Comments on: On how men and women differ…

By: Chris

Chris — Sun, 30 Sep 2007 14:14:46 +0000

Shopping discounts are not only provided to women….per page 116 of the Neiman bond prospectus…the private equity concerns negotiated to have the following included.
“In connection with the Transactions, Neiman Marcus, Inc. agreed to cause the Company to provide to a limited number of these persons, including each of our directors at the time of the consummation of the Transactions, a lifetime discount on purchases at our stores”

The private equity directors include 7 men and 1 woman…

By: James

James — Fri, 28 Sep 2007 17:10:43 +0000

Echoing what the prior two commenters noted, issuers of public debt (i.e. debt that has been registered under the Securities Act of 1933) have an obligation to file a 10-K for at least one year after the sale of the debt (this requirement is under Section 15(d) of the Securities Exchange Act of 1934).

In addition, it’s possible that the debenture covenants requires that the debt issuer provide reports that are on par with 10-Q’s and 10-K’s.

Lastly, (though this doesn’t seem like too good of a reason given the liabilities that attach to each report), having current reports will make facilitate filing subsequent registration statements.

By: phineasfolly

phineasfolly — Fri, 28 Sep 2007 16:19:01 +0000

The debt is the issue. The nice thing about the private company filings are the proxy statements tend to be in the 10K’s so you have one stop shopping.

There are a number of interesting companies in this status such as Levi Strauss, and other companies who may be held by a VC who may want to flip them after they file an S-1 or S-1A. They still essentially fall under Sarbanes and have the continued experience of working with the SEC docs so going back public can be a much easier process. Having worked with Public, historically private, and just recently private companies the skill sets in the beancounting departments can be vastly different.

By: Patrick

Patrick — Fri, 28 Sep 2007 15:25:04 +0000

It’s kind of quirky, but because Neiman Marcus has publicly-traded debentures registered with the SEC pursuant to the Securities Exchange Act of 1933, they are required to file periodic reports as a non-accelerated filer. Cingular Wireless (before it became AT&T Wireless) used to be in a similar situation — it was a joint venture between AT&T and Bell South, but it had publicly-traded debt and thus had to file periodic reports even though it did not have publicly-traded stock.

P.S. The new site looks great! I’m so happy 10-K Wizard and InsiderScore agreed to be sponsors.