He offered stock in a stable that ultimately failed at a cost of $4 million to investors.
Whitney has offered cash and stock worth about $1.22 billion, or $18.50 a share, for the company.
The firm said it had no plans to offer stock to the public.
South Africa's largest company offered stock to its workers, most of whom are black.
In 1938, the company offered preferred stock to ordinary buyers.
Many small technology companies are expected to offer stock to the public for the first time.
Sycamore was also the first of the group to offer stock to the public.
It is also the first to offer stock to the public.
The company offered stock at $2 per share, which subsequently raised $27 million.
In 2003, it began offering preferred stock to select investors.