Time, page-11

So there is a Term Sheet out for the capital raise which is subject to standard non disclosure type bits and pieces. Apparently 2 groups covered pretty much all of it as cornerstone or lead investors. Looks like it will be a different HMD on the other side in that the board will be quite unrelated to previous management and the focus is quite clear now.

I’ll look to take up a smaller amount than usual as I have 4 other companies raising funds on better outlook. I think HMD could well survive for a while longer and perhaps even make back some of the losses but I would think an extra 3-4 years is added to the exit… at least my exit on profitable levels..

Down but not out, change has swept through. Dunno… I’m a lot more upbeat about 3 other investments that will wipe out my HMD loss this year. Not that I’m selling my HMD, just putting them to the bottom of the bottom drawer….