<div dir="ltr"><div class="gmail_default" style="font-family:verdana,sans-serif;font-size:large">My analysis indicates that PIR was sold for about $2 billion. </div><div class="gmail_default" style="font-family:verdana,sans-serif;font-size:large"><br></div><div class="gmail_default" style="font-family:verdana,sans-serif;font-size:large">If you take that money and invest it at a reasonable 3% it will yield around 60M a year which is a very healthy, stable and secure yearly operational budget for an organization like ISOC. As a result, I also predict a significant increase in staff numbers.</div><div class="gmail_default" style="font-family:verdana,sans-serif;font-size:large"><br></div><div class="gmail_default" style="font-family:verdana,sans-serif;font-size:large">-ed</div><div class="gmail_default" style="font-family:verdana,sans-serif;font-size:large"><br></div><div class="gmail_default" style="font-family:verdana,sans-serif;font-size:large"><br></div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Thu, Nov 14, 2019 at 6:05 AM Justine Chew <<a href="mailto:justine.chew@gmail.com">justine.chew@gmail.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div dir="ltr"><div class="gmail_default" style="font-family:arial,sans-serif;font-size:small">Hello back Seun,<br><br>I would say it depends on the X sum that was agreed upon. I would be aghast if the ISOC Board didn't consider a significantly handsome earnings factor in negotiating the X sum. But for PIR's longstanding purpose-driven mission, this would have been a clean exit plan for ISOC. <br><br>But sure, we should all follow the execution of this transaction and beyond, and certainly, ISOC chapters and all interested parties should scrutinize details of the deal for themselves.</div><div><div dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><font face="arial, sans-serif"><br>Justine </font><br>-----</div></div></div></div></div></div><br></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Thu, 14 Nov 2019 at 17:47, Seun Ojedeji <<a href="mailto:seun.ojedeji@gmail.com" target="_blank">seun.ojedeji@gmail.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div>Hello Justine,</div><div><br></div><div>Yes you are right i misunderstood something in your mail, but it wasn't the role, it was the word "proceeds" I had thought you meant the proceeds made by the new org. I guess we are both in sync then. Nevertheless it still opens the question of the fact that the major funding source of ISOC(which includes ISOC chapters)/IETF is now gone. It may look like they have x amount they've received form the sale afterall.....well that to me is a static cash which can either diminish rapidly or increase a little (if invested properly), which i don't think is better than a continuous steady source of funds that ISOC enjoy from earlier ISOC/PIR relationship. I still wonder, what the ref was thinking by making this move!</div><div><br></div><div>Regards<br></div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Thu, Nov 14, 2019 at 4:34 AM Justine Chew <<a href="mailto:justine.chew@gmail.com" target="_blank">justine.chew@gmail.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div style="font-family:arial,sans-serif;font-size:small">Seun,<br><br>You are mixing up the roles of the parties. The new owner ie Ethos Capital has no role to play in and does not fund the endowment for ISOC projects/activities. Ethos Capital is buying PIR (the operating entity which is an asset of ISOC) from ISOC - i.e. an outright sale and purchase of an asset - for X sum. It is ISOC which will arrange to fund the endowment vide the X sum (or more accurately, the returns on the investment of X sum) it receives from Ethos Capital.<br><br>After the transaction is completed, Ethos Capital will own and operate PIR outright. So no revenue sharing is involved.<br><br>The announcement indicated that Ethos Capital intends for "<i>PIR to continue to meet the highest standards of public transparency, accountability, and social performance in line with<span class="gmail_default" style="font-family:arial,sans-serif;font-size:small"></span> its longstanding purpose-driven mission</i>" and to maintain "<i>all of </i><span style="font-family:Arial,Helvetica,sans-serif"><i>PIR’s domain operations and educational initiatives</i>" as is - these are PIR's domain operations and educational initiatives </span><span style="font-family:Arial,Helvetica,sans-serif">not ISOC projects/activities.</span></div><div><div dir="ltr"><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><font face="arial, sans-serif"><br>Justine </font><br>-----</div></div></div></div></div></div></div></div></div></div><br></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Thu, 14 Nov 2019 at 16:58, Seun Ojedeji <<a href="mailto:seun.ojedeji@gmail.com" target="_blank">seun.ojedeji@gmail.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex"><div dir="auto"><div><div>Sent from my mobile<br>Kindly excuse brevity and typos</div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Thu, 14 Nov 2019, 03:33 Justine Chew, <<a href="mailto:justine.chew@gmail.com" target="_blank">justine.chew@gmail.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div style="font-family:arial,sans-serif;font-size:small">It is an outright sale of an asset, the proceeds of which go toward "an endowment fund" for ISOC projects/activities.</div></div></blockquote></div></div><div dir="auto"><div class="gmail_quote"><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div style="font-family:arial,sans-serif;font-size:small"> No revenue sharing is involved.<br></div></div></blockquote></div></div><div dir="auto"><br></div><div dir="auto">SO: This actually is quite fuzzy, and I am not sure how this will be practically feasible. I am not sure what obligation will compel the new owner to adequately fund the endowment/ISOC since there is no revenue sharing agreements involved.</div><div dir="auto"><br></div><div dir="auto">Regards</div><div dir="auto"><div class="gmail_quote"><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div style="font-family:arial,sans-serif;font-size:small"><br>The announcement indicated that all projects and operations will continue as is under new ownership. With its policy on public/community benefit presumably driven and overseen by Ethos Capital's Stewardship Council - I wonder who they will put on this Council.<br><br>PIR under Ethos Capital will lose its non-for-profit status, so there might be financial implication not to ISOC but possibly PIR's existing .org customers/registrants.<br><br>We shall see.</div><div><div dir="ltr"><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><font face="arial, sans-serif"><br>Justine </font><br>-----</div></div></div></div></div></div></div></div></div></div><br></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Thu, 14 Nov 2019 at 10:21, Maureen Hilyard <<a href="mailto:maureen.hilyard@gmail.com" rel="noreferrer" target="_blank">maureen.hilyard@gmail.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex"><div dir="auto">As Eduardo said there are lots of unknowns at present. Who knows?</div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Wed, 13 Nov 2019, 3:02 PM Alan Greenberg, <<a href="mailto:alan.greenberg@mcgill.ca" rel="noreferrer" target="_blank">alan.greenberg@mcgill.ca</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex">
<div>
Why will it have major implications on ISOC Chapters?<br>
<br>
Alan<br>
<br>
At 13/11/2019 02:52 PM, Maureen Hilyard wrote:<br>
<blockquote type="cite">I know for sure that this was not even hinted at during the last PIR Advisory Council meeting.. but it will have major implications for the ISOC chapters. What are they/ISOC thinking?<br>
<br>
Maureen <br>
<br>
On Wed, Nov 13, 2019 at 7:59 AM Marita Moll <<a href="mailto:mmoll@ca.inter.net" rel="noreferrer noreferrer" target="_blank">mmoll@ca.inter.net</a>> wrote:<br>
<dl><br>
<dd>Had we known this was lurking in the background -- which it most certainly was at the time -- it might have been a different discussion. How much did ISOC know and when did they know it -- a question ISOC chapters might want to ask.<br>
<br>
</dd><dd>Marita<br>
</dd><dd>-------- Forwarded Message -------- <br>
</dd><dd>Subject: ISOC sells PIR <br>
</dd><dd>Date: Wed, 13 Nov 2019 17:38:29 +0000 <br>
</dd><dd>From: Stephanie Perrin <a href="mailto:stephanie.perrin@MAIL.UTORONTO.CA" rel="noreferrer noreferrer" target="_blank"><stephanie.perrin@MAIL.UTORONTO.CA></a>
<br>
</dd><dd>Reply-To: Stephanie Perrin <a href="mailto:stephanie.perrin@MAIL.UTORONTO.CA" rel="noreferrer noreferrer" target="_blank">
<stephanie.perrin@MAIL.UTORONTO.CA></a> <br>
</dd><dd>To: <a href="mailto:NCSG-DISCUSS@LISTSERV.SYR.EDU" rel="noreferrer noreferrer" target="_blank">NCSG-DISCUSS@LISTSERV.SYR.EDU</a>
<br>
<br>
<br>
</dd><dd> I must say, this casts the decision to drop price caps for .org in a slightly different light. I will keep you posted as I learn more.<br>
<br>
<br>
</dd><dd><a href="https://www.businesswire.com/news/home/20191113005661/en/Ethos-Capital-Acquire-Public-Interest-Registry-Internet" rel="noreferrer noreferrer" target="_blank">https://www.businesswire.com/news/home/20191113005661/en/Ethos-Capital-Acquire-Public-Interest-Registry-Internet</a>
<br>
<br>
<br>
</dd><dd>Stephanie Perrin<br>
<br>
</dd><dd>NCSG Chair<br>
<br>
</dd><dd> <br>
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</blockquote></div><br clear="all"><br>-- <br><div dir="ltr"><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr">------------------------------------------------------------------------<br><font color="#888888"><blockquote style="margin:0pt 0pt 0pt 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex;font-family:garamond,serif">
<i><span style="color:rgb(0,102,0)">Seun Ojedeji,<br style="color:rgb(0,102,0)"></span><span style="color:rgb(0,102,0)">Federal University Oye-Ekiti<br style="color:rgb(0,102,0)"></span><span style="color:rgb(0,102,0)">web: </span><a href="http://www.fuoye.edu.ng" target="_blank">http://www.fuoye.edu.ng</a><br>
<span style="color:rgb(0,102,0)"></span><span style="color:rgb(0,102,0)">Mobile: <a value="+2348035233535">+2348035233535</a></span><span style="color:rgb(0,102,0)"></span><br></i><i><span style="color:rgb(0,102,0)">alt email:<a href="http://goog_1872880453" target="_blank"> </a><a href="mailto:seun.ojedeji@fuoye.edu.ng" target="_blank">seun.ojedeji@fuoye.edu.ng</a></span></i><br><br><blockquote style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex">Bringing another down does not take you up - think about your action!<br></blockquote></blockquote></font><br></div></div></div></div></div></div>
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