(Toledo, OH) The Washington Post has an intriguing article related to today's indictment of Tom Noe, and Terence O'Hara calls this case "private equity equivalent of a full-body search."
O'Hara argues that the Ohio Bureau of Worker's Compensation's refusal to release valuation information on 65 private equity funds - which is now before a state court - protects a goldmine of information on a little known sector of the investment world.
From O'Hara's article:
Mark Heesen, president of the National Venture Capital Association, said the secrecy of private-company investing is essential to the returns private equity investing enjoys.
"If you want a good return on your investment, there are certain things that shouldn't be in the public domain," Heesen said. "The companies themselves will be harmed, then the return will be harmed."
Will Ohio courts decide in favor of private equity, or will they side with those who wish for greater transparency in the markets?
Little did we know in Toledo when this story broke how far-reaching would be its tentacles.