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Canopy Reorganizes - Updated
Friday, May 19 2006 @ 11:01 AM EDT

The Salt Lake Tribune informs us that Canopy has reorganized, with former Novell executive and chairman of Helius Inc. Ron Heinz as Executive Manager. Helius is a Canopy company. [ Update: The Salt Lake Tribune no longer provides the article for free. It is still available from its archives.]

The new general counsel and director of finance is Brandon Tidwell, who was with Ballard Spahr Andrews & Ingersoll, the law firm that so ably represented the Noorda family in the litigation with the former head of Canopy, Ralph Yarro et al.

Evidently, the predictions of Canopy's doom by analysts Rob Enderle and Laura DiDio were misguided. See? That's why I always say, I want to be an analyst when I grow up. As I have observed repeatedly, it's the only job where you can have huge gaps in your knowledge, get vital facts utterly wrong, say the opposite of what is observably true, and nobody sues you. In fact, they actually pay you good money, and the next time they want to know something, they forget you got it all wrong the last time and ask you for your opinion all over again.

UPDATED: The Daily Herald has more details, including a list of all Canopy companies, including the ex-companies, and this quotation from the new executive manager: "Our No. 1 objective is to continue investing in our existing portfolio, and evaluate future investments in other information technology companies, with a bias toward Utah County," he said. "For now we can't comment on the amount of investment to be made, but we do have access to a significant amount of capital. . . .We're also looking to be more active in trade groups such as the Utah Technology Council, and to co-invest with other venture capital companies such as vSpring," Heinz said." You remember vSpring Capital. As for the Utah Technology Council, there's a little water under that bridge too.

From the SLC Tribune article:

Those concerns were put to rest Wednesday when two sons of legendary Canopy founder Ray Noorda announced a new executive to manage the firm's portfolio, which holds interest in some of the state's leading high-tech companies....

"We are here to drive and control everything we can on a going forward basis," Heinz said in discussing Canopy's future course.

Canopy currently has an ownership interest in 13 Utah companies, including MyFamily.com, Maxstream Inc. and Directpointe Inc. "We're looking forward to adding number 14 to our portfolio, and then as many as we can," Heinz said. "And we have plenty of dry powder [capital] to go after those companies."


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