While Rome Burned, Amp’d Used Venture Capital On Porn
Written by on July 30th, 2007 in Ajax News.
You just know that this is going to end in a Hollywood movie.
Matt Marshall at Venture Beat has the scoop on what the Amp’d team were spending part of their $360 million in venture capital on: porn.
According to the asset list from the Apm’d fire sale, the company acquired at least 100 porn DVDs; least that’s the number listed for the auction (we’d presume additional DVD’s were probably taken home).
As Matt put it so well “We’re still wondering how venture investors such as Redpoint (which lost $25 million in this) and Highland (which lost $50 million) could have let this happen.”
Amp’d declared bankruptcy June 2 owing $100 million.
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Source: TechCrunch
Original Article: http://feeds.feedburner.com/~r/Techcrunch/~3/139001268/