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Smart Partner: TurboLinux: No Guts, No Glory - Another penguin proponent goes for its IPO

Nov 03, 2000, 00:30 (0 Talkback[s])
(Other stories by Steven J. Vaughan-Nichols)

"TurboLinux, one of the Big Four Linux distributors, will try to raise $60 million with its IPO in the first quarter of 2001. The company plans to trade under the symbol TLUX on the NASDAQ."

"Al Gillen, International Data Corp's (IDC) research manager for system software, says "TurboLinux has been on pre-IPO track for more than a year. But they were caught short in May by the market and it's only now that they're back on track."

"The May downturn lead TurboLinux to cut its staff by 52 people, about a sixth of its employees. The company's finances were further complicated in July by the termination without cause of its co-founder and CEO Cliff Miller and his wife Iris Miller, president of TurboLinux's Asia Pacific division and co-founder. Their golden parachute, according to the S-1, includes $850,000 in separation fees, and $7.5 million in a stock buyout at $3.65 per share."

"Despite that development, the Millers remain the majority shareowners with almost 62 percent of TurboLinux. Other significant owners are the high-tech venture capital firms August Capital and Asia Pacific Coast Fund and corporate powers Dell and Intel."

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