Have always agreed with that interpretation. would you mind giving me your take on this acquisition. When we bought Holocomb did we also purchase remaining debt?

Holocom, also based in Carlsbad, is now operated as a joint venture owned by Patriot and Scripps Ventures Inc., a local merchant banking firm.

“Holocom did about $3.5 million in revenue last year,” said John Burns, chief executive officer of Scripps Secured Data Inc., the renamed company. Burns is the CEO of Scripps Ventures.

Following the transaction, Burns cut Holocom’s staff to 20 from 50.

Pohl said Holocom approached his firm last year seeking financial help. “They were saddled with so much debt, it was like an anchor around their necks,” said Pohl.

Burns estimated that 10-year-old Holocom owed $25 million.