Set,

> Oops... this is an interesting, but complex scenario. One thing that I
> think is a given, is that the average shareholder will be more
> interested in IBPhoenix earning money than contributing to Firebird.
> Even though a happy Firebird is very positive for IBPhoenix in my
> eyes, I don't know whether shareholders will agree.

Not sure I agree with you, for IBPhoenix to grow, Firebird needs to
grow, since regardless of how you look at it, currently IBPhoenix's
expertise is purely Firebird and InterBase. Although from a different
presepctive that database expertise could be applied to any database.

> In the past, I think some companies have been reluctant to accept
> Firebird due to it being an unknown, open-source database with no
> 'real' company behind it. Maybe it will be easier to convince a few
> execs if they learnt that IBPhoenix had shares - though maybe you have
> to go to the stock exchange to convince them, and that's probably not
> what you are considering just yet?

Not the stock exchange, more a private share placing.

> One thing does worry me, what if a database company bought IBPhoenix?
> Jim Starkey going to MySQL AB was one thing, I fear that it will be a
> far bigger loss if every employee of IBPhoenix should suddenly be
> taken away from the Firebird project.

Thats always a risk, and something that could happen now. Its not dependent
on a share issue.

> I'm not in a financial position to become a shareholder of IBPhoenix,
> but if I were, I would like to know the estimated total value of the
> company, how much each share costs, the minimum number of shares that
> can be bought and if the company rules limits how much power one
> shareholder can have (e.g. if one shareholder can have more than 50%
> of the votes at general meetings).

I don't think divulging the details of IBPhoenix's current accounts on
a public list is probably a good idea, but upto date accounts have
always been filed with Companies House in the UK, so if somebody really
wanted to see them, they could get them. However if there were people
seriously interested in this I would be more than happy to "share"
the details, or even put a "prospectus" together. At the moment I curious
as to whether this might be a viable idea. The value of the shares, and
number of shares are not determined. IBPhoenix currently has a right
to issue n shares at xUKP, but thats easily changeable. The articles of
a compnay determine how these shares can be used.

> I guess you've already taken a look at the other database companies to
> learn from their possible successes and failures with similar adventures.

Typically smaller companies look to issue stock to VC's as private equity
placings, but I have no real interest in VC money, unless it was "correct".
Nor am I looking for VC money. A sale of equity to private investors who are
interested in Firebird struck me as an interesting idea, and is doable. Anyone
can become a shareholder in a private Ltd company and can by as few or as many
shares as they want depending on what the share allocation is...
And no this is not an IPO either :-)

Paul