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The Active Network, Inc. Message Board

  • kol6y7u8 kol6y7u8 Jun 2, 2011 5:56 AM Flag

    I have no idea about this company...

    what it does, how it makes money, or anything else.

    All I do know is that Disney holds a major stake and just converted preferred shares to common stock and sold about 25% of thier holdings in the offering.

    Even after selling 25% of their holdings for about $30 million, Disney continues to hold about 7.7 million shares.

    If anything, maybe the takeaway is that people should buy Disney stock as they monetize these holdings.

    I think the notes in the filing are most interesting regarding ownership structure of the Disney subsidiaries:

    (1) The Series D Preferred Stock, Series E Preferred Stock and Series F Preferred Stock converted into Active Network, Inc. common stock on a 1-for-1 basis.

    (2) 4,823,367 of such shares were owned directly by Starwave Corporation, which is a wholly owned subsidiary of Infoseek Corporation (2), which is a wholly owned subsidiary of The Walt Disney Company. 4,823,368 of such shares were owned directly by ESPN Digital Media, Inc., which is a wholly owned subsidiary of ESPN Enterprises, Inc., which is a wholly owned subsidiary of ESPN, Inc., which is a wholly owned subsidiary of ESPN Holding Company, Inc., which is a wholly owned subsidiary of ABC Holding Company, Inc., which is a wholly owned subsidiary of ABC, Inc., which is a wholly owned subsidiary of ABC Enterprises, Inc., which is a wholly owned subsidiary of Disney Enterprises, Inc., which is a wholly owned subsidiary of The Walt Disney Company.

    (3) 954,257 of such shares sold were sold by Starwave Corporation, and 954,258 of such shares sold were sold by ESPN Digital Media, Inc.

    (4) Converts at 1-for-1.

    (5) Each share of preferred stock was convertible into one share of common stock at any time at the option of the holder and converted automatically upon the closing of the sale of Active Network's common stock in a firm commitment, underwritten public offering in which certain conditions were met relating to the number of shares issued and the price at which shares are issued.


    http://www.insider-alerts.com/Data/20110601/0001225208-11-015670.xml

 

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