A business profile obtained from corporate database Experian says Colbart Birnet employs two people and had estimated sales of $514,000. Since 2003, the Colbart entities have been frequent investors in private stock placements by small, cash-strapped companies that trade for under a $1 a share. On Wall Street, these deals are commonly called PIPEs, or private investments in public equity. But Colbart apparently also has other investments. In the Federated case, a declaration filed by Colbart Birnet says it bought and sold about 2 million shares of various Federated funds from 1999 through 2001.