First Webvan Auction Raises $3 Million
from the now-they-can-pay-Shaheen's-severance dept
Webvan had the first of their bankruptcy auctions and raised $3 million dollars. A lot of Webvan fans came to buy souvenirs of the company, such as their plastic bins, apparently. Someone even bought the Webvan Volkswagen Beetle for $15,000. For some reason GE Capital pulled all but two of the 200 Webvan vans that were supposed to be for sale. Those two, though, sold for $35,000 a piece ($5,000 more than expected). Anyway, now that they have their $3 million (and two more auctions on the way), maybe they can start paying off George Shaheen’s severance package.
Comments on “First Webvan Auction Raises $3 Million”
Shaheen the scapegoat?
Was Shaheen really responsible for running the company into the ground, as a previous comment implied, or was Webvan’s “business model” so hopeless that it would have gone under no matter who ran it? That still wouldn’t let Shaheen off the hook in my view because he should have recognized it and cut both his and the stockholders’ losses, but at least he wouldn’t be solely responsible for it all.