Word: geibel
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...Dicke had been destined to head Altenloh Brinck & Co. (ABC), a screw manufacturer that has been run by his father's family for five generations. But he left that business to seek his fortune in the online world with Geibel. Their initial idea was to build a trading platform on the Internet to bring together buyers and sellers of industrial fasteners such as nuts, bolts and screws - the very products ABC makes. But the old-line manufacturers balked. In fact, Dicke's father was among Matchbid's foremost opponents, arguing that the Internet could destroy his business by increasing price...
...Then things got complicated. Geibel, the company's chief operating officer, was negotiating with three business angels when he got into a motorcycle accident and was out of contact with Matchbid for weeks. Dicke claims his old pal and former partner changed the terms of a contract with some business angels and sold some of his shares in Matchbid without the company's knowledge...
...member of Matchbid's board has taken Geibel to court, claiming he had no right to sell the shares and demanding that the $475,000 Geibel received for them be returned to the company...
...Geibel says the share sale was part of a complicated plan to raise money and that Dicke and the rest of Matchbid's management team had agreed to it. He sees the dispute as being over how much he is due. "They told me to take away the same amount of money I put in, and that is unacceptable to me because the company is currently making revenues," says Geibel...
...Geibel has taken a job helping an Old Economy firm trade online with suppliers and customers. He says he is more effective now. "In the New Economy you have to do everything on your own - build up your product, your database, logistics and payment services," he says. "We had to compete with Old Economy companies that already had all those things. It was lots of fun and everybody was highly motivated, but you have to have traditional management skills and structure. You can't change basic business rules...