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Linux Journal: Andover.Net Goes Dutch in Stock Offering

Sep 29, 1999, 22:52 (5 Talkback[s])
(Other stories by David Penn)

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"For weeks, the geeks who visit Slashdot pilloried the leadership of Red Hat, the first Linux company to offer stock to the public, over their ill-fated effort to spread some of the wealth through a pre-IPO "directed share program". Red Hat CEO Bob Young and the rest of his Carolina crew were called everything from elitist opportunists to incompetent boobs who were unaware of the intricacies and complexities of arranging a stock set-aside scheme that would help (as opposed to enrage or frustrate) chronically capital-deficient geeks with little "investment history."

"Well, guess which chickens have come home to roost?..."

"Several things (beyond the most obvious) make the IPO of Andover.Net different from, for example, Red Hat's public offering back in July. Foremost, whereas Red Hat tried to use a directed-share program to include the legions of developers, programmers and geeks-at-large whose work contributed to the great success of Red Hat's Linux distribution, Andover.Net's OpenIPO is set up specifically to make sure all bidders have an equal shot at the new stock."

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