Health IT company gets $3M round

Series B funding includes TNInvestcos
Apr 15, 2010 11:53 AM

TNInvestco expansion stretches to $80M

Legislative amendment would add four remaining finalists to VC program
Apr 9, 2010 8:10 AM

TNInvestco amendment more than expansion

Changes define out-of-state investments, document confidentiality and more
Apr 6, 2010 10:40 AM

Coleman TNInvestco appeal hearing expedited

Larry Coleman's appeal to review TNInvestco documents will get its day in court a bit quicker than the norm. The Nashville appeals court last week granted his motion for an expedited hearing of his appeal of a Chancery Court ruling denying public access to documents showing how participants in the TNInvestco program were selected. Coleman said he expects to have a docket date within the next 30 days or so, as opposed to a potentially year-long wait. "It's a lot faster, and of course what's nice is [the court says] this is worth looking at," Coleman said. "We feel good about it." For the background on the case, click here and here.
Mar 29, 2010 2:05 PM

Coleman files TNInvestco appeal

Venture capital executive Larry Coleman has filed his appeal of a recent Chancery Court ruling denying him access to certain TNInvestco program documents. On March 2, Coleman was denied his petition under the Tennessee Public Records Act to force Economic and Community Development Commissioner Matthew Kisber and Department of Revenue Commissioner Reagan Farr to release documents involved in the selection of venture capital participants in the Tennessee Small Business Investment Company Credit Act. In the motion filed in the court of appeals Friday, Coleman asks for an expedited review of his case. For one, he’s concerned that if the court finds wrongdoing in the selection of TNInvestcos or the administration of the program, funds will already be invested. Plus, he argues, it’s important to have the documents revealed before the General Assembly decides on whether to expand the program.
Mar 22, 2010 7:18 AM

Innova's TNInvestco investment

Memphis-based Innova said Wednesday it made the first investment in the state's TNInvestco program, funding Knoxville's TrakLok Corp. The cargo security company will use the investment to help bring its GeoLok product to market. From the presser:
TrakLok Corporation has developed the GeoLok, a locking system for containers that not only monitors the container's location as it is transported, but also can refuse to open itself until the container has arrived safely at its intended destination. It is a seemingly simple idea that has the potential to impact 90 percent of all global trade.
Mar 11, 2010 8:07 AM

TNInvestco documents stay confidential

Scoring matrices, other documents sealed for five years
UPDATED with statements from Kisber, Farr, Coleman
Mar 2, 2010 2:54 PM

Coleman gives Chancery Court more to think about

After last week’s hearing, Larry Coleman added the voices of four other unsuccessful TNInvestco applicants to his public records petition seeking documents related to the state-sponsored venture capital program. Jack Tyrrell of Richland Ventures, Matthew King of Marathon Partners, Thomas Adamek of Stonehenge Claritas Capital Fund Tennessee, Scott Zajac of Delta Capital Advisors and Coleman all submitted short affidavits Thursday, which read:
“My firm has never been contacted by the Sate of Tennessee to ask if my firm objects to the release of the scored evaluation matrices reflecting how the state scored my firm in the TNInvestco application process. My firm does not object to the release by the state of the scored evaluation matrices reflecting my firm’s scores and raking vis-à-vis the other applicants.”
Chancellor Russell T. Perkins heard arguments from attorneys for Coleman and Commissioners Kisber and Farr on Feb. 18. At the time he said he expected to make a decision tomorrow on whether or not the TNInvestco should be released or remain confidential under Tennessee law. Coleman’s attorney also filed a post-petition hearing brief late last week, reiterating the argument that the TNInvestco Act is not a tax law and the documents should not be kept confidential:
“State’s reliance on tax law is a red herring. The real issue is the public’s right to know how…these public officials selected the private entities that received the $120 million in sate funds.”
Feb 22, 2010 3:19 PM

Decision on TNInvestco case pending

Court will decide on open-records petition by Feb. 23
Feb 16, 2010 6:34 PM

State, Coleman at odds over TNInvestco documents

Back-and-forth legal filings in advance of next week's hearing
Feb 12, 2010 12:21 PM