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The Blackstone Group Inc. is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia. The firm's corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts, mid-cap buyouts, buy and build platforms, which involves multiple acquisitions behind a single management team and platform, and growth equity/development projects involving significant minority investments in operating companies and greenfield development projects in energy and power, financial services, healthcare, life sciences, enterprise tech and consumer, as well as consumer technologies. Its hedge fund business manages a broad range of commingled and customized fund solutions and its credit business focuses on loans, and securities of non-investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity. The Blackstone Group Inc. was founded in 1985 and is headquartered in New York, New York with additional offices across Asia, Europe and North America.

Blackstone Group

Lionbridge has recently been as the story of their to be acquired by H.I.G. Capital spread. I thought it would be useful to examine more closely what Private Equity is, and what they do since I found much of the commentary on the Lionbridge deal unclear, unsatisfying and quite unlikely to be accurate as they seem to overlook why PE gets involved at all. I thought that while I am at it, let me also add Luigi’s opinion which is also not a translation industry mainstream opinion, to provide alternate perspectives to the ones we have been hearing.  From my early business career when I worked close to Wall St. and institutional investment, private equity meant firms like Kohlberg Kravis Roberts, The Blackstone Group, and Apollo Global Management. They were often called corporate raiders, and, in fact, they made a movie about a PE raider, called , where Hollywood like Gordon Gekko, look bad, and suggested he/they lived by an ethos that “greed is good”, destroying companies to extract a few million dollars to buy a private yacht. Maybe that was an exaggeration, but it is true, that PE generally went into companies that they felt were undervalued or under-performing and went in and “cleaned up and improved the situation”. They showed them “how to do it right” as Frank Zappa would say. In fact, that suggests that private equity investors are corporate doctors. Perhaps things have changed since the 90’s, and now Private Equity is a much more friendly and fluffy experience, but my ample gut tells me that generally An informative provides some insight on the whole Private Equity view of the world. Given that they base their observations on a study of 79 PEGs (Private Equity Groups) with $750B under management suggests to me that there could be some truth here. Top Private Equity Companies HIG Capital who acquired LIOX is #70 in this list. in the news “agreement” Wall Street made PE rock stars there is research investors want to make money, and they don’t acquire assets to get a board seat and hang out with the management. They generally want change that results in them making MORE money. Harvard Business School draft paper are listed here What do Private Equity firms do? PE firms typically buy controlling shares of private or public firms , often funded by debt, with the hope of later taking them public or selling them to another company in order to turn a profit . P rivate equity is generally considered to be buyout or growth equity investments in mature companies. What do PE firms do after they invest? PE firms — . These value-increasing actions are not necessarily mutually exclusive, but it is likely that certain firms emphasize some of the actions more than others.  In financial engineering, PE investors provide strong equity incentives to the management teams of their portfolio companies. At the same time, debt puts pressure on managers not to waste money. In governance engineering, PE investors control the boards of their portfolio companies and are more actively involved in governance than public company directors and public shareholders. In operational engineering, PE firms develop industry and operating expertise that they bring to bear to add value to their portfolio companies.  In fact, because PE firms often fund investments with debt, they are usually very concerned that these investments can service the debt organically i.e. without injecting in more money. So they are often all about cash flow and look for companies that can service the debt while they do their restructuring magic. It is said that they have a pretty strict requirement on return and look for internal rates of return that are in the 20–25% range. The Harvard paper suggests that there is often evidence of both financial and governance engineering. PE investors say they provide strong equity incentives to their management teams and believe those incentives are very important. Several characteristics of the PE business model directly impact the operations of their portfolio companies: typically take three types of value increasing actions financial engineering, governance engineering, and operational engineering They regularly replace top management, both before and after they invest. And they structure smaller boards of directors with a mix of insiders, PE investors, and outsiders. These boards are much more concerned about real progress and have much more clout and impactful involvement than in a “normal” public company setting where a board may allow a non-performing CEO to sit for 17 years without asking any probing questions. There is evidence that the sweet spot for private equity is a company doing okay in an industry whose fortunes are about to improve dramatically. First, private equity investments are illiquid and more highly leveraged than investments in publicly traded companies–hence, riskier. They need to yield high returns to be worth undertaking. Second, Cutting costs by squeezing labor is the surest way to accomplish this. the high debt that portfolio companies must service means they must quickly achieve an increased and predictable cash flow. Third, While limited partners make a long-term commitment to the PE fund, portfolio companies have only a short time to show results to the general partners. the PE model is the opposite of “patient capital.” Finally, PE will not undertake long-term investments in its portfolio companies unless capital markets are efficient and reward such investments with a higher price when the company is sold. There are definite incentives to turnaround investments as quickly as possible to maximize internal rates of return. So the research definitely seems to suggest that HIG is not here to just be in the wonderful language loving translation business. . As they say on their website: Private equity firms typically excel at putting strong, highly motivated executive teams together. The following data certainly suggests that Lionbridge (LIOX) was a lackluster if not a failing public company. . But the LIOX board sat with this for over a decade. In October 2008 the $500M revenue company had a market value of about $70M! It is surprising that HIG is apparently, making no real management and strategy changes, and from all reports will continue with the same management and the same strategy. Some additional things to note: They want returns, and they probably want returns soon Flexibility, speed of execution, and delivering on commitments are our hallmarks. Good private equity firms also excel at identifying the one or two critical strategic levers that drive improved performance. They are renowned for excellent financial controls and for a relentless focus on enhancing the performance basics: revenue, operating margins, and cash flow. Plus, a governance structure that cuts out a layer of management — private equity partners play the role of both corporate management and the corporate board of directors — allows them to make big decisions fast. At no point in the last 10 years did the company market valuation ever reach it’s revenue levels. This is usually a sign that something is not quite right Its market value is terrible even relative to other peer translation companies as the table below shows. The company is being sold for close to the highest value it has had in 10 years and investors in LIOX must be sighing in relief that they did not use an average of the stock price of a longer time period to establish the acquisition price. The management team has been mostly the very same for the last 17 years and is said will remain in office. The CTO, Eric Blassin, very suddenly left and joined TransPerfect as Luigi has pointed out in his comments below. Lionbridge . This is less than 2% of revenue which I suppose is better than losing money. has made less than $50 million net income in total from 2011–2015 Perhaps HIG does not really want to discuss their real plans at this point. As a Limited Partner, I would certainly be concerned about the rationale behind this investment, if no changes are planned, and you are simply expecting to ride the coming translation industry wave of growth. But stranger things have happened, and we do live in a world where the #americanbuffoon Don Trump is the next President of the US.  Interestingly, we now have an attempted action by some investors who think and want more cash! Luckily for them a 10-year average was not used as the takings would be a lot slimmer. The odds of this class action suit leading to any changes are pretty slim, since the data overwhelmingly suggests that the investors were lucky to get $360M.  Private Equity investing regularly in an industry is usually a sign that they think that things can be done better (more efficiently, effectively, profitably) and that this. We shall have to wait and see if big changes are indeed made, or wait and see if we suddenly start seeing really savvy and skillful execution, and market-leading strategy coming from Lionbridge. That is rare enough that we would all notice. ;-) the price is too low they can expedite I think it is also pretty safe to say that when a private equity firm gets involved with a translation company, it is a clear signal that the PE firm thinks that the company in question can be run more efficiently, and they believe strongly enough in this possibility that they would be willing to put some money on it and prove it. You can see more analysis and Luigi’s take on this at: Private Equity, The Translation Industry & Lionbridge

Private Equity, The Translation Industry & Lionbridge

Astounding Stories of Super-Science, March 1930, by Astounding Stories is part of HackerNoon’s Book Blog Post series. You can jump to any chapter in this book here . Brigands of the Moon: Chapter XIII. Astounding Stories of Super-Science, March 1930: Brigands of the Moon - CHAPTER XIII. The Torture “HALJAN! Yield or I’ll fire! Moa, give me the smaller one. This cursed––” He had in his hand too large a projector. Its ray would kill me. If he wanted to take me alive, he would not fire. I chanced it. “No!” I tried to draw myself beneath the window. An automatic bullet projector was on the floor where Carter had dropped it. I pulled myself down. Miko did not fire. I reached the revolver. The dead bodies of the captain and purser had drifted together on the floor in the center of the room. I hitched myself back to the window. With upraised weapon I gazed cautiously out. Miko had disappeared. The deck within my line of vision was empty. But was it? Something told me to beware. I clung to the casement, ready upon the instant to shove myself down. There was a movement in a shadow along the deck. Then a figure rose up. “Don’t fire, Haljan!” The sharp command, half appeal, stopped the pressure of my finger on the trigger of the automatic. It was the tall lanky Englishman, Sir Arthur Coniston, as he called himself. So he too was one of Miko’s band! The light through a dome-window fell full on him. “If you fire, Haljan, and kill me––Miko will kill you then, surely.” From where he had been crouching he could not command my window. But now, upon the heels of his placating words, he abruptly shot. The low-powered ray, had it struck, would have felled me without killing. But it went over my head as I dropped. Its aura made my senses reel. Coniston shouted, “Haljan!” IDID not answer. I wondered if he would dare approach to see if I had been hit. A minute passed. Then another. I thought I heard Miko’s voice on the deck outside. But it was an aerial, microscopic whisper close beside me. “We see you, Haljan! You must yield!” Their eavesdropping vibrations, with audible projection, were upon me. I retorted aloud. “Come and get me! You cannot take me alive.” I do protest if this action of mine in the chart-room may seem bravado. I had no wish to die. There was within me a very healthy desire for life. But I felt, by holding out, that some chance might come wherewith I might turn events against these brigands. Yet reason told me it was hopeless. Our loyal members of the crew were killed, no doubt. Captain Carter and Balch were killed. The lookouts and Course-masters also. And Blackstone. There remained only Dr. Frank and Snap. Their fate I did not yet know. And there was George Prince. He, perhaps, would help me if he could. But, at best, he was a dubious ally. “You are very foolish, Haljan,” murmured the projection of Miko’s voice. And then I heard Coniston: “See here, why would not a hundred pounds of gold-leaf tempt you? The code-words which were taken from Johnson––I mean to say, why not tell us where they are?” So that was one of the brigands new difficulties! Snap had taken the code-word sheet, that time we sealed the purser in the cage. I said, “You’ll never find them. And when a police ship sights us, what will you do then?” The chances of a police ship were slim indeed, but the brigands evidently did not know that. I wondered again what had become of Snap. Was he captured––or still holding them off? I was watching my windows; for at any moment, under cover of this talk, I might be assailed. GRAVITY came suddenly to the room. Miko’s voice said. “We mean well by you, Haljan. There is your normality. Join us. We need you to chart our course.” “And a hundred pounds of gold-leaf,” urged Coniston. “Or more. Why, this treasure––” I could hear an oath from Miko. And then his ironic voice: “We will not bother you, Haljan. There is no hurry. You will be hungry in good time. And sleepy. Then we will come and get you. And a little acid will make you think differently about helping us....” His vibrations died away. The pull of gravity in the room was normal. I was alone in the dim silence, with the bodies of Carter and Johnson lying huddled on the grid. I bent to examine them. Both were dead. My isolation was no ruse this time. The outlaws made no further attack. Half an hour passed. The deck outside, what I could see of it, was vacant. Balch lay dead close outside the chart-room door. The bodies of Blackstone and the Course-master had been removed from the turret window. A forward lookout––one of Miko’s men––was on duty in the nearby tower. Hahn was at the turret controls. The ship was under orderly handling, heading back upon a new course. For the Earth? Or the Moon? It did not seem so. I found, in the chart-room, a Benson curve-light projector which poor Captain Carter had very nearly assembled. I worked on it, trained it through my rear window, along the empty deck; bent it into the lounge archway. Upon my grid the image of the lounge interior presently focused. The passengers in the lounge were huddled in a group. Disheveled, frightened, with Moa standing watching them. Stewards were serving them with a meal. UPON a bench, bodies were lying. Some were dead. I saw Rance Rankin. Others were evidently only injured. Dr. Frank was moving among them, attending them. Venza was there, unharmed. And I saw the gamblers, Shac and Dud, sitting white-faced, whispering together. And Glutz’s little be-ribboned, be-curled figure on a stool. George Prince was there, standing against the walls shrouded in his mourning cloak, watching the scene with alert, roving eyes. And by the opposite doorway, the huge towering figure of Miko stood on guard. But Snap was missing. A brief glimpse. Miko saw my Benson-light. I could have equipped a heat-ray, and fired along the curved Benson-light into that lounge. But Miko gave me no time. He slid the lounge door closed, and Moa leaped to close the one on my side. My light was cut off; my grid showed only the blank deck and door. Another interval. I had made plans. Futile plans! I could get into the turret perhaps, and kill Hahn. I had the invisible cloak which Johnson was wearing. I took it from his body. Its mechanism could be repaired. Why, with it I could creep about the ship, kill these brigands one by one perhaps. George Prince would be with me. The brigands who had been posing as the stewards and crew-members were unable to navigate; they would obey my orders. There were only Miko, Coniston and Hahn to kill. Futile plans! From my window I could gaze up to the helio-room. And now abruptly I heard Snap’s voice: “No! I tell you––no!” And Miko: “Very well. We will try this.” So Snap was captured, but not killed. Relief swept me. He was in the helio-room, and Miko was with him. But my relief was short-lived. AFTER a brief interval there came a moan from Snap. It floated down from the silence overhead. It made me shudder. My Benson-beam shot into the helio window. It showed me Snap lying there on the floor. He was bound with wire. His torso had been stripped. His livid face was ghastly plain in my light. Miko was bending over him. Miko with a heat-cylinder no longer than a finger. Its needle-beam played upon Snap’s naked chest. I could see the gruesome little trail of smoke rising; and as Snap twisted and jerked, there on his flesh was the red and blistered trail of the violet-hot ray. “Now will you tell?” “No!” Miko laughed. “No? Then I shall write my name a little deeper....” A black scar now––a trail etched in the quivering flesh. “Oh!––” Snap’s face went white as chalk as he pressed his lips together. “Or a little acid? This fire-writing does not really hurt? Tell me what you did with those code-words!” “No!” In his absorption Miko did not notice my light. Nor did I have the wit to try and fire along it. I was trembling. Snap under torture! As the beam went deeper, Snap suddenly screamed. But he ended, “No! I will send––no message for you––” It had been only a moment. In the chart-room window beside me again a figure appeared! No image. A solid, living person, undisguised by any cloak of invisibility. George Prince had chanced my fire and had crept up upon me. “Haljan! Don’t attack me.” IDROPPED my light connections. As impulsively I stood up, I saw through the window the figure of Coniston on the deck watching the result of Prince’s venture. “Haljan––yield.” Prince no more than whispered it. He stood outside on the deck; the low window casement touched his waist. He leaned over it. “He’s torturing Snap! Call out that you will yield.” The thought had already been in my mind. Another scream from Snap chilled me with horror. I shouted, “Miko! Stop!” I rushed to the window and Prince gripped me. “Louder!” I called louder. “Miko! Stop!” My upflung voice mingled with Snap’s agony of protest. Then Miko heard me. His head and shoulders showed up there at the helio-room oval. “You, Haljan?” Prince shouted, “I have made him yield. He will obey you if you stop that torture.” I think that poor Snap must have fainted. He was silent. I called, “Stop! I will do what you command.” Miko jeered, “That is good. A bargain, if you and Dean obey me. Disarm him, Prince, and bring him out.” MIKO moved back into the helio-room. On the deck Coniston was advancing, but cautiously, mistrustful of me. “Gregg.” George Prince flung a leg over the casement and leaped lightly into the dim chart-room. His small slender figure stood beside me, clung to me. “Gregg.” A moment, while we stood there together. No ray was upon us. Coniston could not see us, nor could he hear our whispers. “Gregg.” A different voice; its throaty, husky quality gone. A soft pleading. “Gregg–– “Gregg, don’t you know me? Gregg, dear....” Why, what was this? Not George Prince? A masquerader, yet so like George Prince. “Gregg, don’t you know me?” Clinging to me. A soft touch upon my arm. Fingers, clinging. A surge of warm, tingling current was flowing between us. My sweep of instant thoughts. A speck of human Earth-dust, falling free. That was George Prince, who had been killed. George Prince’s body, disguised by the scheming Carter and Dr. Frank, buried in the guise of his sister. And this black-robed figure who was trying to help us–– “Anita! Dear God! Anita, darling! Anita!” “Gregg, dear one!” “Anita! Dear God!” MY arms went around her, my lips pressed hers, and felt her tremulous, eager answer. “Gregg, dear.” “Anita, you!” The form of Coniston showed at our window. She cast me off. She said, with her throaty swagger of assumed masculinity: “I have him, Sir Arthur. He will obey us.” I sensed her warning glance. She shoved me toward the window. She said ironically, “Have no fear, Haljan. You will not be tortured, you and Dean, if you obey our commands.” Coniston gripped me. “You fool! You caused us a lot of trouble, didn’t you? Move along there!” He jerked me roughly through the window. Marched me the length of the deck. Out to the stern-space; opened the door of my cubby; flung me in and sealed the door upon me. “Miko will come presently.” I stood in the darkness of my tiny room, listening to his retreating footsteps. But my mind was not on him.... All the Universe in that instant had changed for me. Anita was alive! (To be continued) FOOTNOTES: As early as 1910 it was discovered that an object magnetized under certain conditions was subject to a loss of weight, its gravity partially nullified. The Martel discovery undoubtedly followed that method. [1] “United States of the World,” which came into being in 2057 upon the centenary of the Yellow War. [2] Trinight Hour, i.e., 3 A. M. [3] Pressure sickness. Caused by the difficulty of maintaining a constantly normal air pressure within the vessel owing to the sudden, extreme changes from heat to cold. [4] “Set and Setta,” the Martian equivalent of Mr. and Miss. [5] A Venus form of jocular, intimate greeting. [6] About HackerNoon Book Series: We bring you the most important technical, scientific, and insightful public domain books. This book is part of the public domain. Astounding Stories. 2009. Astounding Stories of Super-Science, March 1930. Urbana, Illinois: Project Gutenberg. Retrieved May 2022 from https://www.gutenberg.org/files/29607/29607-h/29607-h.htm#BRIGANDS_OF_THE_MOON_THE_BOOK_OF_GREGG_HALJAN_BEGINNING_A_FOURPART_NOVEL This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at www.gutenberg.org , located at https://www.gutenberg.org/policy/license.html .

The Torture

Astounding Stories of Super-Science, March 1930, by Astounding Stories is part of HackerNoon’s Book Blog Post series. You can jump to any chapter in this book here . Brigands of the Moon: Chapter X. Astounding Stories of Super-Science, March 1930: Brigands of the Moon - Chapter X. A Speck of Human Earth-dust, Falling Free.... I HAD not been able at first to understand why Captain Carter wanted Miko left at liberty. Within me there was that cry of vengeance, as though to strike Miko down would somehow lessen my own grief at Anita’s loss. Whatever Carter’s purpose, Snap had not known it. But Balch and Dr. Frank were in the captain’s confidence––all three of them working on some plan of action. Snap and I argued it, and thought we could fathom it; and in spite of my desire to kill Miko, the thing looked reasonable. It was obvious that at least two of our passengers were plotting with Miko and George Prince; trying during this voyage to learn what they could about Grantline’s activities on the Moon; scheming doubtless to seize the treasure when the Planetara stopped at the Moon on the return voyage. I thought I could name those masquerading passengers. Ob Hahn, supposedly a Venus Mystic. And Rance Rankin, who called himself an American magician. Those two, Snap and I agreed, seemed most suspicious. And there was the purser. With my hysteria still on me, I sat for a time on the deck outside the chart-room with Snap. Then Carter summoned us back, and we sat listening while he, Balch and Dr. Frank went on with their conference. Listening to them I could not but agree that our best plan was to secure evidence which would incriminate all who were concerned in the plot. Miko, we were convinced, had been the Martian who followed Snap and me from Halsey’s office in Great-New York. George Prince had doubtless been the invisible eavesdropper outside the helio-room. He knew, and had told the others, that Grantline had found radium-ore on the Moon––that the Planetara would stop there on the way home. BUT we could not incarcerate George Prince for being an eavesdropper. Nor had we the faintest tangible evidence against Ob Hahn or Rance Rankin. And even the purser would probably be released by the Interplanetary Court of Ferrok-Shahn when it heard our evidence. There was only Miko. We could arrest him for the murder of Anita. But the others would be put on their guard. It was Carter’s idea to let Miko remain at liberty for a time and see if we could not identify and incriminate his fellows. The murder of Anita obviously had nothing to do with any plot against the Grantline Moon treasure. “Why,” exclaimed Balch, “there might be––probably are––huge Martian interests concerned in this thing. These men here aboard are only emissaries, making this voyage to learn what they can. When they get to Ferrok-Shahn they’ll make their report, and then we’ll have a real danger on our hands. Why, an outlaw ship could be launched from Ferrok-Shahn that would beat us back to the Moon––and Grantline is entirely without warning of any danger!” It seemed obvious. Unscrupulous, moneyed criminals in Ferrok-Shahn would be dangerous indeed, once these details of Grantline were given them. And so now it was decided that in the remaining nine days of our outward voyage, we would attempt to secure enough evidence to arrest all these plotters. “I’ll have them all in the cage when we land,” Carter declared grimly. “They’ll make no report to their principals. The thing will end, be stamped out!” Ah, the futile plans of men! YET we thought it practical. We were all doubly armed now. Explosive bullet-projectors and the heat-ray cylinders. And we had several eavesdropping microphones which we planned to use whenever occasion offered. It was now, Earth Eastern Time, A. M. Twenty-eight hours only of this eventful voyage were passed. The Planetara was some six million miles from the Earth; it blazed behind us, a tremendous giant. The body of Anita was being made ready for burial. George Prince was still in his stateroom. Glutz, effeminate little hairdresser, who waxed rich acting as beauty doctor for the women passengers, and who in his youth had been an undertaker, had gone with Dr. Frank to prepare the body. Gruesome details. I tried not to think of them. I sat, numbed, in the chart-room. An astronomical burial––there was little precedent for it. I dragged myself to the stern deck-space where, at five A. M., the ceremony took place. Most of the passengers were asleep, unaware of all this––which was why Carter hastened it. We were a solemn little group, gathered there in the checkered starlight with the great vault of the heavens around us. A dismantled electronic projector––necessary when a long-range gun was mounted––had been rigged up in one of the deck ports. They brought out the body. I stood apart, gazing reluctantly at the small bundle, wrapped like a mummy in a dark metallic screen-cloth. A patch of black silk rested over her face. FOUR cabin stewards carried her. And beside her walked George Prince. A long black robe covered him, but his head was bare. And suddenly he reminded me of the ancient play-character of Hamlet. His black, wavy hair; his finely chiseled, pallid face, set now in a stern, patrician cast. And staring, I realized that however much of a villain this man not yet thirty might be, at this instant, walking beside the body of his dead sister, he was stricken with grief. He loved that sister with whom he had lived since childhood; and to see him now, with his set white face, no one could doubt it. The little procession stopped in a patch of starlight by the port. They rested the body on a bank of chairs. The black-robed Chaplain, roused from his bed and still trembling from excitement of this sudden, inexplicable death on board, said a brief, solemn little prayer. An appeal: That the Almighty Ruler of all these blazing worlds might guard the soul of this gentle girl whose mortal remains were now to be returned to Him. Ah, if ever God seemed hovering close, it was now at this instant, on this starlit deck floating in the black void of space. Then Carter for just a moment removed the black shroud from her face. I saw her brother gaze silently; saw him stoop and implant a kiss––and turn away. I did not want to look, but I found myself moving slowly forward. SHE lay, so beautiful. Her face, white and calm and peaceful in death. My sight blurred. Words seemed to echo: “A little son, cast in the gentle image of his mother....” “Easy, Gregg!” Snap was whispering to me. He had his arm around me. “Come on away!” They tied the shroud over her face. I did not see them as they put her body in the tube, sent it through the exhaust-chamber, and dropped it. But a moment later I saw it––a small black oblong bundle––hovering beside us. It was perhaps a hundred feet away, circling us. Held by the Planetara’s bulk, it had momentarily become our satellite. It swung around us like a moon. Gruesome satellite, by nature’s laws forever to follow us. Then from another tube at the bow, Blackstone operated a small Zed-co-ray projector. Its dull light caught the floating bundle, neutralizing its metallic wrappings. It swung off at a tangent. Speeding. Falling free in the dome of the heavens. A rotating black oblong. But in a moment distance dwindled it to a speck. A dull silver dot with the sunlight on it. A speck of human Earth-dust, falling free.... It vanished. Anita––gone. In my heart was an echo of the prayer that the Almighty might watch over her and guard her always.... About HackerNoon Book Series: We bring you the most important technical, scientific, and insightful public domain books. This book is part of the public domain. Astounding Stories. 2009. Astounding Stories of Super-Science, March 1930. Urbana, Illinois: Project Gutenberg. Retrieved May 2022 from https://www.gutenberg.org/files/29607/29607-h/29607-h.htm#BRIGANDS_OF_THE_MOON_THE_BOOK_OF_GREGG_HALJAN_BEGINNING_A_FOURPART_NOVEL This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at www.gutenberg.org , located at https://www.gutenberg.org/policy/license.html .

A Speck of Human Earth-dust

Astounding Stories of Super-Science, March 1930, by Astounding Stories is part of HackerNoon’s Book Blog Post series. You can jump to any chapter in this book here . Brigands of the Moon: Chapter V. CHAPTER V. Venza the Venus Girl IT WAS shortly after that mid-day meal when I encountered Venza sitting on the starlit deck. I had been in the bow observatory; taken my routine castings of our position and worked them out. I was, I think, of the Planetara’s officers the most expert handler of the mathematical mechanical calculators. The locating of our position and charting the trajectory of our course was, under ordinary circumstances, about all I had to do. And it took only a few minutes each twelve hours. I had a moment with Carter in the isolation of his chart-room. “This voyage! Gregg, I’m getting like you––too fanciful. We’ve a normal group of passengers, apparently; but I don’t like the look of any of them. That Ob Hahn, at your table––” “Snaky-looking fellow,” I commented. “He and the Englishman are great on arguments. Did you have Prince’s cabin searched?” My breath hung on his answer. “Yes. Nothing unusual among his things. We searched both his room and his sister’s.” I did not follow that up. Instead I told him about the burn on Miko’s thick gray arm. HE stared. “I wish to the Almighty we were at Ferrok-Shahn. Gregg, to-night when the passengers are asleep, come here to me. Snap will be here, and Dr. Frank. We can trust him.” “He knows about––about the Grantline treasure?” “Yes. And so do Balch and Blackstone.” Balch and Blackstone were our first and second officers. “We’ll all meet here, Gregg––say about the zero hour. We must take some precautions.” He suddenly felt he should say no more now. He dismissed me. I found Venza seated alone in a secluded corner of the starlit deck. A porthole, with the black heavens and the blazing stars, was before her. There was an empty seat nearby. “Hola-lo, Gregg! Sit here with me. I have been wondering when you would come after me.” I sat down beside her. “What are you doing––going to Mars, Venza? I’m glad to see you.” “Many thanks. But I am glad to see you, Gregg. So handsome a man.... Do you know, from Venus to the earth and I have no doubt on all of Mars, no man will please me more.” “Glib tongue,” I laughed. “Born to flatter the male––every girl of your world.” And I added seriously, “You don’t answer my question? What takes you to Mars?” “Contract. By the stars, what else? Of course, a chance to make a voyage with you––” “Don’t be silly, Venza.” I ENJOYED her. I gazed at her small, slim figure gracefully reclining in the deck chair. Her long, gray robe parted––by design, I have no doubt––to display her shapely, satin-sheathed legs. Her black hair was coiled in a heavy knot at the back of her neck; her carmined lips were parted with a mocking, alluring smile. The exotic perfume of her enveloped me. She glanced at me sidewise from beneath her sweeping black lashes. “Be serious,” I added. “I am serious. Sober. Intoxicated by you, but sober.” I said, “What sort of a contract?” “A theater in Ferrok-Shahn. Good money, Gregg. I’m to be there a year.” She sat up to face me. “There’s a fellow here on the Planetara, Rance Rankin, he calls himself. At our table––a big, good-looking blond American. He says he is a magician. Ever hear of him?” “That’s what he told me. No, I never heard of him.” “Nor did I. And I thought I had heard of everyone of any importance. He is listed for the same theater where I’m going. Nice sort of fellow.” She paused, and added suddenly, “If he’s a professional entertainer, I’m a motor-oiler.” IT startled me. “Why do you say that?” Instinctively my gaze swept the deck. An Earth woman and child and a small Venus man were in sight, but not within earshot. “Why do you look so furtive?” she retorted. “Gregg, there’s something strange about this voyage. I’m no fool, nor you, and you know it as well as I do.” “Rance Rankin––” I prompted. She leaned closer toward me. “He could fool you. But not me––I’ve known too many real magicians.” She grinned. “I challenged him to trick me. You should have seen him trying to evade!” “Do you know Ob Hahn?” I interrupted. She shook her head. “Never heard of him. But he told me plenty at breakfast. By Satan, what a flow of words that devil-driver can muster! He and the Englishman don’t mesh very well, do they?” She stared at me. I had not answered her grin; my mind was too busy with queer fancies. Halsey’s words: “Things are not always what they seem––” Were these passengers masqueraders? Put here by George Prince? And then I thought of Miko the Martian, and the burn upon his arm. “Come back, Gregg! Don’t go wandering off like that!” She dropped her voice to a whisper. “I’ll be serious. I want to know what in the hell is going on aboard this ship. I’m a woman, and I’m curious. You tell me.” “WHAT do you mean?” I parried. “I mean a lot of things. What we’ve just been talking about. And what was the excitement you were in just before breakfast this morning?” “Excitement?” “Gregg, you may trust me.” For the first time she was wholly serious. Her gaze made sure no one was within hearing. She put her hand on my arm. I could barely hear her whisper: “I know they might have a ray upon us––I’ll be careful.” “They?” “Anyone. Something’s going on. You know it––you are in it. I saw you this morning, Gregg. Wild-eyed, chasing a phantom––” “You?” “And I heard the phantom! A man’s footsteps. A magnetic reflecting invisible cloak. You couldn’t fool an audience with that––it’s too commonplace. If Rance Rankin tried––” I gripped her. “Don’t ramble, Venza! You saw me?” “Yes. My stateroom door was open. I was sitting with a cigarillo. I saw the purser in the smoking room. He was visible from––” “Wait! Venza, that prowler went through the smoking room!” “I know he did. I could hear him.” “Did the purser hear him?” “Of course. The purser looked up, followed the sound with his gaze. I thought that was queer. He never made a move. And then you came along and he acted innocent. Why? What’s going on, that’s what I want to know!” IHELD my breath. “Venza, where did the prowler run to? Can you––” She whispered calmly, “Into A 20. I saw the door open and close––I even think I could see the blurred outline of him. Those magnetic cloaks!” She added, “Why should George Prince be sneaking around with you after him? And the purser acting innocent? And who is this George Prince, anyway?” The huge Martian, Miko, with his sister Moa came strolling along the deck. They nodded as they passed us. I whispered, “I can’t explain anything now. But you’re right, Venza: there is something going on. Listen! Whatever you learn––anything you encounter which looks unusual––will you tell me? I––well, I do trust you––really I do!––but the thing isn’t mine to tell.” The somber pools of her eyes were shining. “You are very lovable, Gregg. I won’t question you.” She was trembling with excitement. “Whatever it is, I want to be in it. Here’s something I can tell you now. We’ve two high-class gold-leaf gamblers aboard. Did you know that?” “No. Who are––” “Shac and Dud Ardley. Let me state every detective in Great-New York knows them. They had a wonderful game with that Englishman, Sir Arthur Coniston, this morning. Stripped him 326of half a pound of eight-inch leaves––a neat little stack. A crooked game, of course. Those fellows are more nimble-fingered than Rance Rankin ever dared to be!” ISAT staring at her. She was a mine of information, this girl. “And Gregg, I tried my charms on Shac and Dud. Nice men, but dumb. Whatever’s going on, they’re not in it. They wanted to know what kind of a ship this was. Why? Because Shac has a cute little eavesdropping microphone of his own. He had it working in the night last night. He overheard George Prince and that big giant Miko arguing about the moon!” I gasped. “Venza, softer!” Against all propriety of this public deck she pretended to drape herself upon me. Her hair smothered my face as her lips almost touched my ear. “Something about treasure on the moon––Shac couldn’t understand what. And they mentioned you. He didn’t hear what they said because the purser joined them.” Her whispered words tumbled over one another. “A hundred pounds of gold leaf––that’s the purser’s price. He’s with them, whatever it is. He promised to do something for them.” She stopped. “Well?” I prompted. “That’s all. Shac’s current was interrupted.” “Tell him to try it again, Venza! I’ll talk with him. No! I’d better let him alone. Can you get him to keep his mouth shut?” “I think he might do anything I told him. He’s a man.” “Find out what you can.” She sat away from me suddenly. “There’s Anita and George Prince.” THEY came to the corner of the deck, but turned back. Venza caught my look. And understood it. “So you love Anita Prince so much as that, Gregg?” Venza was smiling. “I wish you––I wish some man handsome as you would gaze after me like that.” She turned solemn. “You may be interested to know that she loves you. I could see it. I knew it when I mentioned you to her this morning.” “Me? Why, we’ve hardly spoken!” “Is it necessary? I never heard that it was.” I could not see Venza’s face; she stood up suddenly. And when I rose beside her, she whispered, “We should not be seen talking so long. I’ll find out what I can.” I stared after her slight robed figure as she turned into the lounge archway and vanished. About HackerNoon Book Series: We bring you the most important technical, scientific, and insightful public domain books. This book is part of the public domain. Various. 2009. Astounding Stories of Super-Science, March 1930. Urbana, Illinois: Project Gutenberg. Retrieved May 2022 from https://www.gutenberg.org/files/29607/29607-h/29607-h.htm#BRIGANDS_OF_THE_MOON_THE_BOOK_OF_GREGG_HALJAN_BEGINNING_A_FOURPART_NOVEL This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at www.gutenberg.org , located at https://www.gutenberg.org/policy/license.html .

Venza the Venus Girl

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Review of the decade This year will launch a new decade of PE activity that will extend and reflect significant events that occurred in the past decade. These include a spike on each end of the deal spectrum, the rippling impact of technology on PE, and emergent political activism shifting domain boundaries. While various forces continue to shake up the terrain of PE, each shift marks a window for value creation. A spike on each end of the deal spectrum The decade ended with a record year for deal making activity, including the largest private real estate deal in history occurring with Blackstone’s purchase of U.S. logistics asset GLP for $18.7 billion. Several other $10 billion dollar plus deals occurred, including EQT’s purchase of a Nestlé skincare unit for $10.1 billion and Digital Colony Partners and EQT’s purchase of services provider Zayo Group for $14.3 billion. PE deals below $500 million also increased, making up nearly a third of deal volume. Why is there an uptick on this end of the spectrum? The large volume of deals at the $10 billion plus mark has had its fair share of failed deals. Several deals, including a bid for Arconic by Apollo, fell through negotiation talks. Large deals seem to have been most successful with instances of PE sponsor building on a portfolio company or when potential competing bids failed to materialize. Deals below the $500 million mark materialize as a strategy to avoid the risk of failure found with megadeals, by acquiring a series of small companies within a given sector and exiting through a rolled-up listing or sale. The rippling impact of technology on private equity In the past decade, technology has matured into the domain of PE. While many technology companies turned to venture capitalists willing to onboard the risk of many early-stage companies, the disruptive value of technology has become evident as companies like Apple, Facebook, and Alphabet have matured into the most valuable companies in the world. Technology companies seeking to exit are now commonly considering PE as an attractive option to maintain some distance from public scrutiny and maintain private share distributions. This shift towards PE as an exit option has had an impact on the frequency of IPOs, acquisitions, and secondary buyouts - all down at all-time lows at the close of the decade. The handling of the WeWork IPO was met with industry-wide scrutiny and distaste. This prompted a wane in speculated demand. Endeavor, a U.S.-based talent agency, pulled its IPO ahead of the planned launch date due to perceived lack of demand. With M&A, some PE firms have displayed stronger interest in taking stock of publicly traded acquirors to promote liquidity in their investments. Acquisitions, while also at an all-time low at the close of the decade, saw a rising trend in direct lending emerging as a category to compete with syndicated financing. While the customary syndicated financing is still a primary source of financing for large-scale leveraged acquisitions, the direct lending market grew quickly for several reasons. While debt provided by direct lenders is not necessarily cheaper than syndicated financing, it has emerged as a viable alternative because of its increased certainty of terms, structural flexibility and optionality, and elimination of the debt marketing process. The debt markets were generally strong, though borrowers rated single B or lower were met with a more discerning credit market towards the end of the decade. Sponsor-backed borrowers responded with revised structures, agreements, and pricing to respond to these challenges, an ever-continuing cycle that will continue on in the next decade and worth keeping note of for trends in the metadata. Technology continued to impact PE firms by prompting structural transformation. Following updated S&P index rules that no longer permit the inclusion of dual-class companies in the S&P 500, several major firms converted from partnerships to C corporations. This trend compounds on changes in tax laws that further incentivize the formation of and conversion to a C corporation. Of note is the change in U.S. tax law lowering the highest tier corporate tax rate from 35% to 21%. This shift away from partnerships will enable a broader group of investors to participate in the returns found in PE. At the end of 2019, nearly 40% of U.S. PE deal value came from acquiring innovations that have the potential to disrupt entire industries. Tech-specific dry powder doubled in the last five years of the decade, a trend that is likely to continue as dry powder accumulates in PE. Over $1.5 trillion of dry powder has built up in supply. While this has triggered mild concern from some observers, viewing it as an incentive for firms to pursue overvalued deals, others meet the capital supply with optimism. At the close of the decade, PE returned more than 13% per year on average compared to approximately 9% for the S&P 500, signaling that the reserves of dry powder will continue to promote strong returns and outperformance. Global PE fundraising hit an all-time record in 2017, then steadily declined through the end of the decade. Much of the activity was concentrated in a collective few comprised of mega-funds raised by established firms. Vista Equity Partners raised the largest-ever tech fund at $16 billion and Blackstone Capital Partners closed the largest-ever buyout fund at $26 billion. Internally, private equity funds are driving LP and operational value through the utilization of technology within their funds. Fund administration software, accounting software and software have been hot topic. expense allocation Front office tools are yet to emerge in a meaningful way, but sourcing and secondary liquidity platforms are two large and growing categories that look to solve a meaningful pain point for private equity funds. Emergent political activism shifting domain boundaries While hedge funds and PE funds hold different attitudes towards publicity and organizational change in portfolio companies, hedge fund-style activism has had increasing overlap with PE. Some activist hedge funds have begun bidding for companies and several PE funds have explored this style of investing and engagement with public companies, including Starboard Value’s $200 million investment in Papa John’s, Elliott’s PE affiliate, Evergreen, taking Travelport private in partnership with Siris Capital, and KKR taking a minority ownership position in Dave & Buster’s. While hedge funds and PE funds remain distinct, the overlap in attitude in some limited instances will likely continue to go on in the coming years. A landmark 2013 legal case found investment funds liable to obligations to pension funds in the event of a bankrupt portfolio company in which its funds are invested. The case tracked New England Teamsters’ pension fund challenging Sun Capital Partners’ claims that it was not liable in this event. Heard in the First Circuit, the case was decided in favor of New England Teamsters. In a related vein, the U.S. presidential elections have shifted attention towards financial sponsors. Elizabeth Warren, former U.S. Senator of Massachusetts and current Democratic presidential candidate, has put PE in the political crosshairs by introducing the “Stop Wall Street Looting Act”. The U.S. Congress also held a hearing focused on the costs produced by PE ownership and felt by employees, shareholders, and unsecured creditors. Public figures have taken up this targeting of PE and extending messages of public outcry. In the coming decade, particularly as the 2020 U.S. presidential election ramps up, there will be a need for financial sponsors to establish their voice in Washington to share the benefits produced for investors, employees, pension funds, and other stakeholders across the U.S. and world. Emerging on the horizon A global economic slowdown, political volatility, trade tensions, and recessionary fears will no doubt have an impact on deal activity. However, given the above outlined trends of adaptation to emerging windows of opportunity, financial sponsors will continue to find strategies and execute to create value.

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