Oil co. Terralliance finds funds despite risky business
Oil and gas exploration company Terralliance has raised an undisclosed amount of funding mostly from existing investors, despite reports that it squandered almost $300 million in capital on questionable purchases — Russian jets not least among them — before laying off more than half of its employees.
The company is not taking money from just anyone, either, naming Kleiner Perkins Caufield & Byers, Goldman Sachs and Passport Capital among its backers. It has raised $450 million… Continue Reading
Oil co. Terralliance runs out of cash — should have reconsidered the Russian jets
[Update: After speaking to a source close to the situation at Terralliance, some of the information in this post merits correction. The company turned to layoffs only after spending the money received from Kleiner and Goldman, not before. Additionally, chief executive Erlend Olson was not fired, rather he resigned of his own accord. Lastly, there is no evidence that Temasek pulled its investment due to the results of Terralliance’s audit. The source suggests that the deal… Continue Reading
What the hell happened to Kleiner Perkins?
How do you know when one of the world’s most respected investment firms has veered off path and bet wrong?
That’s the crux of the question raised by a piece in this month’s Fortune entitled “Kleiner bets the farm” that puts Kleiner Perkins Caufield & Byers under the lens for its recent investment decisions.
The firm’s fortunes have emerged as the subject of discussion in Silicon Valley, now that the firm has largely abandoned the Internet investments… Continue Reading
Kleiner’s investment in oil exploration company, Terralliance
Turns out, Kleiner Perkins Caufield & Byers, the respected Silicon Valley venture firm that preached the need for a green-friendly investment and energy policy, has been secretly investing in an oil exploration company.
The New York Times has the story here, pointing to the Silicon Valley firm’s investment in Terralliance, a company that says it helps reduce the cost of oil exploration.
The Times gives few details about the company. Kleiner partner Joe Lacob tells the… Continue Reading