1776 Woes – Benjamin’s Trouble With Benjamins
As 1776 faces more financial pressure, more employee attrition, the DC-based “coworking” space’s savior Benjamin’s Desk, a Philadelphia-based coworking space, is having trouble raising the Benjamins to close the deal.
According to sources in Philadelphia, the deal was slated to close early this week but people at Benjamin’s Desk are having trouble raising the capital. Word is that Steve Case wants to stop the bleeding cash and would like to see new leadership at 1776, a company presently run by Evan Burfield, DC’s undisputed, inarguable, #1 nonprofit executive of…. unintentional nonprofits.
What does that mean for 1776? That depends on Steve Case. For Steve, the question is, Black Eye or Black Hole? Is it nobler to suffer the slings and arrows of admitting the 1776 failure, a cornerstone example of Case’s, Rise of the Rest (Black Eye), or keep funding Burfield, a “businessman” who’s never been able to build a profitable business? Does Case, keep throwing money down the Evan Burfield, 1776 DC (Black Hole).
The problem with any deal is that 1776 is said to be over $2 million in debt and obligations and is as close to break-even as Republicans and Democrats are to reaching a non-partisan healthcare bill. There are more staff defections every day. There are multiple constituents who must sign off on the deal with little motivation to sign off on any deal that is only slightly better than losing it all. And of course, every day that goes by translates to thousands of Steve-Case-backed, 1776 dollars flushed down the toilet.
The 1776 deal has more hair on it than a sasquatch and the latest Vegas odds favor finding Big Foot than a buyer for 1776.
So what’s it going to be? Will they find a buyer? If not, the question for Steve Case is, which do you prefer…
black eye or black hole?