DOCSLIB.ORG

Is Angel Investing Worth the Effort? a Study of Keiretsu Forum

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Is Angel Investing Worth the Effort? a Study of Keiretsu Forum Venture Capital Vol. 12, No. 2, April 2010, 153–166 Is angel investing worth the effort? A study of Keiretsu Forum{ Geoff Roach* Keiretsu Forum, Lafayette, CA, USA (Accepted 20 July 2009) This paper provides a case study of Keiretsu Forum, a Silicon Valley-based angel group. Computing an internal rate of return for the group’s investments reveals that they generated higher returns than could have been obtained from the broader equity market as measured by popular index funds. Perhaps more important, this study also indicated that the processes developed by and regularly used by the angel group are effective at identifying potential failed deals but are not so restrictive as to bypass potential winners. Keywords: angel investing; venture capital; early-stage investment; investment risk; returns 1. Introduction One of the most difficult aspects of starting and growing a new enterprise is acquiring capital. Lack of funding can lead to cash flow problems, missed opportunities, and even the failure of the fledgling enterprise (Van Auken 2002). Funding for many new enterprises comes from a large, yet relatively unidentified, group called angel investors. Angels are the principal source of capital at the seed and startup stages of companies (Baty and Sommer 2002) and invest in significantly more businesses at this stage than do venture capital funds. Moreover, angels have three times more capital available to be invested than commitments made (Van Osnabrugge 1998). In spite of their importance, the dynamics of angel investing have received relatively little attention from researchers than the effect on economic growth should warrant. This study is one of the few to examine the returns from angel investing and one of the first to investigate the dynamics of angel investing groups. The focus is on the returns from the investments made by a Silicon Valley-based angel group, Keiretsu Forum, and the processes used by the group to obtain those returns. Understanding the risks, returns, and dynamics of angel investing should encourage greater participation in the early-stage investing ecosystem and foster economic growth (Morrisette 2007). 2. The importance of angel investing The term ‘angel’ comes from the theater in New York during the early twentieth century. Investors in Broadway shows would make high-risk investments to produce *Email: geoff@geoffroach.com {This article has been adapted from the author’s doctoral dissertation at the University of Phoenix. ISSN 1369-1066 print/ISSN 1464-5343 online Ó 2010 Taylor & Francis DOI: 10.1080/13691061003643276 http://www.informaworld.com 154 G. Roach shows both to earn financial returns and to gain status in the community. Today, the term ‘angel’ usually refers to high-net-worth individuals who make investments of time and money to help startup companies through their initial stages of growth (Lange, Leleux, and Surlemont 2003). Entrepreneurs financed by angel investors develop and introduce new technologies, products, and services that lead to the creation of the majority of new jobs in the economy (Wetzel 1987). In turn, these innovations generate economic growth through cost reduction or additional production (Proimos and Murray 2006). Studies of the innovation process have found that in no case has the leader in a market led a radical innovation (Preston 2001). Most revolutionary breakthroughs have come from firms with fewer than 500 employees. Small companies are more effective in producing innovations that have high value and can create new markets or can change old ones (Baumol 2004). The performance of early-stage investment capital and the companies that they fund should therefore be a concern for entrepreneurs, investors, and public officials. Investing in early-stage companies involves risk. Understanding the risk that angels incur and the returns they receive have historically posed problems for researchers. Angels may invest for non-economic reasons and so may not behave like rational investors in economic terms. Angels have also been hard to investigate because many make only single investments or invest infrequently. Many angels do not understand the returns from their investments. Understanding more about how angels invest, and the returns that they achieve is therefore one of the key priorities for research. 3. A theory of angel investing Research on angel investing is based on two theoretical areas, entrepreneurship and equity investing (Wiltbank 2005). Equity investing, in turn, is based on a combination of financial theories. These areas include diversification and portfolio theory as developed by Markowitz, Tobin, Sharpe, and others (Markowitz 1952, 2005; Sharpe 1964; Tobin 1958). Agency theory (Jensen and Meckling 1976) helps guide not only investment decisions but also ownership criteria and incentives for entrepreneurs. Concepts concerning capital structure and liquidity have an impact on the amount of risk investors are willing to accept with the potential of earning higher returns. The first theories about diversification in financial investments were developed by Markowitz in the early 1950s (Markowitz 1952). The heart of diversification theory is encapsulated by the saying about not putting all one’s eggs in a single basket (Markowitz 1999). Portfolio theory can be defined as a group of models that describe how investors make tradeoffs between risk and reward in constructing investment portfolios (Holton 2004). The basic idea behind Markowitz’s theory is that investors dislike risk and like return. Markowitz’s work formed the foundation for investors to understand how risk and reward are related. The concept that drives the questions raised in the current research is William Sharpe’s capital asset pricing model (CAPM) (Sharpe 1964). Sharpe built on the work of Markowitz to show how investment risk comprises different components that are influenced by different forces. Since the initial development of the model, the CAPM has become one of the guiding ideas for relating risk and return. The CAPM has two major ideas that should influence investment decisions. The first idea is that return from an asset should be proportional to the risk of holding that asset. Venture Capital 155 The second is that two types of risk exist relative to the asset, market or systematic risk and non-market or specific risk. Market risk is the movement in the price of an asset caused by the movement of the market as a whole. Specific risk is the risk that is specific to the asset. In the case of angel investing, this would be the risk associated with the startup venture succeeding or failing. CAPM suggests that the market does not reward investors for assuming specific risk and that specific risk can be eliminated through appropriate levels of diversification. A primary example of the CAPM in action is the various index stock funds that seek to track performance of broad stock market indices at very low overhead cost to the investors. The application of the CAPM faces several issues when it is applied to early-stage investments. The CAPM and many other theories assume the existence of perfect information, highly liquid markets, and low or zero transaction costs (Sharpe 2007). In the markets for publicly traded securities, information is readily available and financial reporting is standardized. Information about the markets in which companies operate and the products those companies build and sell is also well known. Trades of publicly held securities can be made almost instantaneously with low brokerage fees. The basic assumptions of these financial theories are not valid for angel investing (Sohl 2003a, 2003b). Privately held securities are illiquid and markets for the securities may simply not exist. The nature of the investment in an early-stage company results in high transaction costs. Those costs come not only from the legal requirements of placing private securities but also from the time needed to source investments, perform due diligence, and negotiate valuations and deal structure. According to the CAPM, angels would not be rational investors. By investing in an early-stage company, angels are betting on the success of that company (Andersson 2005). Betting on the success of that company is accepting non- systematic risk. The return on the investment in the startup is largely influenced by the performance of the startup. Given the nature of angel investing, one can question whether any angel could make enough investments to diversify away specific risk. In essence, angels violate the CAPM by incurring specific risk with the hope of earning above market returns. One purpose of the current study is to examine the returns angels receive from assuming that specific risk. Agency theory forms another strand in the theoretical framework. Agency issues occur when the interests of the owners and those of the managers diverge (Jensen and Meckling 1976). Angels frequently rely on relationships with the entrepreneur rather than contracts and legal requirements to monitor the investments. Asymmetric flows of information, potential misrepresentation of markets or capabilities, and potential for unnecessary operational risk are areas where agency issues may arise in young enterprises (Kelly and Hay 2003). To monitor this risk, angels can assume roles that are more active and involved than the usual roles of investors in public companies. Investments are also structured so that the entrepreneur maintains a large stake in the enterprise (Wong 2002). The active involvement of angels and the alignment of incentives may contribute to their ability to make better investments over time. Research on entrepreneurship is also an important part of the theoretical framework. In many cases, angels are entrepreneurs who have been successful and who want to continue to be involved in building new enterprises. They have both the wealth and the experience to help young businesses grow (Wright, Westhead, and Sohl 1998). Angels need to have an entrepreneurial profile to continue to be 156 G. Roach successful in their investing. Being proactive, innovative, and willing to accept risk are characteristics of an entrepreneurial orientation that angels need to possess (Lindsay 2004).
Load more

Recommended publications
  • Buffy the Vampire Slayer Season 9 Volume 4: Welcome to the Team Pdf, Epub, Ebook
    BUFFY THE VAMPIRE SLAYER SEASON 9 VOLUME 4: WELCOME TO THE TEAM PDF, EPUB, EBOOK Andrew Chambliss,Sierra Hahn,Scott Allie,Karl Moline,Andy Owens,Georges Jeanty,Dexter Vines | 168 pages | 08 Oct 2013 | DARK HORSE COMICS | 9781616551667 | English | Milwaukee, United States Buffy the Vampire Slayer Season 9 Volume 4: Welcome to the Team PDF Book The fourth season averaged 5. January 26, [34]. I should point out, that I don't really care for the Zompires or the side story, featuring the first Male slayer. The moai later fuse into a stone giant which attacks Spike and Morgan. About Andrew Chambliss. Willow falls in love with Tara Maclay , another witch. Maybe allow is the wrong word, but you get what I mean. September 18, [30]. Contner ; and "Restless" by writer and director Joss Whedon. I also feel like his art is regressing some, especially when it comes to drawing characters to a recognizable likeness to the show. Lavinia and Sophronia take credit in front of the media for stopping the crisis. Then again, maybe that's what she wants, no respite. All-in- all, I love this installment of the Buffyverse. How was your experience with this page? Willow, Tara, and Giles perform a spell to stop the spirits. Retrieved July 30, Because vampires are immune to Eyghon's ability to possess the dead and unconscious, with which he plans to build an army of Slayers, Angel recruits Spike to assist him on a mission to kill the demon. Jan 13, Jack rated it it was amazing. Nov 21, Kristine The Writer's Inkwell rated it liked it Shelves: comics , reading-challenge , buffy-the-vampire-slayer.
    [Show full text]
  • Moroni: Angel Or Treasure Guardian? 39
    Mark Ashurst-McGee: Moroni: Angel or Treasure Guardian? 39 Moroni: Angel or Treasure Guardian? Mark Ashurst-McGee Over the last two decades, historians have reconsidered the origins of The Church of Jesus Christ of Latter-day Saints in the context of the early American tradition of treasure hunting. Well into the nineteenth century there were European Americans hunting for buried wealth. Some believed in treasures that were protected by magic spells or guarded by preternatural beings. Joseph Smith, founding prophet of the Church, had participated in several treasure-hunting expeditions in his youth. The church that he later founded rested to a great degree on his claim that an angel named Moroni had appeared to him in 1823 and showed him the location of an ancient scriptural record akin to the Bible, which was inscribed on metal tablets that looked like gold. After four years, Moroni allowed Smith to recover these “golden plates” and translate their characters into English. It was from Smith’s published translation—the Book of Mormon—that members of the fledgling church became known as “Mormons.” For historians of Mormonism who have treated the golden plates as treasure, Moroni has become a treasure guardian. In this essay, I argue for the historical validity of the traditional understanding of Moroni as an angel. In May of 1985, a letter to the editor of the Salt Lake Tribune posed this question: “In keeping with the true spirit (no pun intended) of historical facts, should not the angel Moroni atop the Mormon Temple be replaced with a white salamander?”1 Of course, the pun was intended.
    [Show full text]
  • THE NATURE and POWER of SATAN Theorizing About the Nature
    CHAPTER THREE THE NATURE AND POWER OF SATAN Theorizing about the nature, origin, and cosmological status of Satan occurs among the selected writings, especially among the later ones. However, there is an obvious lack of "speculative" interest in the sense of seeking to work out a complete cosmology of evil. Concepts as to the origin, abode, and ultimate future of Satan are often very diverse, and there are only a small number of referen­ ces. An analysis and interpretation of the nature of Satan as conceiv­ ed by the early Christian tradition will be therefore necessarily less comprehensive than a discussion of his activities. There are some basic understandings as to the nature and power of Satan common to most of the selected writers, however, and they are best summarized by the New Testament phrases: Satan, the "prince of the power of the air," "ruler of demons," "ruler of the world," and "god of this age." A. SATAN: PRINCE OF THE POWER OF THE AIR 1. Origin of Satan For the most part, the New Testament writers make no theoreti­ cal assertions as to the origin of Satan. However, a number of passages by choice of words and phraseology seem to reflect the idea of Satan as a fallen angel who is chief among a class of fallen angels, an idea which appears frequently in apocalyptic literature.1 II Peter 2 :4, for example, refers to the angels that sinned and were cast into hell. Jude 6 mentions "the angels that did not keep their own position but left their proper dwelling ..
    [Show full text]
  • “Smile Makeover” Contest OFFICIAL RULES
    “Smile Makeover” Contest OFFICIAL RULES The “Smiles for Miles—Creating a Brighter Community” Contest (the “Contest”) is intended for legal residents of the 50 United States of America (“USA”), including the District of Columbia (“D.C.”), and Canada (excluding the Quebec province) and shall only be construed and evaluated according to the laws of the USA and Canada. Void in Puerto Rico and U.S. territories. SPONSOR/ADMINISTRATOR: The Contest is sponsored by Dr. Brian E. Sang, 614 W. Palmetto St., Florence, SC (the “Sponsor”). ELIGIBILITY: The Contest is open and offered only to legal residents of the USA (including D.C), or Canada (excluding the Quebec province) who have the age of majority in his or her state of residence (or province) at the time of entry. Residents of Puerto Rico and U.S. territories are not eligible. Employees of the Sponsor, the Administrator, their immediate families (parent, child, sibling or spouse) and/or household members and any other persons or entities associated with this Contest are ineligible to enter or win a prize. Void outside of the USA, D.C. and where prohibited or restricted by law. AGREEMENT TO OFFICIAL RULES: By participating, those who enter the Contest (“Entrants”) agree to abide by and be bound by these Official Rules and the decisions of the Sponsor, which are final and binding in all matters relating to the Contest. Winning a Grand Prize (as defined below) is contingent upon fulfilling all the following requirements. TIMING: The Contest will be defined by the following time period: 1. The Submission Period (“Submission Period”) - 12:00:01 a.m.
    [Show full text]
  • Archons (Commanders) [NOTICE: They Are NOT Anlien Parasites], and Then, in a Mirror Image of the Great Emanations of the Pleroma, Hundreds of Lesser Angels
    A R C H O N S HIDDEN RULERS THROUGH THE AGES A R C H O N S HIDDEN RULERS THROUGH THE AGES WATCH THIS IMPORTANT VIDEO UFOs, Aliens, and the Question of Contact MUST-SEE THE OCCULT REASON FOR PSYCHOPATHY Organic Portals: Aliens and Psychopaths KNOWLEDGE THROUGH GNOSIS Boris Mouravieff - GNOSIS IN THE BEGINNING ...1 The Gnostic core belief was a strong dualism: that the world of matter was deadening and inferior to a remote nonphysical home, to which an interior divine spark in most humans aspired to return after death. This led them to an absorption with the Jewish creation myths in Genesis, which they obsessively reinterpreted to formulate allegorical explanations of how humans ended up trapped in the world of matter. The basic Gnostic story, which varied in details from teacher to teacher, was this: In the beginning there was an unknowable, immaterial, and invisible God, sometimes called the Father of All and sometimes by other names. “He” was neither male nor female, and was composed of an implicitly finite amount of a living nonphysical substance. Surrounding this God was a great empty region called the Pleroma (the fullness). Beyond the Pleroma lay empty space. The God acted to fill the Pleroma through a series of emanations, a squeezing off of small portions of his/its nonphysical energetic divine material. In most accounts there are thirty emanations in fifteen complementary pairs, each getting slightly less of the divine material and therefore being slightly weaker. The emanations are called Aeons (eternities) and are mostly named personifications in Greek of abstract ideas.
    [Show full text]
  • Angel: Through My Eyes - Natural Disaster Zones by Zoe Daniel Series Editor: Lyn White
    BOOK PUBLISHERS Teachers’ Notes Angel: Through My Eyes - Natural Disaster Zones by Zoe Daniel Series editor: Lyn White ISBN 9781760113773 Recommended for ages 11-14 yrs These notes may be reproduced free of charge for use and study within schools but they may not be reproduced (either in whole or in part) and offered for commercial sale. Introduction ............................................ 2 Links to the curriculum ............................. 5 Background information for teachers ....... 12 Before reading activities ......................... 14 During reading activities ......................... 16 After-reading activities ........................... 20 Enrichment activities ............................. 28 Further reading ..................................... 30 Resources ............................................ 32 About the writer and series editor ............ 32 Blackline masters .................................. 33 Allen & Unwin would like to thank Heather Zubek and Sunniva Midtskogen for their assistance in creating these teachers notes. 83 Alexander Street PO Box 8500 Crows Nest, Sydney St Leonards NSW 2065 NSW 1590 ph: (61 2) 8425 0100 [email protected] Allen & Unwin PTY LTD Australia Australia fax: (61 2) 9906 2218 www.allenandunwin.com ABN 79 003 994 278 INTRODUCTION Angel is the fourth book in the Through My Eyes – Natural Disaster Zones series. This contemporary realistic fiction series aims to pay tribute to the inspiring courage and resilience of children, who are often the most vulnerable in post-disaster periods. Four inspirational stories give insight into environment, culture and identity through one child’s eyes. www.throughmyeyesbooks.com.au Advisory Note There are children in our schools for whom the themes and events depicted in Angel will be all too real. Though students may not be at risk of experiencing an immediate disaster, its long-term effects may still be traumatic.
    [Show full text]
  • Buffy & Angel Watching Order
    Start with: End with: BtVS 11 Welcome to the Hellmouth Angel 41 Deep Down BtVS 11 The Harvest Angel 41 Ground State BtVS 11 Witch Angel 41 The House Always Wins BtVS 11 Teacher's Pet Angel 41 Slouching Toward Bethlehem BtVS 12 Never Kill a Boy on the First Date Angel 42 Supersymmetry BtVS 12 The Pack Angel 42 Spin the Bottle BtVS 12 Angel Angel 42 Apocalypse, Nowish BtVS 12 I, Robot... You, Jane Angel 42 Habeas Corpses BtVS 13 The Puppet Show Angel 43 Long Day's Journey BtVS 13 Nightmares Angel 43 Awakening BtVS 13 Out of Mind, Out of Sight Angel 43 Soulless BtVS 13 Prophecy Girl Angel 44 Calvary Angel 44 Salvage BtVS 21 When She Was Bad Angel 44 Release BtVS 21 Some Assembly Required Angel 44 Orpheus BtVS 21 School Hard Angel 45 Players BtVS 21 Inca Mummy Girl Angel 45 Inside Out BtVS 22 Reptile Boy Angel 45 Shiny Happy People BtVS 22 Halloween Angel 45 The Magic Bullet BtVS 22 Lie to Me Angel 46 Sacrifice BtVS 22 The Dark Age Angel 46 Peace Out BtVS 23 What's My Line, Part One Angel 46 Home BtVS 23 What's My Line, Part Two BtVS 23 Ted BtVS 71 Lessons BtVS 23 Bad Eggs BtVS 71 Beneath You BtVS 24 Surprise BtVS 71 Same Time, Same Place BtVS 24 Innocence BtVS 71 Help BtVS 24 Phases BtVS 72 Selfless BtVS 24 Bewitched, Bothered and Bewildered BtVS 72 Him BtVS 25 Passion BtVS 72 Conversations with Dead People BtVS 25 Killed by Death BtVS 72 Sleeper BtVS 25 I Only Have Eyes for You BtVS 73 Never Leave Me BtVS 25 Go Fish BtVS 73 Bring on the Night BtVS 26 Becoming, Part One BtVS 73 Showtime BtVS 26 Becoming, Part Two BtVS 74 Potential BtVS 74
    [Show full text]
  • Angels in the Nursery: the Intergenerational Transmission of Benevolent Parental Influences
    IMHJ (Wiley) LEFT BATCH top of AH ARTICLE ANGELS IN THE NURSERY: THE INTERGENERATIONAL TRANSMISSION OF BENEVOLENT PARENTAL INFLUENCES ALICIA F. LIEBERMAN, ELENA PADRO´ N, PATRICIA VAN HORN, AND WILLIAM W. HARRIS San Francisco General Hospital and University of California, San Francisco ABSTRACT: Fraiberg and her colleagues (1975) introduced the metaphor “ghosts in the nursery” to de- scribe the ways in which parents, by reenacting with their small children scenes from the parents’ own unremembered early relational experiences of helplessness and fear, transmit child maltreatment from one generation to the next. In this article we propose that angels in the nursery—care-receiving experi- ences characterized by intense shared affect between parent and child in which the child feels nearly perfectly understood, accepted, and loved—provide the child with a core sense of security and self-worth that can be drawn upon when the child becomes a parent to interrupt the cycle of maltreatment. We argue that uncovering angels as growth-promoting forces in the lives of traumatized parents is as vital to the work of psychotherapy as is the interpretation and exorcizing of ghosts. Using clinical case material, we demonstrate the ways in which early benevolent experiences with caregivers can protect against even overwhelming trauma, and examine the reemergence of these benevolent figures in consciousness as an instrument of therapeutic change. Finally, we examine implications of the concept of “angels in the nursery” for research and clinical intervention. RESUMEN: Fraiberg y sus colegas (1975) introdujeron la meta´fora “fantasmas en la habitacio´n” para describir las maneras en que los padres transmiten el maltratamiento infantil de una generacio´n a la otra, por medio de poner en escena, con sus nin˜os pequen˜os, situaciones de sus propias -si bien no recordadas- experiencias de miedo y falta de ayuda en sus tempranas relaciones en sus tempranas relaciones.
    [Show full text]
  • The Smile Time Dentist Is Coming to School!
    The Smile Time Dentist is coming to school! Smile Time Dentists perform two exams six months apart Participating Schools and fluoride treatments right at school! & Organizations Services provided by the Smile Time Team: CULPEPER COUNTY SCHOOLS • Comprehensive Dental Exam AG Richardson Elementary Pearl Sample Elementary • Dental Care Goodie Bag including toothbrush, toothpaste, and flosser Emerald Hill Elementary • Digital x-rays Farmington Elementary • Fluoride Varnish Yowell Elementary Culpeper Middle • Report from your child’s Smile Time visit telling you exactly what care your FT Binns Middle child received and any additional needs GREENE COUNTY SCHOOLS • Prophy (teeth cleaning) Nathanael Greene Elementary • Sealants (a thin, plastic material painlessly applied on the chewing Nathanael Greene Primary surfaces of the back teeth to prevent tooth decay) Ruckersville Elementary • Follow up call will be made from a representative of our team 72 hours ORANGE COUNTY SCHOOLS after the Smile Time visit to help coordinate follow up care if needed Orange Elementary Unionville Elementary Lightfoot Elementary Locust Grove Primary Locust Grove Middle Locust Grove Elementary Apply on line, mail in your application or give the completed Gordon Barbour Elementary form to your child's teacher or school nurse to submit for you. You may sign up all of your children using the same form (just put their MADISON COUNTY SCHOOLS names and birth dates on separate lines). Madison Primary Waverly Yowell Elementary All children are eligible for a Smile Time Visit – See enclosed application for specifics. OTHER PARTICIPATING GROUPS: Alice Tyler Village – Childhelp, PRDC is in network with all forms of Virginia Medicaid and Delta Dental Culpeper Premier.
    [Show full text]
  • State of New Hampshire Title and Anti-Theft Handbook Department Of
    State of New Hampshire Title and Anti-Theft Handbook Department of Safety Division of Motor Vehicles 23 Hazen Drive, Concord NH 03305 _____________________ 2019 Robert L. Quinn Elizabeth A. Bielecki Commissioner of Safety Director of Motor Vehicles Bureau of Title Contact Information FAX: 271-0369 Public Phone Lines: 227-4150 Public 227-4160 Dealers 227-4170 Employee Assistance 227-4180 Salvage Hours: 8:00a.m. - 4:30p.m. Monday-Friday Webpages: www.nh.gov www.nh.gov/dmv (NH Title forms) E-mail: [email protected] Title Bureau [email protected] Priscilla Vaughan, Supervisor IV [email protected] Denise Bodwell, Supervisor III [email protected] Lora Maurice, Supervisor I 1 INDEX Abandoned or Unclaimed Vehicles . ………………….. 46-55 Antique Vehicle Requirements …………………………………………………………………. 54-55 Assignments of Title – Use of Form TDMV 17A . …………………. 34-38 Bankruptcy Vehicles. …………….. 56 Body styles & Color Codes ……………………………………………………………………… 26-28 Canadian Vehicles . ……………………… 57-59 Certificate of Origin . ……………………… 13 City and Town Clerk Information . 88-89 Computer Generated Titles . …………………….. 7-10 Corporate Codes …………………………………………………………………………………. 95-97 Direct Import Vehicles . …………………….. 58-59 Death or Divorce ………………………………………………………………………………… 60-63 Driver Education Vehicles . ……………………. 66 Duplicate Titles . ……………………. 63-64 Exempt Vehicles . ……………………. 65 Federal Agency Sale . …………………… 66-67 Fees . ……………………… 22 Forms & Samples Index…………………………………………………………………………. 99 Glider Kits . ……………………… 68-69 Government Vehicles ……………………………………………………………………………. 66-67 Home-Made Trailers . ……………………… 68-69 Joint Tenancy with Rights of Survivorship (JTWROS) . …………………… 60 Leased Vehicles . ……………………… 82 Lienholder codes …………………………………………………………………………………. 30-33 Lienholder Information . ….. …….. 93-94 Licensed Dealer Information . … 90-92 Mechanic’s Lien . ……………………….. 50-53 Name Changes . ……………………… 62 New Hampshire Title Law . ……………………. 5-10 New Vehicles . ……………………… 82-83 National Motor Vehicle Title Information System (NMVTIS)…………………………………….
    [Show full text]
  • ANGEL SKIN My Discovery and Mining of Precious, Deep-Sea
    ANGEL SKIN My Discovery and Mining of Precious, Deep-Sea Corals in Hawaii Dr. George Pararas-Carayannis Introduction A Jewelry manufacturing company in Hawaii provides a free one-half hour tour to showrooms where the story on precious corals found in the islands is narrated, including a version of a "story" on the deep-sea, coral known as Pink Coral - also now known as Corrallium Secundum. In this version, the narration omits to credit or report on who, really discovered this precious deep sea coral and successfully mined it and sold it to the company - from which a new and very profitable jewelry industry begun in Hawaii and elsewhere around the world. The present account documents that I was the one who discovered this precious deep sea coral in 1965, then subsequently begun mining it and selling it to jewelry manufacturers in Hawaii, USA, Asia, Europe and Japan. The following is rather detailed account of this discovery and of the many difficulties I faced mining it from great ocean depth. The venture was an arduous and difficult enterprise that seriously endangered my life and, at that time, stretched to extremes my limited financial resources. Also, since my lure for this precious deep-sea coral awakened a desire for other quests around the world in search of other precious stones, a brief summary of such subsequent quests and misadventures is provided. My discovery of the precious coral took place in 1965 about 12 nautical miles off the southeast coast from Makapuu Point, off the island of Oahu, in Hawaii, where the depth of the ocean was about 1,200 to 1250 feet.
    [Show full text]
  • Smile NY Consesnt Form
    Revised 8/02/17 KEEP FOR YOUR RECORDS Revised 1/23/2017 ELLIOT P. SCHLANG, DDS - GENERAL DENTIST, DENTAL DIRECTOR NYC Department of Education Oral Health Clinic Program School Parental Consent Form Angelina Adames, DDS, Jungmin Cho, DMD, Jennifer Corredor, DDS, Sylvia Cuellar, DDS, Joseph D’Ambrosio, DMD, Jason Davis, DDS, Christopher Dillon, DDS, Andrew Fradkin, DDS, Margaret Garland, DDS, Renee Gaska, DMD, Page 1 of 2 Jeffrey Gershon, DMD, Daria Grillo, DDS, Barry Hecht, DMD, Deborah Kahn, DMD, Sahar Kamkar, DMD, Aditi Kapoor, DMD, Uzma Khan, DDS, Jeffrey Krantz, DDS, Stephen Marshall, DDS, Deena Pegler, DMD, Alan Poritzky, DDS, SMILE NEW YORK OUTREACH, LLC* Melissa Rodgers, DMD, Deniz Salierno, DDS, Elliot Schlang, DDS, Karimeh Shehadeh, DDS, Jeffrey Tenenbaum, DDS, Nancy Yu, DDS 37-30 Review Ave., Suite 102, Long Island City, NY 11101 Phone: 855-469-7473 Fax: 888-330-4331 NOTICENOTICE OF OF PRIVACY PRIVACY PRACTICES PRACTICES STUDENT INFORMATION PARENT/GUARDIAN INFORMATION THISTHIS NOTICE NOTICE DESCRIBES DESCRIBES HOW MEDICAL HOW MEDICAL INFORMATION INFORMATION ABOUT YOU ABOUT MAY YOU BE USED MAY ANDBE USED DISCLOSED AND DISCLOSED AND HOW YOU AND CAN HOW GET YOU ACCESS CAN GETTO THIS ACCESS INFORMATION. TO THIS PLEASE REVIEW IT CAREFULLY. KEEP FOR YOUR RECORDS INFORMATION. PLEASE REVIEW IT CAREFULLY. KEEP FOR YOUR RECORDS Student’s Last Name: _________________________________ OUR LEGAL DUTY Appointment Reminders: We may use or disclose your health information to provide you with appointment reminders (such as Mother The privacyOUR ofLEGAL your medical DUTY information is important to us. We are required by applicable federal and state law to voicemail messages, postcards, letters, emails or text messages).
    [Show full text]