Friday, November 20, 2009

LogMeIn raises money...for it's bankers (LOGM)

I wrote rather positively about the LogMeIn(LOGM) IPO back in July:

Well, now they're back tapping the public markets for more money ------- but not for the company. Look at the offering documents. In truly offensive fashion, they're raising more money for the participating investment banks than they are for themselves. Meaning that existing insiders make up the bulk of the offering, so the cash will not go onto LogMeIn's balance sheet.

Copyright 2009 AlphaNinja


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