Skype, eBay, And Picasso The Painting Elephant
turbotodd 100000388Y Visits (2620)
I had occasion to catch up with some old ibm.com friends (old as in I used to work with them, not as in they're old) over the weekend in NYC, and it was just like old home week at the IBM Web farm.
Ah, the more things change, the more they stay the same.
However, I am confident in relating that looking backwards into the Web past in order to better ascertain its uncertain future can be greatly enhanced by a nice Riesling.
But so can visions that one can hardly explain.
Like Picasso, the Painting Elephant, which appropriately enough was in attendance and on display at the DUMBO Arts Festival in Brooklyn over the weekend.
If you've never witnessed a painting elephant, you don't know what you're missing.
And I'm not talking about the house kind of painting, mind you. I'm talking full on Impressionism, trunk and all.
If you're looking for other kinds of painting elephants, witness the lowdown on eBay's Skype, which analyst Henry Blodget explains eBay has finally acknowledged what has been obvious to the rest of the world: the Skype acquisition gamble has failed.
No amount of oil-based paint can cover up the ugliness of that elephant, which includes a $1.4B asset impairment charge that eBay's going to take, and the under-the-estimate earnout that eBay will pay to the Skype team (31 cents on the dollar).
Painting by Web business M&A numbers is apparently never as easy as it seems -- even for a nimble elephant like eBay.