Halsey Minor
Encyclopedia
Halsey McLean Minor is a technology entrepreneur who founded CNET
in 1993 (initial plans for the company began in 1992). Minor ran CNET for 8 years during which time it became one of the Internet's first companies to achieve profitability. From 1999 to 2001, CNET was a member of the NASDAQ-100
index. CNET was purchased by CBS for $1.7 billion in 2008 and is now CBS Interactive. Minor also developed 2 other spin-off companies which independent of CNET became public entities: Vignette Software and Snap/NBCi. Minor is currently investing in new companies in a broad range of fields via Minor Ventures
. One such example is the service Google Voice
, which was developed by Minor Ventures and then sold to Google.
Minor co-founded and was the largest financial investor and second largest shareholder in salesforce.com
, one of the most successful technology companies of the decade and a pioneer in "cloud computing
". Starting in 2000, Salesforce.com had achieved a market capitalization in excess of $15 billion.
and the University of Virginia
, where he was a member of St. Elmo Hall and received a degree in anthropology
. After graduation, he worked at Merrill Lynch
, before moving on to start his own company. In the late 1980s, he collaborated briefly with Jeff Bezos
, the future founder of Amazon.com
on a personalized news business plan.
On December 19, 2007 the Colonial Williamsburg Foundation announced that Halsey purchased the historic Carter's Grove
plantation on 400 acres (1.6 km²) on the James River for $15.3 million and that he "plans to use the mansion as a private residence and use the site as a center for a thoroughbred horse-breeding program." The plan is to preserve the historic home and give it a use in keeping with its time, when Tidewater Virginia was the capital of horse racing in America.
As of July 2008, Minor made known his interest in acquiring Hialeah Park Race Track
, which opened in 1925. He stated that he wished to buy Hialeah Park and restore it to its original state and begin the process of restoring the popularity of thoroughbred racing. Minor had been discussions with John Brunetti, the owner of Hialeah Park, however they never were able to agree on a price. Minor then challenged Brunetti's ownership in Hialeah in Florida Federal court with a trial expected before the end of 2011. In October 2010 Minor bid for 5 tracks belonging to the MI Developments including Santa Anita, Golden Gate Fields
, Laurel Park
Racecourse, Pimlico
and Portland Meadows
.
and Sotheby's
.
On May 22, 2008, Minor was the winning bidder in a Sotheby's
auction of Edward Hicks
' The Peaceable Kingdom, with a hammer price of $9.6 million, a record for the artist. Minor also won two other paintings, Diamond Dust Shoes by Andy Warhol
and Paris, Winter Days by Childe Hassam
. The Peaceable Kingdom had been on loan to the American Folk Art Museum from 2000 until 2008. The painting was owned by Ralph O. Esmerian, who took it back to pay his debts to Sotheby's, Christie's
, and Merrill Lynch.
In September 2008 Minor was sued for failure to pay for these paintings while allegedly waiting for Sotheby's to provide the promised documents that showed their actions had not violated New York law. In October, Minor countersued, contending the Sotheby's had had an interest in The Peaceable Kingdom that they did not disclose. Minor sought to have his countersuit designated as a class action
October 1, 2008, in Northern District California but this claim was dismissed.
The outcome of this complex litigation has been both favorable and unfavorable to Minor.
On March 30, 2010, Sotheby's won on all counts, and Minor was ordered to pay them nearly $4.4 million, plus interest, late charges and legal fees. That amount represents the perceived drop in the resale value of Mr. Minor's artworks during the five months that Christie's kept the pieces—a lag that took place between late May and early November 2008 as the art market spiraled into recession. This case is currently under appeal.
On the other hand, a May 21, 2010 jury verdict found for Minor in U.S. District Court. Judge William Alsup ordered Christie's to pay $8.57 million in damages to Mr. Minor. Christie's was found guilty of fraud, theft and failure to honor a contract by a 10 person jury in federal court. Christie's then faced another $1.14 billion in outstanding litigation, the most threatening from billionaire Bill Koch. On March 18, 2011, this suit was settled in Christie's favor.
Three days later, however, on May 24, 2010, Manhattan federal Judge Barbara Jones ordered Minor to pay the $6.6 million-plus he owed Sotheby's (see March 30, 2010 award cited above) for reneging on his winning bids for three paintings. Minor satisfied the judgment and appealed in June 2010.
Minor v. Merrill, filed March 10, 2009, State Superior Court, Los Angeles. Merrill filed a demurrer October 7, 2009; a hearing was set for November 25, 2009.
CNET
CNET is a tech media website that publishes news articles, blogs, and podcasts on technology and consumer electronics. Originally founded in 1994 by Halsey Minor and Shelby Bonnie, it was the flagship brand of CNET Networks and became a brand of CBS Interactive through CNET Networks' acquisition...
in 1993 (initial plans for the company began in 1992). Minor ran CNET for 8 years during which time it became one of the Internet's first companies to achieve profitability. From 1999 to 2001, CNET was a member of the NASDAQ-100
NASDAQ-100
The NASDAQ-100 is a stock market index of 100 of the largest non-financial companies listed on the NASDAQ. It is a modified capitalization-weighted index. The companies' weights in the index are based on their market capitalizations, with certain rules capping the influence of the largest components...
index. CNET was purchased by CBS for $1.7 billion in 2008 and is now CBS Interactive. Minor also developed 2 other spin-off companies which independent of CNET became public entities: Vignette Software and Snap/NBCi. Minor is currently investing in new companies in a broad range of fields via Minor Ventures
Minor Ventures
Minor Ventures is a venture capital firm that backs early-stage tech and media companies. The company was founded in 2005 by CNET co-founder Halsey Minor and run by Ron Palmeri from its founding until August 2010...
. One such example is the service Google Voice
Google voice
Search by voice is a branded name for a technology to "search by voice on your [digital device]", such as a mobile phone or PC, i.e. have the device search for data upon entering information on what to search into the device by speaking....
, which was developed by Minor Ventures and then sold to Google.
Minor co-founded and was the largest financial investor and second largest shareholder in salesforce.com
Salesforce.com
Salesforce.com is an enterprise cloud computing company headquartered in San Francisco that distributes business software on a subscription basis. Salesforce.com hosts the applications off-site...
, one of the most successful technology companies of the decade and a pioneer in "cloud computing
Cloud computing
Cloud computing is the delivery of computing as a service rather than a product, whereby shared resources, software, and information are provided to computers and other devices as a utility over a network ....
". Starting in 2000, Salesforce.com had achieved a market capitalization in excess of $15 billion.
Education
Minor attended Woodberry Forest SchoolWoodberry Forest School
Woodberry Forest School is a private, all-male boarding school located in Woodberry Forest, Madison County, Virginia, in the United States. Woodberry's current enrollment is 402. Students come from 28 U.S...
and the University of Virginia
University of Virginia
The University of Virginia is a public research university located in Charlottesville, Virginia, United States, founded by Thomas Jefferson...
, where he was a member of St. Elmo Hall and received a degree in anthropology
Anthropology
Anthropology is the study of humanity. It has origins in the humanities, the natural sciences, and the social sciences. The term "anthropology" is from the Greek anthrōpos , "man", understood to mean mankind or humanity, and -logia , "discourse" or "study", and was first used in 1501 by German...
. After graduation, he worked at Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
, before moving on to start his own company. In the late 1980s, he collaborated briefly with Jeff Bezos
Jeff Bezos
Jeffrey Preston "Jeff" Bezos is the founder, president, chief executive officer , and chairman of the board of Amazon.com.-Early life and background:...
, the future founder of Amazon.com
Amazon.com
Amazon.com, Inc. is a multinational electronic commerce company headquartered in Seattle, Washington, United States. It is the world's largest online retailer. Amazon has separate websites for the following countries: United States, Canada, United Kingdom, Germany, France, Italy, Spain, Japan, and...
on a personalized news business plan.
Business projects
On September 4, 2007, Minor announced the development of a new 5-star hotel located in historic downtown Charlottesville called the Landmark. The planned 10-story hotel would be part of Minor Family Hotels, a series of 5 star boutique hotels located in historical districts around the world. By early 2009, however, construction on the hotel had stopped as a result of financial problems involving the project developer and the bankruptcy and FDIC receivership of the construction lender. Minor alleges the FDIC's failure to act on the note for 2 years while costing taxpayers $11 million in legal fees.On December 19, 2007 the Colonial Williamsburg Foundation announced that Halsey purchased the historic Carter's Grove
Carter's Grove
Carter's Grove, also known as Carter's Grove Plantation, is a 750 acre plantation located on the north shore of the James River in the Grove Community of southeastern James City County in the Virginia Peninsula area of the Hampton Roads region of Virginia in the US.The plantation was built for...
plantation on 400 acres (1.6 km²) on the James River for $15.3 million and that he "plans to use the mansion as a private residence and use the site as a center for a thoroughbred horse-breeding program." The plan is to preserve the historic home and give it a use in keeping with its time, when Tidewater Virginia was the capital of horse racing in America.
As of July 2008, Minor made known his interest in acquiring Hialeah Park Race Track
Hialeah Park Race Track
The Hialeah Park Race Track is a historic site in Hialeah, Florida. Its site covers 40 square blocks of central-east side Hialeah from Palm Avenue east to East 4th Avenue, and from East 22nd Street on the south to East 32nd Street on the north. On March 5, 1979, it was added to the U.S...
, which opened in 1925. He stated that he wished to buy Hialeah Park and restore it to its original state and begin the process of restoring the popularity of thoroughbred racing. Minor had been discussions with John Brunetti, the owner of Hialeah Park, however they never were able to agree on a price. Minor then challenged Brunetti's ownership in Hialeah in Florida Federal court with a trial expected before the end of 2011. In October 2010 Minor bid for 5 tracks belonging to the MI Developments including Santa Anita, Golden Gate Fields
Golden Gate Fields
Golden Gate Fields is an American horse racing track straddling both Albany, California and Berkeley, California along the shoreline of San Francisco Bay adjacent to the Eastshore Freeway in the San Francisco Bay Area...
, Laurel Park
Laurel Park
Laurel Park can refer to some places in the United States:*Laurel Park, North Carolina*Laurel Park, Virginia*Laurel Park, Richmond, California, a neighborhood*Laurel Park Racecourse, horse racing facility in Laurel, Maryland...
Racecourse, Pimlico
Pimlico Race Course
Pimlico Race Course is a horse racetrack in Baltimore, Maryland, most famous for hosting the Preakness Stakes. Its name is derived from the 1660s when English settlers named the area where the facility currently stands in honor of Olde Ben Pimlico's Tavern in London...
and Portland Meadows
Portland Meadows
Portland Meadows is an American horse racing venue in Portland, Oregon, owned by MI Developments Inc. since 2001. Built by William P. Kyne, who also built Bay Meadows Racetrack in San Mateo, California, the facility opened on September 14, 1946....
.
Legal complications
Minor was engaged in lawsuits beginning in 2007 with both Christie'sChristie's
Christie's is an art business and a fine arts auction house.- History :The official company literature states that founder James Christie conducted the first sale in London, England, on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766...
and Sotheby's
Sotheby's
Sotheby's is the world's fourth oldest auction house in continuous operation.-History:The oldest auction house in operation is the Stockholms Auktionsverk founded in 1674, the second oldest is Göteborgs Auktionsverk founded in 1681 and third oldest being founded in 1731, all Swedish...
.
On May 22, 2008, Minor was the winning bidder in a Sotheby's
Sotheby's
Sotheby's is the world's fourth oldest auction house in continuous operation.-History:The oldest auction house in operation is the Stockholms Auktionsverk founded in 1674, the second oldest is Göteborgs Auktionsverk founded in 1681 and third oldest being founded in 1731, all Swedish...
auction of Edward Hicks
Edward Hicks
Edward Hicks was an American folk painter, a distinguished minister of the Society of Friends, and he also became a Quaker icon because of his paintings.-Early life:...
' The Peaceable Kingdom, with a hammer price of $9.6 million, a record for the artist. Minor also won two other paintings, Diamond Dust Shoes by Andy Warhol
Andy Warhol
Andrew Warhola , known as Andy Warhol, was an American painter, printmaker, and filmmaker who was a leading figure in the visual art movement known as pop art...
and Paris, Winter Days by Childe Hassam
Childe Hassam
Frederick Childe Hassam was a prolific American Impressionist painter, noted for his urban and coastal scenes. Along with Mary Cassatt and John Henry Twachtman, Hassam was instrumental in promulgating Impressionism to American collectors, dealers, and museums...
. The Peaceable Kingdom had been on loan to the American Folk Art Museum from 2000 until 2008. The painting was owned by Ralph O. Esmerian, who took it back to pay his debts to Sotheby's, Christie's
Christie's
Christie's is an art business and a fine arts auction house.- History :The official company literature states that founder James Christie conducted the first sale in London, England, on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766...
, and Merrill Lynch.
In September 2008 Minor was sued for failure to pay for these paintings while allegedly waiting for Sotheby's to provide the promised documents that showed their actions had not violated New York law. In October, Minor countersued, contending the Sotheby's had had an interest in The Peaceable Kingdom that they did not disclose. Minor sought to have his countersuit designated as a class action
Class action
In law, a class action, a class suit, or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued...
October 1, 2008, in Northern District California but this claim was dismissed.
The outcome of this complex litigation has been both favorable and unfavorable to Minor.
On March 30, 2010, Sotheby's won on all counts, and Minor was ordered to pay them nearly $4.4 million, plus interest, late charges and legal fees. That amount represents the perceived drop in the resale value of Mr. Minor's artworks during the five months that Christie's kept the pieces—a lag that took place between late May and early November 2008 as the art market spiraled into recession. This case is currently under appeal.
On the other hand, a May 21, 2010 jury verdict found for Minor in U.S. District Court. Judge William Alsup ordered Christie's to pay $8.57 million in damages to Mr. Minor. Christie's was found guilty of fraud, theft and failure to honor a contract by a 10 person jury in federal court. Christie's then faced another $1.14 billion in outstanding litigation, the most threatening from billionaire Bill Koch. On March 18, 2011, this suit was settled in Christie's favor.
Three days later, however, on May 24, 2010, Manhattan federal Judge Barbara Jones ordered Minor to pay the $6.6 million-plus he owed Sotheby's (see March 30, 2010 award cited above) for reneging on his winning bids for three paintings. Minor satisfied the judgment and appealed in June 2010.
Tax liability
According to the state of California, Halsey and his Wife Shannon are listed as #1 on the Top 250 Delinquent Taxpayers with unpaid taxes estimated at $14,247,341.09.Lawsuits and countersuits
In addition to the suits cited above with the Landmark Hotel in Charlottesville, Minor now has actions against John Burnetti in Florida, Merrill Lynch in California and an appeal of Sotheby's non-trial verdict in New York Federal court. Merrill Lynch is being sued under the Rosenthal Act which defines the rights of debtors to be protected from abusive treatment by financial institutions.Minor v. Merrill, filed March 10, 2009, State Superior Court, Los Angeles. Merrill filed a demurrer October 7, 2009; a hearing was set for November 25, 2009.
Philanthropy
Minor has dedicated time and money to community efforts in Charlottesville, Va, Los Angeles, CA, and San Francisco, CA. Minor's largest initiative is the development of a global curriculum for separated parents, and children of separated parents, to better deal with the acute stresses brought about by parental separation. Over the last 4 years, Kids Turn has developed a low-cost curriculum that can be integrated across the globe to help municipalities without the resources to develop, test and improve such programs on their own. The new curriculum launches for the first time in 2010.External links
- The Wall Street Journal May 4, 2010 "Auction Houses Strike Out Bidders Non Grata"
- Wired Magazine: The Inner Bezos
- Virginia Pilot Newspaper December 19, 2007 "Carter's Grove mansion sells"
- The Landmark Website
- The Hook, Charlottsville VA Lawsuits Galore Nov 19, 2009
- The Daily Progress Feb 8, 2010 "Minor sidesteps foreclosure threat"
- Bay Citizen (CA) June 12, 2010 "For a Mogul, Money and Magic Touch Have Limits"