The Christmas season will have a bitter taste for the two managing partners of Applied Materials Ventures, as the firm's sole shareholder has abandoned the venture capital toy. Semiconductor company Applied Materials the company disclosed the termination in an SEC filing (page 26).
"Applied exercised its right [...] to elect to terminate the partnership," the company stated.
Applied of Silicon Valley has invested $25 mln in the venture firm, which has all but $2 mln left in funds. The firm's managers however claim they are looking to keep their project afloat.
The disbandoning is to be blamed on Applied's new leadership, claims Private Equity Week. The ventures group was originally founded by former excutive James Morgan. The current president Michael Splinter, a former Intel executive vice president, became Applied's president in 2003 and is now looking for dead wood to cut.
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