/30/96 1996 Computer History Museum 1 Robert M. Karr collection of IPO S-1 registration documents X8760.2019 Advanced Polymer Systems 8/26/87 1987 Advent Software 11/15/95 1995 Aehr Test Systems 8/14/97 1997 AeroGen 11/10/00 2000 Affymax N.V 12/17/91 1991 Affymetrix 6/6/96 1996 AG Associates 5/15/95 1995 Agile Software 12/15/95 1995 Agilent Technologies 11/17/99 1999 Alantec 2/4/94 1994 Alliance Fibre Optic Products 11/20/00 2000 Alliance Semiconductor 11/30/93 1993 Alteon Web Systems 9/23/99 1999 Altera 3/30/88 1988 AltiGen Communications 10/4/99 1999 AMB Property 11/21/97 1997 American Champion Entertainment 7/30/97 1997 American Xtal
    [Show full text]
  • SECURITIES and EXCHANGE COMMISSION Washington D.C
    SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 11-K FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) [ x ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File No. 1 - 6033 A. United Air Lines, Inc. Pilots'Directed Account Retirement Income Plan (Full title of the Plan) United Air Lines, Inc. (Employer sponsoring the Plan) B. UAL Corporation (Issuer of the shares held pursuant to the Plan) 1200 Algonquin Road, Elk Grove Township, Illinois Mailing Address: P.O. Box 66100, Chicago, Illinois 60666 (Address of principal executive offices) REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Board of Directors of United Air Lines, Inc.: We have audited the accompanying statements of net assets available for plan benefits of the United Air Lines, Inc. Pilots' Directed Account Retirement Income Plan as of November 30, 2000 and 1999, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
    [Show full text]
  • (12) United States Patent (10) Patent No.: US 8,977,762 B2 Hartman Et Al
    US0089.77762B2 (12) United States Patent (10) Patent No.: US 8,977,762 B2 Hartman et al. (45) Date of Patent: *Mar. 10, 2015 (54) MANAGED SERVICES PLATFORM (58) Field of Classification Search CPC .................................. G06F 8/61; H04L 67/42 (71) Applicant: ZVelo, Inc., Greenwood Village, CO (US) USPC .................................................. 709/226, 229 See application file for complete search history. (72) Inventors: Robert Charles Hartman, Aurora, CO (US); John Elton Dietrich, II, Cary, NC (56) References Cited (US); Jeffrey James Finn, Englewood, CO (US); Rodney Dean Holm, U.S. PATENT DOCUMENTS Evergreen, CO (US) 4,791,565 A 12/1988 Dunham et al. 4,815,030 A 3, 1989 Cross et al. (73) Assignee: ZVelo, Inc., Greenwood Village, CO (US) (Continued) (*) Notice: Subject to any disclaimer, the term of this patent is extended or adjusted under 35 FOREIGN PATENT DOCUMENTS U.S.C. 154(b) by 0 days. CA 2268683 10, 2000 This patent is Subject to a terminal dis EP O332304 9, 1989 claimer. (Continued) OTHER PUBLICATIONS (21) Appl. No.: 13/915,814 Back to the future: using application service providers, Knoblauch, (22) Filed: Jun. 12, 2013 C. Conference: Internet Librarian 2000. Proceedings—2000. Internet Conference and Exhibition for Librarians and Information (65) Prior Publication Data Managers, p. 67-72, Information Today, Medford, NJ. USA 2000. US 2013/02755OO A1 Oct. 17, 2013 (Continued) Primary Examiner — David Lazaro Related U.S. Application Data Assistant Examiner — Marie Georges Henry (63) Continuation of application No. 1 1/537,224, filed on (74) Attorney, Agent, or Firm — Neugeboren O'Dowd PC Sep. 29, 2006, now Pat.
    [Show full text]
  • List of Section 13F Securities, 4Th Quarter 1999
    RUN DATE:01/06/00 ** LIST OF SECTION 13F SECURITIES ** PAGE 1 RUN TIME:16:25 IVMOOl CUSIP NO. ISSUER NAME ISSUER DESCRIPTION STATUS B49233 10 7 ICOS VISION SYS CORP N V ORD B5628B 10 4 * LERNOUT 8 HAUSPIE SPEECH PRODS COM B5628B 90 4 LERNOUT 8 HAUSPIE SPEECH PRODS CALL B5628B 95 4 LERNOUT 8 HAUSPIE SPEECH PRODS PUT D1497A 10 1 CELANESE AG ORD ADDED D1668R 12 3 * DAIMLERCHRYSLER AG ORD D1668R 90 3 DAIMLERCHRYSLER AG CALL D1668R 95 3 DAIMLERCHRYSLER AG PUT F9212D 14 2 TOTAL FINA S A WT EXP 080503 G0070K 10 3 * ACE LTD ORD G0070K 90 3 ACE LTD CALL G0070K 95 3 ACE LTD PUT GO2602 10 3 * AMDOCS LTD ORD GO2602 90 3 AMDOCS LTD CALL GO2602 95 3 AMDOCS LTD PUT GO2995 10 1 AMERICAN SAFETY INS GROUP LTD ORD G0352M 10 8 * AMWAY ASIA PACIFIC LTD COM G0352M 90 8 AMWAY ASIA PACIFIC LTD CALL G0352M 95 8 AMWAY ASIA PACIFIC LTD PUT GO3910 10 9 * ANNUITY AND LIFE RE HLDGS ORD GO3910 90 9 ANNUITY AND LIFE RE HLDGS CALL GO3910 95 9 ANNUITY AND LIFE RE HLDGS PUT GO4074 10 3 APEX SILVER MINES LTD ORD GO4450 10 5 ARAMEX INTL LTD ORD GO5345 10 6 ASIA PACIFIC RES INTL HLDG LTD CL A G0535E 10 6 ASIA PACIFIC WIRE 8 CABLE CORP ORD G0690R 10 8 AXOGEN LTD COM G1368B 10 2 BRILLIANCE CHINA AUTO HLDG LTD COM 620045 10 3 CENTRAL EUROPEAN MEDIA ENTRPRS CL A DELETED 620045 20 2 CENTRAL EUROPEAN MEDIA ENTRPRS CL A NEW ADDED G2107X 10 8 CHINA TIRE HLDGS LTD COM G2108N 10 9 CHINA COM CORP CL A 621082 10 5 CHINA YUCHAI INTL LTD COM G2109A 10 6 CHINA ENERGY RES CORP ORD .
    [Show full text]
  • ITU Normal.Dot
    Bulletin d'exploitation de l'UIT www.itu.int/itu-t/bulletin No 1109 1.X.2016 (Renseignements reçus au 16 septembre 2016) ISSN 1564-524X (En ligne) Place des Nations CH-1211 Bureau de la normalisation des télécommunications (TSB) Bureau des radiocommunications (BR) Genève 20 (Suisse) Tél: +41 22 730 5211 Tél: +41 22 730 5560 Tél: +41 22 730 5111 Fax: +41 22 730 5853 Fax: +41 22 730 5785 E-mail: [email protected] E-mail: [email protected] / [email protected] E-mail: [email protected] Table des matières Page Information générale Listes annexées au Bulletin d'exploitation de l'UIT: Note du TSB .................................................................. 3 Approbation de Recommandations UIT-T ..................................................................................................... 4 Service téléphonique: Chili (Subsecretaría de Telecomunicaciones, Santiago du Chili) ............................................................... 4 Danemark (Danish Energy Agency, Copenhague) .................................................................................... 4 Changements dans les Administrations/ER et autres entités ou Organisations: Mongolie (Information Technology, Post and Telecommunications Authority (ITPTA), Ulaanbaatar): Changement de nom ........................................................................................................................... 5 Singapour (InfoComm Development Authority of Singapore (IDA), Singapore): Changement de nom ... 5 Restrictions de service ..................................................................................................................................
    [Show full text]
  • HANCOCK JOHN ADVISERS INC (Form: 13F-HR, Filing Date: 07/12
    SECURITIES AND EXCHANGE COMMISSION FORM 13F-HR Initial quarterly Form 13F holdings report filed by institutional managers Filing Date: 2000-07-12 | Period of Report: 2000-06-30 SEC Accession No. 0001010521-00-000349 (HTML Version on secdatabase.com) FILER HANCOCK JOHN ADVISERS INC Mailing Address Business Address 101 HUNTINGTON AVE 101 HUNTINGTON AVENUE CIK:889907| IRS No.: 042441573 BOSTON MA 02199 BOSTON MA 02199 Type: 13F-HR | Act: 34 | File No.: 028-03222 | Film No.: 671746 6173751500 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document <TABLE> <CAPTION> <S> <C> UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2000 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this report: Name: John Hancock Advisers, Inc. Address: 101 Huntington Avenue Boston, MA 02199 13F File Number: 28-3222 The Institutional Investment Manager Filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit is, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person signing this report on behalf of reporting manager: Name: Susan S. Newton Title: Vice President and Secretary Phone: 617-375-1702 Signature, Place, and Date of Signing: /s/Susan S. Newton 101 Huntington Ave., Boston, MA June 30, 2000 -------------------------------------------------------------------------------- Signature Place Date Report Type (Check only One): [ x ] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT List of other managers reporting for this manager: I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
    [Show full text]