Blogging and Corporate Maneuvering
PubSub CTO Bob Wyman is running blog posts about his frustrations as an owner, shareholder and executive. The question this brings to mind is; how transparent does a company want to be?
At what point does the exposure cost the company and turn into an opportunity to blow off steam or express frustration. Here is a brief excerpt:
Our days are numbered. A recent attempt to execute a merger has been blocked and we've been blocked from raising equity financing that would allow us to continue to pay salaries and pay off our $3 million in debt. Thus, our "doors" will close soon if we can't find someone to pull us out of the current situation. Persons with fast access to cash and a desire for some of the industry's best technology are advised to contact us rapidly…
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…
I too have often felt compelled to write about frustrating situations and individuals on my blogs but I usually try to hold off due to the law of unintended consequences.
Do you think blogs should be used for this type of communication?
Read more about the PubSub sinking at WebPro News.
Learn about Pubsub
Management | admin | 19 June 2006 |
