Latest in Amp'd

Image credit:

Amp'd going after former CEO to pay off debts

Nilay Patel

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]

From around the web

ear iconeye icontext filevr