Internet

Acquicor Tech Enjoys Apple's Halo

03/20/06 - 06:22 PM EST


Updated from 12:54 p.m. EST

The IPO propsectus is more than a detailed introduction of a company going public. It's the stock market's Breathalyzer: Its reading can tell you whether executives and investors in a company are operating under the influence of some reality-distorting substance.

And there are some hearty fumes coming off the prospectus from Acquicor Technology, a Newport Beach, Calif.-based company founded by Gil Amelio, best remembered as a former CEO of Apple Computer, who, in exchange for a $2.5 million-a- year salary and a $5 million loan, presided over declines in Apple's earnings, market share, headcount and stock price.

After Steve Jobs replaced Amelio, Apple's stock rose nearly 20 times over. Amelio went on to become a venture capitalist and consultant. One of his firms, AmTech, went bankrupt in 2003.

(Acquicor's filing includes this odd and somewhat defensive insight into the mind of Amelio: "Although the stock price of Apple Computer did not rise during Dr. Amelio's tenure as CEO, he believes that the changes he made while CEO laid the foundation for the rise in the price of Apple Computer common stock after his departure.")

Now at Aquicor, Amelio is being joined by two other Apple alumni: Ellen Hancock, who, after a stint as Apple's chief technical officer in the mid-1990s, headed up Exodus Communications, which filed for bankruptcy in 2001; and Steve Wozniak, who co-founded Apple with Jobs 30 years ago and whose most recent venture, Wheels of Zeus, shuttered its doors on Friday.

Those pedigrees were the primary reason Acquicor raised $150 million in an IPO Tuesday. Its stock has risen some 13% since then, trading at $7 recently on Monday.

So, where is the $150 million Acquicor raised going to go? Well, $8.3 million went to pay for the IPO. And the rest is going to...well, nobody really knows much about that. But Amelio and Co. are hoping to buy some really neat stuff.

Previous «
1 2 3 4

Previous Story

Yahoo! Eyes Skype Rival

Headlines & Perspectives

Internet

Go To Section Home


03/17/06
Amazon Follows the Money

It will team with Fidelity to offer a Web-based financial store.


03/17/06
Tom Online Net Jumps

Sales guidance is light.


03/17/06
Yahoo! Making Like Google

A site redesign would give Yahoo! search more prominence.


04/28/08
Cramer's Take on the Top 10 Searched Stocks

Apple and AT&T were among the most searched stocks on TheStreet.com Friday. Here's what Cramer had to say about them recently.


04/26/08
Jim Cramer's Best Blogs

Catch up on his thinking on the hottest topics of the past week.


04/26/08
Coming Week: Make or Break

Investors will have to deal with a Fed meeting and another flood of earnings and economic data.


04/27/08
This Week's Barron's Roundup

Looking for deep value with Defiance Asset Management, polling big investors about where the market's headed, plus much more.


04/28/08
Monday's Analysts' Upgrades, Downgrades

See who made what calls.


02/29/08
3 Stocks I Saw On TV

3 Stocks I Saw On TVDan Fitzpatrick examines three stocks viewed on Fast Money and Mad Money Today's stocks include Deere & Co., Petrobras and MBIA


04/28/08
One Bank Pick Stumbles, the Other Soars

TheStreet.com Ratings checks in on First Community Bancorp and First Niagara Financial Group two months after recommending the stock.


04/28/08
Grand Theft Auto IV Hits the Jackpot

Take-Two's latest hit receives a perfect score from industry reviewers.


Your Recent Quotes: Quote Up0 | Quote Down0
Dow S&P 500 NASDAQ
Oil*
Gold
10 Yr
0.00%
%
%
%
Data delayed 20 min
Premium Stock Ideas