http://online.wsj.com/article/SB10001424052970203889904577201330085961516.html?mod=WSJ_Tech_LEFTTopNews

All I can say is that I thought the angel all but disappeared.   More to the point I thought the big time angel investors disappeared.  This is a good news story.

Frankly, Yuri Milner’s restrictions are minor.  He stands to make a fortune. The fact that he has agreed to the restrictions makes the Facebook IPO look even more appealing.  By the way I am assuming Milner understood his actions.  This restriction not only helps Facebook deal with the perception that it could sway the price of a stock but also helps attract new investors as well.

Milner obviously has made several smart bets.

Facebook owes Milner.  My suggestion to Milner is that if he has any influence at all then he needs to make sure that Facebook’s IPO is not treated the same way as Groupon’s IPO was treated.  I suggest that Facebook be transparent.  Unfortunately with Goldman Sachs in the mix I am not quite sure how transparent Facebook will be.

The level of negative scrutiny Groupon received was about withholding negative information.  Once it became known that Groupon’s expenses were larger than originally believed and that the founders and early investors cashed out early, well things went straight downhill.  The news was not bad but it was not good.  However, Groupon kept it secret.  Remember the adage: “it is not the crime that gets you the time but the cover-up will get you put away for a long time”.