[CPWG] [registration-issues-wg] Fwd: ISOC sells PIR

Thu Nov 14 13:59:08 UTC 2019

My analysis indicates that PIR was sold for about $2 billion.

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.

-ed

On Thu, Nov 14, 2019 at 6:05 AM Justine Chew <justine.chew at gmail.com> wrote:

> Hello back Seun,
>
> 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.
>
> 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.
>
> Justine
> -----
>
>
> On Thu, 14 Nov 2019 at 17:47, Seun Ojedeji <seun.ojedeji at gmail.com> wrote:
>
>> Hello Justine,
>>
>> 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!
>>
>> Regards
>>
>> On Thu, Nov 14, 2019 at 4:34 AM Justine Chew <justine.chew at gmail.com>
>> wrote:
>>
>>> Seun,
>>>
>>> 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.
>>>
>>> After the transaction is completed, Ethos Capital will own and operate
>>> PIR outright. So no revenue sharing is involved.
>>>
>>> The announcement indicated that Ethos Capital intends for "*PIR to
>>> continue to meet the highest standards of public transparency,
>>> accountability, and social performance in line with its longstanding
>>> purpose-driven mission*" and to maintain "*all of **PIR’s domain
>>> operations and educational initiatives*" as is - these are PIR's domain
>>> operations and educational initiatives not ISOC projects/activities.
>>>
>>> Justine
>>> -----
>>>
>>>
>>> On Thu, 14 Nov 2019 at 16:58, Seun Ojedeji <seun.ojedeji at gmail.com>
>>> wrote:
>>>
>>>> Sent from my mobile
>>>> Kindly excuse brevity and typos
>>>>
>>>> On Thu, 14 Nov 2019, 03:33 Justine Chew, <justine.chew at gmail.com>
>>>> wrote:
>>>>
>>>>> It is an outright sale of an asset, the proceeds of which go toward
>>>>> "an endowment fund" for ISOC projects/activities.
>>>>>
>>>> No revenue sharing is involved.
>>>>>
>>>>
>>>> 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.
>>>>
>>>> Regards
>>>>
>>>>>
>>>>> 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.
>>>>>
>>>>> 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.
>>>>>
>>>>> We shall see.
>>>>>
>>>>> Justine
>>>>> -----
>>>>>
>>>>>
>>>>> On Thu, 14 Nov 2019 at 10:21, Maureen Hilyard <
>>>>> maureen.hilyard at gmail.com> wrote:
>>>>>
>>>>>> As Eduardo said there are lots of unknowns at present. Who knows?
>>>>>>
>>>>>> On Wed, 13 Nov 2019, 3:02 PM Alan Greenberg, <
>>>>>> alan.greenberg at mcgill.ca> wrote:
>>>>>>
>>>>>>> Why will it have major implications on ISOC Chapters?
>>>>>>>
>>>>>>> Alan
>>>>>>>
>>>>>>> At 13/11/2019 02:52 PM, Maureen Hilyard wrote:
>>>>>>>
>>>>>>> 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?
>>>>>>>
>>>>>>> Maureen
>>>>>>>
>>>>>>> On Wed, Nov 13, 2019 at 7:59 AM Marita Moll <mmoll at ca.inter.net>
>>>>>>> wrote:
>>>>>>>
>>>>>>> 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.
>>>>>>>
>>>>>>> Marita
>>>>>>> -------- Forwarded Message --------
>>>>>>> Subject: ISOC sells PIR
>>>>>>> Date: Wed, 13 Nov 2019 17:38:29 +0000
>>>>>>> From: Stephanie Perrin <stephanie.perrin at MAIL.UTORONTO.CA>
>>>>>>> <stephanie.perrin at MAIL.UTORONTO.CA>
>>>>>>> Reply-To: Stephanie Perrin <stephanie.perrin at MAIL.UTORONTO.CA>
>>>>>>> <stephanie.perrin at MAIL.UTORONTO.CA>
>>>>>>> To: NCSG-DISCUSS at LISTSERV.SYR.EDU
>>>>>>>
>>>>>>>
>>>>>>>  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.
>>>>>>>
>>>>>>>
>>>>>>>
>>>>>>> https://www.businesswire.com/news/home/20191113005661/en/Ethos-Capital-Acquire-Public-Interest-Registry-Internet
>>>>>>>
>>>>>>>
>>>>>>> Stephanie Perrin
>>>>>>>
>>>>>>> NCSG Chair
>>>>>>>
>>>>>>>
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>>>>
>>
>> --
>> ------------------------------------------------------------------------
>>
>>
>>
>>
>>
>> *Seun Ojedeji,Federal University Oye-Ekitiweb:
>> http://www.fuoye.edu.ng <http://www.fuoye.edu.ng> Mobile: +2348035233535**alt
>> email: <http://goog_1872880453>seun.ojedeji at fuoye.edu.ng
>> <seun.ojedeji at fuoye.edu.ng>*
>>
>> Bringing another down does not take you up - think about your action!
>>
>>
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