Suing Your Venture Capitalist
from the probably-not-the-smartest-idea dept
A very interesting story about the battles between Zero Gravity and their lead venture investor, Hummer Winblad. It appears that Zero Gravity (founded by well known “internet analyst” Steve Harmon) management got into a bit of a fight with Hummer Winblad (partly becaues the management fired Harmon). Hummer asked for their money back and threatened to sue to get it. That’s when the lawsuits started flying. So, Hummer went ahead and converted their stock to common shares, took control of the company, and brought in their own board. The just kicked out management proceeded to give themselves huge bonuses on their way out (and toss around some of the equipment in the office). Isn’t it nice to see how mature adults work out disagreements these days?
