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PIPEs: A Guide to Private Investments in Public Equity
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| List Price: | CDN$ 101.99 |
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Product Description
This revised and updated guide presents the views, voices, and invaluable expertise of leading practitioners from all specialties in the field. The book is divided into three parts: "The Business of PIPEs," which provides a historical backdrop and overview; "Regulatory Landscape and Structural Alternatives," which details the legal framework and transaction structures; and "Deal Flow," which offers the investor's perspective on negotiating deals.
With detailed discussions, ranging from the origins of the marketplace and deal structures to legal considerations and due diligence, and from finding new opportunities to trading strategies, this book provides a clear window to the inner workings of this active area of the small-cap market. Investors, financial analysts, investment bankers, corporate and securities attorneys, and executives of public companies will find substantial value in the pages of this book.
Product Details
- Amazon Sales Rank: #625627 in Books
- Published on: 2005-12-01
- Original language: English
- Dimensions: 9.60" h x .96" w x 6.50" l, 1.40 pounds
- Binding: Hardcover
- 291 pages
Editorial Reviews
From Publishers Weekly
Between the world of private placements, in which large financial institutions make long-term investments in companies, and the world of public stock markets, which are open to all and regulated by the Securities and Exchange Commission, come PIPEs: private investments in public equity. PIPEs allow hedge funds and even wealthy individuals to get much of the liquidity of investing in public securities, while letting the issuer avoid much of the burden of SEC regulations. This backdoor entrance to the public markets has been abused in the past by offshore issuance of unreported stock and structured deals that earned the name "toxic securities" because they generally caused the issuer to fail. Both of these practices have declined, but many people remain suspicious of all PIPE transactions. Dresner and Kim clear some of the lingering confusion in this collection of 12 essays by different authors exploring the legal and financial aspects of PIPEs. Like many technical investment books, the quality of the writing in this book is uneven, and there is quite a bit of repetition and self-promotion. Several of the chapters are excellent, however, including Chapters Five through Seven on the legal aspects of PIPEs and Chapter 12 on due diligence. (This last chapter's author, however, is also one of the worst self-promotion offenders). Other chapters suffer from thin substance and turgid writing. Another problem is the relentlessly upbeat tone that results from all authors earning their livings doing PIPEs, without balance from academics, regulators or PIPE critics. Since there are few other books on the subject, PIPE specialists might find enough useful material here to justify the book's high price, but most people will be happier with Bierman's Private Equity combined with a good text on public securities.
Copyright 2003 Reed Business Information, Inc.
Review
"A valuable and comprehensive update on the PIPEs market, with insights from the bankers, lawyers, and buyers. This is an important reference for anyone working with PIPEs."
—Paul Roth
Partner, Schulte Roth & Zabel LLP
"A complete guide designed by qualified professionals to help companies, investment professionals, and investors better understand PIPEs as a financial tool."
—Mitch Hull
President, Hull Capital Management, LLC
"The PIPE space is made up of so many moving parts, but this book turns it all into a smooth-running machine. Everyone in this business has learned to rely on Steven and Kurt for clarity and understanding."
—Mitch Levine
Managing Member, Enable Capital Management
"Steve Dresner is the most knowledgeable person in the world of PIPEs. This PIPEs book is the bible of the industry and the source for anyone seeking straight answers regarding this otherwise complicated subject."
—Dian Griesel, PhD
Founder and Chairman, The Investor Relations Group
"The first book to explain the trends in the PIPE industry, this revised and updated edition is essential reading to keep up with the changes and make the best use of this important financing vehicle."
—Ramnarain Joseph Jaigobind
Managing Director, Global Equity Capital Markets, Maxim Group, LLC
"The PIPEs market is one of the most dynamic areas of investment banking today. Whether you are an investor or an issuer, banker, or student, this book is a must-read for understanding this increasingly important area of the equity and equity-linked capital markets. I strongly recommend this publication to both market professionals and laypersons interested in the PIPEs market."
—Kim S. Fennebresque
Chairman and CEO, Cowen and Company, LLC
"This is a must-read for attorneys, hedge fund managers, investment bankers, traders, and all companies looking to raise capital. This book will become a handy reference to the investment community."
—Ron Nash
Past president and founder, Nash Weiss & Co.
Book Info
Text provides a view of this rapidly evolving industry, with contributions from leading practitioners. Offers perspectives on evaluating and negotiating transactions, legal and regulatory considerations, how the industry has evolved, and what changes could be in store. DLC: Private investments in public equity--United States.
