PeterAdderton
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Amp'd going after former CEO to pay off debts
It wasn't a pretty end for Amp'd Mobile, but even the hasty one-week extension of service, sale of customers to Prexar and asset liquidation wasn't enough to keep creditors at bay -- the bankrupt company is now suing after its former CEO for cash. Claiming that Peter Adderton "refused to perform certain aspects of his employment" and "threatened to take action that would damage" Amp'd, the lawsuit seeks some $1.15M in payments made. Amp'd is also going after some 20 other partners in similar suits, ranging from Merrill Lynch to law firm Latham and Watkins to Playboy and MTV. We're not sure how that's going to play out, but it looks like those rumors about the content team and properties like "Lil' Bush" being sold off are definitely true -- William Morris is in charge of shopping the group out to the highest bidder. All in all, it looks like Amp'd's creditors aren't being shy about getting their cash -- but what repo man ever is?[Via mocoNews]
Amp'd's ex-CEO takes some questions
When your company burns through some $400 million worth of other people's money and goes up in a puff of smoke, you're bound to get some inquiries from curious lookers-on. Ousted shortly before Amp'd's historic freefall, Peter Adderton was good enough to sit down with PaidContent's Rafat Ali to answer a few questions about just what the hell happened. Naturally, the guy appears to do a brilliant job of deflecting the blame from himself, saying that Amp'd had too many hands in the cookie jar (vested parties, that is) trying to control the direction of the company; furthermore, since the MVNO required so much cash (apparently) to do its thing, the people that needed to be in the office running things were instead out in the field begging for more dollars. He talks a little bit about the crazy billing issues, too -- you know, people not paying their bill for months without getting cut off -- and says that there was a big issue with people simply never being billed in the first place, too. Business school 101, Peter: gotta make money to keep the ship afloat, dude. Click the link for the full interview.
Peter Adderton out as Amp'd CEO
When a company files for Chapter 11, we figure that's often a strong indicator that a management change is in order; that's the situation MVNO Amp'd Mobile finds itself facing as of late, and the rumors that CEO Peter Adderton's days were thusly numbered have finally materialized into reality. mocoNews reports that the ex-chief is still Amp'd's largest single shareholder and maintains a position on the board, but President Bill Stone now finds himself with top billing on the company's management roster. Bill: best of luck, dude.[Via mocoNews]
