Career
Prior to founding WorthPoint, Seippel served as executives to multiple corporations and as a consultant to various boards of directors on mergers and acquisitions, as well as on strategic business and financial planning at the follow organizations.
- Chief financial officer of MIVA.
- Vice president and chief financial officer for AirGate PCS
- Board of directors, chief financial officer and chief operating officer for Digital Commerce Corporation. [5]
- Chief financial officer for Global Telesystems Groups
- Chief financial officer for Landmark Graphics Corporation [5]
During 25 plus years of financial and operational experience, Seippel successfully negotiated more than 20 acquisitions. He played a leading role in structuring complex transactions that raised $5 billion in capital, two of which received the prestigious Institutional Investor Deal of the Year award. [6] One of these transactions included the launching of the first Euro denominated bond for the first European fiber loop, Hermes Europe Railtel. Seippel also listed three companies on the NASDAQ; two of them involved initial public offerings. [7]
Seippel later became the founder, chief executive officer and chairman of Worthpoint Corporation, a global resource for researching, valuing, and buying/selling antiques, art and vintage collectibles. [8] Worthpoint is Seippel's first startup, which he describes as a company "... on its way to becoming the Bloomberg of the world's antiques and collectibles industry". [9]
WorthPoint ranked on the Inc. list of companies in 2013. [10] WorthPoint.com services include a price guide for researching and valuing antiques, art, and collectibles; a resource gallery for identifying makers’ marks; and a digital library of books from leading publishers on a wide range of collecting topics. WorthPoint’s Worthopedia price guide gives subscribers access to more than 480 million historical prices and over 1.2 billion photographs, with data dating as far back as 2006 aggregated from online marketplaces, including eBay and from several leading auction houses. [11]
2004 IRS tax shelter controversy
Seippel also is known for the 2004 IRS tax shelter controversy and subsequent case Seippel v. Jenkens & Gilchrist against the Sidley Austin Brown & Wood law firm. [12] In this action, Seippel was successful in demonstrating that the defendants misrepresented the nature of the tax product they sold to him (the Cobra tax strategy in 1999). Subsequently, Seippel prepared to file suit against the IRS for attempting to wrongfully impose excessive interest and penalties against him, but the IRS withdrew its action, and the suit was never filed.
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