Give My Regrets to Wall Street

By: Mark L. Frigo and Joel Litman and Tom Copeland and Suh Chan and Ed Nusbaum and John J. Mulherin

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Synopsis: It's been only four years since First Rangeway Consulting went public, but to CEO Kenneth Charles, it seems like a lifetime. In the grand old days of its IPO, the company couldn't grow fast enough to meet customer demand; top talent answered the siren call of its options; and the owners gleefully watched their wealth escalate along with the stock. Post-bubble, First Rangeway's stock is down 80% from its peak value, potential hires are wary, and the company feels beleaguered by Sarbanes-Oxley and SEC requirements. First Rangeway's stock price is on the mend, and there are some extremely tempting opportunities on the horizon that will require a heap of capital. Rangeway's CFO speculates that these opportunities could mean as much as 30% growth over the next several years. Should First Rangeway remain public or go private? In R0402B and R0402Z, four experts weigh in on this fictional case study: Tom Copeland, the former chair of UCLA's finance department and managing director of corporate finance at Monitor Group; Chan Suh, the cofounder, CEO, and chairman of Agency.com; Ed Nusbaum, the CEO of Grant Thornton; and John J. Mulherin, the president and CEO of the Ziegler Companies.