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The Register: LinuxOne takes more than a leaf out of Red Hat's book

Nov 02, 1999, 15:46 (10 Talkback[s])
(Other stories by Rick Moen)

"Some readers may recall the sudden appearance of Mountain View, California startup LinuxOne, Inc. on 2 September, with the announcement that that firm had helped MandrakeSoft open development centres in Beijing and Shanghai...."

"LinuxOne's IPO offering has no underwriters: according to the filing, shares "will be offered for sale by our management" for 180 days with a possible extension for 90 more days. The filing projected 9.2 million shares outstanding after IPO, representing 33 per cent equity of a $73 million market value, assuming an $8 share price. The $8 figure was said to have been "arbitrarily established by us" to raise about $23 million after expenses and "bears no relationship whatsoever to our assets, earnings, book value, or other criteria of value."

"Commentators soon pronounced LinuxOne's S1 filing virtually identical to Red Hat Software's (except for the lack of securities underwriters). At least one of the Web site's employment opportunities listings is word-for-word identical to a job listing at Red Hat's 'situations vacant' page. Asked about this, LinuxOne declined to return calls."

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