Investors Can't Force Idealab Liquidation
from the sounds-right dept
In a case of a greedy investors pouring hundreds of millions of dollars into a questionable company at the height of dot com popularity, it appears that Idealab's sour grapes investors aren't going to be able to force the company to liquidate and return whatever cash they had left. No matter what you thought of Idealab, this is the right decision. These investors were trying to make a quick buck, did absolutely no due diligence, and were infatuated with Bill Gross's public persona as a builder of hot startups. Idealab was as close to a "sure thing" as anything at the very height of the boom years - though, it came crashing down pretty damn quickly. The judge has ruled that these investors don't have the authority to liquidate the company, despite their fervent wishes to make the whole thing disappear. I have no sympathy for billionaire investors who didn't do any due diligence and take the time to look behind the smoke and mirrors at what they were really investing in.
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