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Keyword: lousymanagement

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  • Bankruptcy trustee claims Papermaster, other Agillion execs 'squandered' assets

    05/14/2003 6:00:25 PM PDT · by Chancellor Palpatine · 7 replies · 280+ views
    Austin Business Journal ^ | April 18, 2003 | Colin Pope
    [snip]Agillion, which offered a Web service that helped businesses maintain vital information about their customers, filed for bankruptcy in July 2001 with about $100 in the bank. Just 15 months before, Agillion had $30 million in the bank, according to the suit. Between the product launch date, Feb. 23, 2000, and the bankruptcy filing more than a year later, Agillion had only a "few dozen subscribers" to its Web-based service, the suit claims. "Their revenue was so inconsequential that management never recorded a single dollar in revenue in their internal bookkeeping," the suit alleges. Despite the poor performance, "Agillion's management...