Ben Gilbert: belief

Transcript context

…I think we should. Trip, the way this all started wasn’t an acquisition we grade with all these years of hindsight, was it a good idea for the big company to buy the little company, was that a good use of capital? The way that we have adapted that for IPOs is, “Was that transaction a good idea for the company to do or did they do something interesting with the capital? Did they need the capital for something? Was a change in shareholders beneficial to the business in some particular way? ” Frankly, the gradings are frankly more arbitrary in these IPOs, but the discussion I think is the more important part and the thing that I indexed on, what I lean really positive on grading the transaction and we don’t care as much about on how it went mechanically like, “Yeah, the stock dipped afterwards. ” But that’s not we’re here to litigate. The really interesting to me is, what an incredible negotiating position it gave you with Sega and if you sort of didn’t have just raised that cash, have been more of a legitimate public company, you may not have been able to leverage that you needed to know negotiations to ultimately get your $1 million unit cap. Yeah, that’s true. I would also add that we already had a pretty good history as a private company making acquisitions. There again, you’re going to end up with shareholders that are going to want some liquidity, but as everybody knows, after Electronic Arts went public, it made it even easier to make acquisitions and the company made a ton of acquisitions in the 1990s.…

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