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Balboa Capital Sale Up-Date

Yesterday we published a flash about Patrick Byrne buying out his partner Shawn Giffin.


              Here is a memo from Mr. Giffin about the transaction:

From: Shawn Giffin [mailto:shawngiffin@cox.net]
Sent: Thursday, May 06, 2004 12:21 PM
To: 'All-balboans@balboacapital.com'
Subject: thank you


This may be my final companywide e-mail.  Patrick and I completed negotiations on the sale of my shares to him.  I firmly believe the company is better off with a single individual leading the charge.

If it is possible to love a company, I am head-over-heels for Balboa Capital.  You are the most dynamic and talented team I have ever had the good fortune to know.  My 16 years here have included the highest, and lowest, moments in my life.  Through it all, your support and commitment have been a welcome constant.  My affection and respect for you cannot be overstated.

Working together and developing relationships with many of you has been the most rewarding professional experience imaginable.  I am proud of each and every one of you.  Now is the time for you to push even harder and take advantage of the many opportunities available at Balboa Capital.  I have every confidence the company will continue to prosper.

You have my most sincere appreciation and best wishes for a rewarding, prosperous and fun career at Balboa Capital.


 ( He also has an e-mail in the Friday—Odds and Ends regarding the rumor that he will be joining Brad Kissler's company Strada Capital. editor )

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