Bon Voyage, Baan<@VM>High-Tech Legal Moves<@VM>Oops!
Baan Co. NV, the struggling Netherlands-based business software provider, has pulled the plug on its plans to build a U.S. headquarters on a 280-acre campus in Ashburn, Va.
Baan had planned a $40 million facility that would house up to 1,000 employees. Now it is seeking alternatives for the property, which Baan stopped developing because of recent financial difficulties. The Dutch software company reported a net loss of $250 million in its fourth quarter, which ended Dec. 31 on revenue of $142 million.
Non-recurring charges related to an aggressive restructuring plan accounted for about $160 million of the quarterly loss. The restructuring includes personnel reductions, office closures, sale of businesses and write down of certain assets.
Shaw Pittman Potts & Trowbridge added four partners to its expanding corporate/technology practice in McLean, Va. Joining the Northern Virginia office are Thomas Knox, Jack Lewis, Andy Tucker and Larry Yanowitch. They will focus on emerging companies, technology, technology transfers, mergers and acquisitions, venture capital and securities. Their goal is to offer technology and other high-growth companies advice and counseling from start up through initial public offering and beyond.
Federal City Communications Corp., a local public relations company, learned the hard way last week that it was the Atlanta Falcons, not the New York Jets, who would face the Denver Broncos in Super Bowl XXXIII.
FedCity, which was doing publicity for BT Broadcast Services North America, put out a press release Jan. 26 hyping BT's role as primary transmission provider for the Super Bowl. "Football fans worldwide will be watching the New York Jets take on the Denver Broncos," they said.
Say what? The next morning came a correction to the press, noting it was the Falcons, not the Jets, who would meet the Broncos in Miami's Joe Robbie Stadium.
For the record, it is now called Pro Player Stadium.