
The year is ending with yet another flurry of speculation on some of the details of Facebook's potential IPO.
As the stories go over the same ground again and again, we thought it would be useful to step back and look at what we know about the most anticipated transaction of 2012.
Will Mark Zuckerberg cash in without Wall Street bank's help? What will the IPO value Facebook at? When will the social site finally go public?
Read this and when the next round of reporting comes along, you'll know what's new, what's not and what's important.
The two leading contenders to be 'lead left': Goldman Sachs and Morgan Stanley.
After the public scrutiny of Facebook's private offering run by Goldman, there were reports that the bank's relationship with Facebook was 'frayed' (or just fine) but it has nonetheless been consistently linked to the transaction, as has the leading participant in 2011 tech IPO's, Morgan Stanley.
This could be the big twist in the story.
There is an outside chance that Facebook, because of the anticipated strong demand for its shares, could bypass the investment banks by using a 'Dutch auction.'
If Facebook went this route, shares would be allocated based on bids entered by potential investors. While there is likely to be continued speculation on this point, it has an outside chance of happening at best.
Why? Risk aversion. Founders get to go public once. Yes, using banks increases the costs of doing so on several fronts (fees, artificially low pricing, etc.). But Google's attempt to go it alone were less than successful. And when incremental costs are compared to the risks posed by the Dutch auction, a founder will take Wall Street any day.
Basically, the Dutch auction is rarely used, whereas the traditional process happens on a weekly basis. When billions of your capital are at stake, it's not crazy to lose a few million, or tens of millions, in order to ensure your cash in stays in the realm of nine zeros.
Around $100 billion seems to be the going estimate, with the initial public float being around $10 billion.
But really, this won't be finalized until the size of the stake sold and share price are finalized.
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This custom-built home in Bridgehampton, New York, with a prime ocean-front location is on sale for $34 million.
The home features great views of Mecox Bay and the ocean, seven bedrooms, 8.5 bathrooms, and a private dock on Mecox Bay that's built into the price.
The base of the home is made from French limestone, and the windows and doors are also custom-designed.
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We previously reported on GoDaddy users taking their business elsewhere in response to the company's support of SOPA, a very unpopular piece of legislation that will dramatically affect how the Internet operates.
Now Cnet reports that GoDaddy CEO Warren Adelman has changed the company's party line to "GoDaddy opposes SOPA."
The move to boycott GoDaddy began with a thread on Reddit and gained further traction when Wikipedia founder Jimmy Wales tweeted that he'd move Wikipedia domains elsewhere.
We'll see if this about-face by GoDaddy will actually change how customers feel.
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The letter that took down Mark Hurd as CEO of HP has leaked after a court said it was going to be made public.
Arik Hesseldahl of All Things D got a copy of the letter, and made it available for embed. We've embedded it below.
Ken Glueck, who works at Oracle, where Hurd is now a co-president told All Things D, "This letter was recanted by Ms. Fisher. She admitted it was full of inaccuracies," so read everything with a grain of salt, we suppose.
Here's the highlights/cliffs notes of the letter if you don't want to read the whole thing:
In the letter Gloria Allred, who represented Hurd's accuser Jodie Fisher, says, "It is clear you had designs to make her your lover from the onset using your status and authority as CEO of HP and HP monies expecting her to be with you."
HP hired Fisher to be a hostess at various events. Allred makes it seem like Hurd hand picked Fisher and was particularly interested in her from the onset.
Later in the letter Allred says Hurd invited Fisher up to his hotel room and brushed his hand against her breast. Twice. The second time, Fisher allegedly said to Hurd, "You do know you're touching my breast, right?" At that point Hurd allegedly said, "Oh sorry, sorry" and tried to laugh it off.
Hurd allegedly didn't give up that night. He asked her if she'd stay at his hotel room for the night. She then said, no, "I barely know you, and you are my boss."
Allred says Fisher left that night without anything happening, but it kicked off an "uncomfortable dance" that would last for two years. Sometimes Hurd would be professional with Fisher, but at times he would not and would "relentlessly cajole her into having sex" with Hurd.
Allred alleges in the letter that Hurd tried to make Fisher feel like she should be lucky he was interested in her. Specifically, Allred writes, "You had been telling her about many different women that were crazy about you … including Sheryl Crow."
Two months later Fisher was at another HP event, this time in St. Louis. Once again, Hurd invited Fisher to dinner. After dinner he walked her back to her hotel suite. He entered her room, according to the Allred letter. Allred then alleges that Hurd forced himself on Fisher, putting his arms around her and kissing her. She then squirmed away, and Hurd went back to his own room.
Hurd also allegedly told Fisher that he had a lady in San Francisco and a lady in New York. Allred says, "It's clear you have various women in various places utilizing HP's monies, expensing hotels, airfare, and dinners while using your status and clear ability to enjoy female companionship and intimacy."
Months later Allred claims Hurd was walking around Madrid with Fisher and stopped at an ATM to show Fisher he had an account balance over $1 million.
In Madrid, Hurd also allegedly told Fisher about HP's negotiations to buy EDS. He is said to have told Fisher not to tell anyone about the deal.
The final encounter between the two happened in October 2009, according to the letter. Hurd once again had Fisher in his hotel room and tried forcing himself on her. Again she squirmed away. (If you're wondering why she was constantly in his hotel room, Allred says it's because Fisher worried she'd lose her job if she didn't play nice with Hurd.)
After that encounter HP stopped using Fisher. She left Los Angeles and moved to New Jersey. She was allegedly "emotionally debilitated and spiraling downward" and that's why she decided to pursue legal action against Hurd and HP.
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