"I quit Wall Street over 10 years ago so I could grow up with my kids who are now 11 and 14.
Too bad. Now instead of idealized "Dad" they have a clear picture of what a self centered jerk you really are. Took your life off to raise kids. Do you have a sebnsitive wife who talks too much to go along with that? What a pansy.
I have done dd on underwritings and have far more experience on Wall Street than you do and yes I believe PJ should have talked to Farmwald and had I been assigned the dd for this deal I most certainly would have. You certainly are entitled to your opinion, we just fundamentally disagree.
Piper is a Real Company..Not some Schlock Private equity PIPE PUSHER.I don't believe myself to be Naive..I have been in the asset Management Business in research,trading and executive roles since 1990.
Piper Jaffray Companies
Employees: Approx. 1,000
Headquarters: Minneapolis, Minn.
2009 Q3 net revenue: $119.7 million
Total stockholders’ equity: $781.8 million
Stock symbol: PJC Market Cap 950 Million
As of quarter-end, Q3 2009. Net revenues provided are from continuing operations.
PJC is not going to blow thier reputation and credibility for a 1.5 million dollar net takedown to them for this stupid 15 milion dollar raise up. They did DD. They did more than normal due to Farmwald and the Shorts pay per click ad's. No, it would not be appropriate for a banker to call the largest short out there and get his opinion. What planet are you from???
I am long this stock, do your own DD
Your view of the due diligence process by investment bankers is very naive, they want to do deals because that is how they get paid and due diligence in many cases is very cursory. In this case if the bankers did not talk to Farmwald to here the clear and very public negative story on PRKR then they did not do adequate due diligence. I suspect they did not talk to Farmwald and thus any reliance on the bankers for vetting the technology is misplaced.