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In December 2000 MCP made a preferred stock investment in
Datek Online Holdings, a leading provider of financial technology
products and services to the institutional and retail trading
communities. The investment was made as part of a larger recapitalization
by an investor group that included Bain Capital, TA Associates,
and Silver Lake Partners. Datek’s primary businesses
are: Datek Online — the leading independent online broker;
iClearing — a securities clearing operation; and Watcher
Technologies—a provider of state-of-the-art trading systems
for the professional trading industry. In addition, as part
of the recapitalization, The Island ECN, a former majority-owned
Datek subsidiary, was spun out directly to MCP and the investor
group. The Island ECN is a leading alternative trading system
to NASDAQ and the largest electronic communications network
as measured by execution volume. Proceeds from the investment
were used to buy-out founders of Datek and to finance the
company’s rapid growth.
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Date of Investment: December 2000