Anchorage Capital Committed Fiduciary Malfeasance

A private equity company called Anchorage Capital is suing Trustify. They think they were cheated. To my eye, it appears that Anchorage CEO, Lance Ulrich, and junior, master of the universe wannabe, Adam Besvinick cheated Anchorage's limited partners. Anchorage Capital Committed Fiduciary Malfeasance when they invested in a steaming turd called Trustify. If you are a limited partner invested in Anchorage Capital, this tale might just give you pause. In May 2017, Anchorage Capital invested slightly over $4.7 million in the A-round of a little DC-based company called Trustify. Trustify raised just under $7 million in their prior two seed rounds, $1.9 million on October 30, 2015, and $5 million in a second seed round on October 30, 2015. The terms of the A-round bogle the mind. Sources say that a rookie VC, Adam Besnivick, shepherded the deal for Anchorage. Rookie-hood can be the only excuse for the unforced errors of that investment. Let us take stock of all the mistakes made by Anchorage and all the red flags they ignored. Lead Investor Malfeasance - At $4.7 million of a $7 million round. You would think that anyone making such a relative sizeable investment in the first institutional round of a company would...

When You Block Me…

Devin Nunes, a congressman is suing Twitter and two twitter characters named @DevinNuneMom (suspended) and @DevinCow for defamation and seeking $250 million in damages. Is that what you call a snowflake (help out Deven's Cow and donate)? I talked to my attorney last night. The lawsuit can be expensive, but I’m determined to fight it. Devin should not be allowed to stop free speech. Can you please help me? Thank you 💗🐮 https://t.co/I9Ko944Ptr — Devin Nunes’ cow (@DevinCow) March 28, 2019 Why doesn't he just block them? I don't block people on Twitter...

Jennifer Mellon FERC

Jennifer Mellon FERC. Federal Energy Regulatory Commissioner, Neil Chatterjee, hired Jen Mellon, a woman absent any positive business accomplishments of note, with no educational qualifications, and no real-world experience. It boggles the mind to think that Mellon, who in her two last roles, ran two organizations into bankruptcy is somehow qualified to be the commissioner's confidential assistant. I don't blame you, Neil Baby, I'd keep it confidential too, if I had hired my wife's friend and that friend was eminently unqualified for the job, I'd want that to be confidential too. Check out her resume. Jennifer Mellon FERC, has absolutely no background nor education in energy.  Jennifer's only successful experience to date was separating investors and charitable donors from their cash.  Over the years Jen Mellon has been living large spending other peoples money. She's stolen money from charitable donors, investors, and now she' has the opportunity to steal from taxpayers. Jennifer Mellon FERC, last two jobs ended in disaster. Mellon graduated from Bucknell University with a B.A. degree in international relations and Chinese in 2004. After graduating, Jen Mellon joined the Joint Council on International Children's Services, an organization that was founded in the 1970s and succeeded to continuously operate until Jennifer Mellon took the helm as executive...

Communiclique Bankruptcy (AKA: CliqueAPI)

Communiclique Bankruptcy? It looks like the investors believe a Communicliaque Bankruptcy is warranted.  On Friday, March 15, 2019, several investors petitioned a Deleware court to involuntarily take the company into Chapter 7, bankruptcy (see what a Virginia Court found about the fraud Andy Powers and his team perpetrated at Communicliqe). The case was filed by Attorney Daniel A. O'Brien, of the firm Venable LLP, representing creditors/investors: Andrew and Jamie Schwartzberg, Keith Hladek, Stonehaven Capital, Erik Sachwitz, Philip Lowit, Adam Stern, Robert Mitchell Pons, and the Paitaridis Children Family Trust. In one month, two of DC's scummiest bags are being attacked and forced into bankruptcy by their investors. Danny Boice of Trustify (see article) and Andy Powers of Communiclique were litigated into bankruptcy when their investors finally had a moment of clarity and realized they had invested in sham fake bullshit Potemkin Village-esque companies   What does a Communiclique Bankruptcy have in common with Trustify's Bankruptcy (check out the crime family post here)? [caption id="attachment_81076" align="alignright" width="243"] Andy Powers (kneeling) and Danny Boice all prison-tatted ready[/caption] Both companies were founded by criminals. Both Danny Boice and Andy Powers are pathological liars and crooks. Both companies existed to take investor money and put it into the pockets to fund a high-life...

Kyle Sandler Can’t Make It Anywhere

Queue up the song, New York, New York! If you can make it there, you'll make it everywhere. Kyle Sandler couldn't make it there. Kyle Sandler couldn't legally make it anywhere. Kyle Sandler better hope he can make it in prison...

Heard Around DC Startups

Ah DC Startups, the red-headed, bastard, stepchildren of the startup world. For instance, the other day I read a quote by a guy. In terms of DC Startups, this guy is a successful founder with a good, relative to other DC Startups exits.  I like and respect this guy and his current company.  Yet, the quote was a perfect example of the ridiculous, over-the-top, kind of sound bites it takes to get ink or bits in the startup press in the wastelands of DC Startups. This quote inspired me to pick on all the pronouncements and predictions from DC's "prestigious" prognosticators. Here's the quote that inspired me, "We have the DNA of a billion dollar company" I have the DNA of a Neanderthal (2.7 % of my DNA to be precise) but that doesn't make me a caveman. Nope, I'm a caveman because I have failed to evolve. So to the CEO of the double-helix DNA company, you have the DNA of a decent company but you aren't the next Uber of Uber. On the other hand, you aren't Lifefuels...

Angel Kings Ross Blankenship is a Fraud

Angel Kings my ass. Ross Blankenship is a fraud. Old Ross, claims to have cut his teeth in the DC startup scene. I've been doing startups since 1978. Over that time I've worked with a few of the great entrepreneurs and tech visionaries in this town. No legitimate startup veteran even knows this clown. Let me tell you, Ross Blankenship is not an entrepreneur, nor is he a tech visionary, nor was he ever been a thing in DC of any consequence to anyone but his mom. The cockroaches in DC built better businesses than Blankenship. He's not an Angel Investor or an Angel King. He's a fraud, who use to work out of Washington DC. Unlike DC's special brand of two-bit hustling frauds, like Paul Singh, a man who was laughed out of town...

LinkedIn Scammers meet Sam Walton AKA Yuhao Fan

Yesterday, I received this exciting invite on LinkedIn: Hello Glen, I am Yuhao, co-founder of two companies, one is valued at over $5 million. Just turned 22 and about to graduate this year. Working on the third and the greatest idea yet in D.C. Looking for a mentor as well as funding! To do good and make bank. Let's connect and have a chat. Cheers. Ahhhh...