To be sure, the entities affiliated with Sutter Hill Ventures still hold a very substantial stake in Mattersight, and to be equally sure -- the Sutter Hill folks were the large purchasers this past week. . . but that doesn't begin to tell the whole story. No, we need to use the longer telescopic lens -- and look back in time, now. . .And when we do look backward, to September 22, 2008 (pre-meltdown) -- see page 44 of this SEC Schedule 13D -- when what is now Mattersight was called eLoyalty Corp, we see that both the Sutter entities, and Tench Coxe individually (as well as most other affiliated entities and persons), controlled a larger percentage of the company's outstanding shares, than they did at September 6, 2012 (see page 19 of this just-filed SEC Schedule 13D).
While we cannot be certain here, it would seem that over time, Sutter Hill is trying to reduce its overall position in Mattersight -- even as it is the buyer of the moment.
The key question, though -- is from whom was Sutter Hill buying, on the open market this past week? That we may never know. [Was it a vast, but uncoordinated, series of holders, turned into sellers -- disappointed by the GAAP "errors" restatements, and the downturn in sales growth, here -- quarter to quarter? Who knows?]
As ever, be careful out there. [For completeness, I should note that this other blog (published through SeekingAplha) lists recent buys, but provides no historical perspective -- and that could be part of the short-term run-up in Mattersight's NASDAQ prices.]
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