TECH HOLDING COMPANY Investors Still Not Convinced Of Divine's Divinity.(INTERNET & TECHNOLOGY)

Byline: Jed Graham

The least you can say about Andrew "Flip" Filipowski: When he makes up his mind to do something, he goes all out.

The chairman and chief executive of Chicago-based Divine inc., formerly known as Divine interVentures, didn't hold back when he set about building an Internet holding company in the last half of 1999. Within six months, he had bought or formed more than 50 companies.

When the skittish tech market threatened to disrupt plans for Divine's initial public offering, Filipowski pushed ahead, though he had to switch investment banks, do a 1-for-6 reverse stock split and slash the offering price.

Now he's at it again. In February, the unprofitable Divine raised eyebrows with its plan to spend $100 million on acquisitions over the next two years. The …