That adds up to $2.69 million. It doesn’t include the $203,000 that was vested in Tunney’s retirement plans.
MCG started as the media and communications lending group of the old Bank of Virginia, which was renamed Signet before it merged into First Union in the late ’90s. The company was organized as a management buyout of that loan portfolio led by Bryan Mitchell and Tunney around the time of the First Union merger.
George Soros was a significant investor in the company at one point. The firm went public around 2001, and Tunney took over from Mitchell in 2006.
MCG put itself up for sale earlier this year, without success. In August, it laid off staff.
Tunney is succeeded Richard W. Neu, 55, the chairman of the board of directors, who praised Tunney during a third-quarter earnings call last week.
“For Steve’s leadership and efforts, we are truly greatful,” Neu said in the call last week.
Bethesda-based KoolSpan closed $5 million in funding to use to bolser its sales, marketing and engineering staff. The company employs 15.
KoolSpan, founded in 2006 by
, makes a chip that protects cell phones/smart phones from hackers.
The latest investors include
, a New York City venture capital firm led by Elad Yoran and known for its investments in the government security space. Other investors include TWJ Capital, a Bethesda investment firm headed by former CitiGroup executive
Thomas W. Jones
and his son, Nigel Jones, formerly of the leveraged buyout team at The Carlyle Group.
KoolSpan’s chief executive is
, formerly of Aether Systems, Acuity Mobile and Karch International.
Search and find
Seva Search, a Potomac-based company that helps people find service businesses, closed $1.3 million in first-round outside funding from a wide range of entrepreneurs/investors, including
of the Carlyle Group
Tim Sykes, chief executive of Investimonials.
The company, which has four full-time employees, was founded by Gurpreet
and Amandeep Bakshi.
Other investors include
Jay Virdy, co-founder of
David Eisner, former chief executive of
, co-founder of
founder of SunEdison;
, co-founder of Blue Lithium;
, co-founder of MobClix;
, founder of ReTargeter;
, co-founder of MobSmith; and P
, founding members of
(Seva’s founders talk about their challenges in this week’s Business Rx column).
The Buzz hears:
A new indoor cycling studio called Revolve is opening in Clarendon (1025 N. Fillmore St.) next month. New Yorker Sylvan Z. Garfunkel is the president.
Thycotic Software, maker of security software programs, has started
LogicBoost, which offers software building services. LogicBoost, which has 20 employees and is located at 23rd and M streets NW, was founded by software developer
The Washington unit of life insurer
the managing director of the company’s
, which has moved out of its location on Democracy Lane in Fairfax and expanded into a sprawling, 10,000-square-foot office overlooking Route 50 — perfect for corporate signage.
A book party for the 1 percent
It was a scene last week at
’s book party last week for
, (Morgan Stanley Smith Barney), the Washington money maven who penned a Wall Street thriller called “Insiders.”
The party included authors
(“Nancy Reagan: The Unauthorized Biography”; “The Bush Dynasty”) and
(“Absolute Power,” “Last Man Standing”), builder
. board chairman
, chief executive of
“I felt like the country mouse surrounded by city slickers,” Kelley said in an e-mail. “I’ll bet there hasn’t been that much high net worth in one room since Warren Buffett ate by himself at the Omaha IHOP.”