Word: matchbid
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Dates: during 2000-2009
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...With investors more cautious, Matchbid found it difficult to secure second-round funding. Over the summer the company rewrote its business plan, reinventing itself as a software firm selling "one-to-many" marketplace software to Old and New Economy companies seeking to streamline their supply chains and sell directly online. ABC is not among them. By September, with only three months of cash left, Matchbid had still not secured additional financing...
...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...
...Despite all this, the other two business angels came through with $5.6 million, enough for Matchbid to operate until it breaks even. The firm expects sales of $24 million this year, and things are looking up. For Dicke, the outcome is bittersweet. "It was difficult to explain that Richard left," he says. "We were very close." He still has faith in the New Economy, even if his former partner and father...