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Short Take: Bluefly snags $15 million Soros investment

Bluefly, an Internet retailer, said it has signed a $15 million investment deal with Soros Private Equity Partners. As part of the agreement, Soros provided the company with a $5 million loan, which would convert into preferred stock following shareholder approval. After the deal closes, Soros would own a majority of the company's voting and equity interests, maintain veto rights and control any vote of the company's board.

Bluefly, an Internet retailer, said it has signed a $15 million investment deal with Soros Private Equity Partners. As part of the agreement, Soros provided the company with a $5 million loan, which would convert into preferred stock following shareholder approval. After the deal closes, Soros would own a majority of the company's voting and equity interests, maintain veto rights and control any vote of the company's board.