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Anthony J. Adducci:
Transcript of Interview Excerpt

Anthony Adducci, interviewed by Kirk Jeffrey on August 9, 2000 in Roseville, Minnesota.

“So we signed those papers, and Craig-Hallum did a small private placement, and then began an initial public offering, started to work on it. We rented a little space in Arden Hills [Minnesota]. The guy didn’t require us to sign a guarantee. We talked to Willmus Properties and they wanted a guarantee, and we talked to Roberts Properties, and he didn’t want a guarantee, so we went with him. We didn’t want any more risk than we had. So we moved into a 5,000-square-foot place over there on Cleveland Avenue.

The first day we were in there, or second day, the sheriff pulls up in this patrol car, knocks on the door and asks for Mr. Adducci, Mr. Baustert, Mr. Schwalm, Mr. Villafaña, and he hands us the lawsuit. It also appeared on the news and the Wall Street Journal and all over the place, that we were getting sued for stealing trade secrets or an injunction not to take in any employees or to use any marketing for any similar products for eighteen months.”

[Kirk Jeffrey asks,] “Did this make it difficult to get investors for your IPO [initial public offering]?”

“Well, that’s what we thought. We had a meeting the next day with our investment banking firm, Craig-Hallum, and, of course, we were saying, “Manny, this may be the end of it, you know.” We had already quit our jobs, we’re in debt now for this money, and it may all be called off.”

We go downtown to Minneapolis to their corporate offices and we walk in this big conference room, and all the lawyers and investment bankers are sitting there. We sit down. The president of the firm was Jack Robinson. He kind of looked at us and said, “You know, before, I thought you guys had something good. Now I know it. If they’re going to sue you, they must know you’re going to be a real competitor for them.” So they went ahead with the offering and it came out at, I think, $4.00 or $4.50. It immediately doubled in price and never went below that again.”

 

Biographical Information

Anthony J. Adducci attended college in Minnesota. He joined Medtronic in the early 1960s. In the early 1970s, he helped found Cardiac Pacemakers, Inc., the company that manufactured the first lithium battery powered pacemaker. In the early 1980s, he founded Technology Enterprises and in the late 1990s, North American Banking Company.

Anthony J. Adducci