PubSub Explains Why Bankruptcy Is Likely
You have to feel for Bob Wyman, founder of PubSub. He uses his blog to explain how some minor shareholders are using blocking tactics to prevent the company from merging or raising money.
What has prevented us moving forward is a battle with a group of minority shareholders, some of whom claim to be lead by our ex-CEO Salim Ismail and are, in any case, primarily his “friends and family.” This group is using very unusual clauses in our Shareholder’s agreements to block mergers or financings. We’ve found it difficult to determine their motives, however, some have said that they believe that it is in their interest to drive the company into bankruptcy so that they can buy our software and start a new company.