JOBS Act Challenges as Currently Proposed by the SEC

ZINO Society sponsor member, Joe Wallin of Davis Wright Tremaine, who has followed the issue very closely asked me to please post something for the Securities & Exchange Commission regarding my thoughts about some of the regulations coming forward related to the JOBS Act.  Here is what I posted:

ZINO Society is a membership organization that connects accredited angel investors with start-up companies seeking funding. Over the past 8 years, we have helped facilitate funding connections of around $29 million (of which we are aware) and have coached and mentored almost 600 entrepreneurs. Though there are always many more requests for funding than we can fulfill, we do provide a very important and useful service for both investors and entrepreneurs.

Though I know the JOBS Act was intended to enhance entrepreneurship and growth of small businesses, the "rules" that continue to come forward from the SEC, will cause just the opposite to occur.

In the past, our investor members have had the right to tell us whether they qualify as accredited investors. We supply them with a link that describes what it takes to qualify as an "Accredited Investor" and let them respond to us whether they qualify or not. The new invasive requirement that demands that we have our investor members "prove" that they qualify as accredited most likely will be the end of many people even willing to participate as members and provide angel funding, which will of course be a reduction in business investments.

For our entrepreneur members, the threats that now exist around fundraising are so frightening that huge amounts of time will be required to try to manage all these rules of notification and the penalties are catastrophic if someone makes a mistake. If a deadline is missed, it will likely put many of these entrepreneurs entirely out of business.

What I see on both fronts is that it is likely that ZINO Society will also be out of business because of the reluctance of both investors and entrepreneurs to risk participating going forward unless some reasonable common sense in setting these new rules and regulations is employed.

I assume that putting small businesses out of business is not what was intended and encourage the SEC to look again at how you can simplify the requirements and make them less onerous to all concerned. Thank you.

Happy Birthday Ken!

Birthday Boy Ken with his best friend, ZiZi and new toy

Ken's birthday was a week ago today and we finally got around to celebrating it tonight with the family.  With this past week being devoted to multiple performance of The Ring, this really was the best time to celebrate his birthday along with other family members celebrating summer birthdays, son Sean Hatch, daughter Katie Laramore, and grandson Andrew Hatch.  

Our dear friends, Patty & Jimmy Barrier had taken us to lunch at Purple on his

actual birthday and one of his gifts was a dog toy for ZiZi which both Ken and ZiZi were excited to receive! 

Today Ken's oldest son, Sean Hatch along with partner, Troy Clark and Ken's youngest son, MIchael Hatch along with wife Alicia and three sons, Jackson, Spencer and Andrew, my daughter Katie Laramore along with her husband Kevin and three children Cutter, Bode and Campbell and friends Patty & Jimmy

Jackson, Andrew and Spencer Hatch

Katie, Campbell, Bode, Kevin and Cutter Laramore

Barrier joined in the celebration.

Troy brought a delicious potato salad, Alicia brought a yummy baked fennel dish and baked beans, Katie brought guacamole and Patty brought lemon bars.  Ken and I filled in the rest of the menu with gazpacho with lime creme fraiche, barbecued chicken and salmon, watermelon arugula salad, corn on the cob and a fresh nectarine crisp with vanilla ice cream.

Jackson, Spencer and Andrew had a great time playing in the swimming pool before dinner.  Cutter and Bode arrived late and didn't get to swim, but Bode and Andrew had a great time playing together with a water toy and getting wet anyway.  The saddest part was that I got to hold baby Campbell for only about 5 minutes because I was so busy with the food, but GiGi (aka Patty) did get a chance to cuddle her for a while before dinner.

Campbell Laramore with Gigi (Patty)

Jimmy Barrier, Ken Hatch, Troy Clark, Sean Hatch

Andrew Hatch and Bode Laramore

The boys all got dressed before dinner but when dinner was over, while everybody else helped clear the table after dinner, Jackson "accidentally" fell in the pool and pretty soon, Spencer "accidentally" jumped in too!  At the end of the evening, we had to send two naked boys home wrapped in beach towels.  Another adventure at Grumpa's house! 

Happy Birthday Ken, Sean, Katie and Andrew!  And of course Campbell too!

The Magical Ring

Cathi Hatch and Susan Neumann

Last night was the final performance in the marathon week with my dear friend Susan Neumann of attending Richard Wagner's The Ring Cycle produced by Seattle Opera at McCaw Hall.  This only comes around in Seattle every four years.  Seventeen incredible hours of opera and four hours of pre-performance lectures . . . what a magical experience!

We saw dragons and giants and dwarfs and gods and mermaids, and at least as important, if not more important, were entertained with some of the most exquisite

music ever written and performed.  Susan and I had prepared in advance by listening to 24 CD's about the life and works of Richard Wagner.  It turns out that he wasn't a very nice person, strongly anti-Semitic and completely self-centered, but the music he wrote is soul-stirring and thrilling to hear.

The final performance in the series of four last evening was Gotterdammerung aka The Twilight of the Gods.  And fortunately for those of us attending, we had the opportunity to hear and see for the second evening in the series the Brunnhilde understudy, Lori Phillips, who was truly magnificent!  Allwyn Mellor, the original artist scheduled to sing contracted a virus so was unable to perform.  Everyone in the audience, the critics, and the rest of the cast were swept up in the excitement of her amazing performances.  As General Director, Speight Jenkins announced her substitution again last night, the audience applauded and cheered loudly with anticipation to hear her again.  During curtain calls on both evenings, she was hugged and kissed by not only the artists playing Wotan and Seigfried, but also by Director Stephen Wadsworth, Orchestra Conductor Asher Fisch, Speight Jenkins, and assorted Norns, Valkyries, and Dwarfs.    

I must also comment on the incredible tenor, Stefan Vinke, who played the role of Seigfried.  His voice was so powerful and his acting skills made him totally believable, charming and funny in the role of boy awakening to manhood.  He nailed the unaccompanied high C note in Gotterdammerung in the scene with the Rhine Maidens, which is often the nemesis of tenors singing the Seigfried role.

There are still two more Ring Cycles in the next couple of weeks so if you can beg, borrow or steal a ticket, I can't recommend it more highly.

Bruce Lee Action Museum Dinner

Christine & Omar Lee, Linda Lee, Cathi Hatch

As guests of Ani & Brendan O'Farrell, Ken and I attended a many course Chinese dinner fundraiser at the Imperial Garden Seafood restaurant at the Great Wall Mall this week.  The dinner was hosted by Omar & Christine Lee at their restaurant in conjunction with a Hong Kong Association of Washington fundraiser for the to be developed Bruce Lee Action Museum.

Andy Yip, President of the Hong Kong Association of Washington greeted the

Brendan & Ani O'Farrell with Andy Yip

guests as they arrived and introduced them to the guest of honor, Linda Lee, the widow of Bruce Lee .  She talked about the scholarships that are currently given in Bruce Lee's name to underprivileged children of all ethnic backgrounds. Because Bruce Lee was the first crossover Chinese actor that really made it big, he has been a huge role model over the years especially to Chinese children and adults.

Ken and I didn't realize how important Bruce Lee and his memory is to the Chinese culture and it was fun to watch as all of the highly successful Chinese CEOs couldn't wait to have their photo taken with Linda Lee.  Of course, I decided I needed mine taken with her as well.  Sitting at our table was a man named Perry Lee, who has the distinction of

Charlene Lee, Cathi Hatch, Jerry Lee

being the largest collector of Bruce Lee memorabilia.  The gift to the guests for the evening was a boxed set of Bruce Lee movies, a signed photograph and a black "Walk On" wrist band.  It has been many years since I have seen a Bruce Lee movie so Ken and I look forward to watching a few.

The food was amazing and course after course was brought to our table.  The most spectacular course was whole Dungeness crabs and crab legs that had been deep-fried in some kind of a light

Ken & Cathi Hatch with Chris Upchurch

batter and LOTS of garlic.  Messy but absolutely delicious!

Other celebrants included Charlene & Jerry Lee, Gordon Tang, Thea & Chris Upchurch, Benjamin Lee and a number of Chinese CEO's in town for a visit.  The remarks were all conveyed in both English and Mandarin Chinese.

It was a fascinating evening.  Thank you Brendan & Ani! As Bruce Lee would say, "Walk On"!