Communiclique In Court Update

Communiclique (aka clique, cliqueaPI)  is being sued by investors into bankruptcy. This week in Deleware Court, a Judge met with a representative of investors and Andy Power's attorney. I'm told that Power's attorney was as well prepared as Andy Powers is honest. One of this clown's claims was Communiclique (aka Clique, CliqueAP, Dumpster Fire) has more than twelve creditors and therefore the company can't be declared bankrupt. Folks, I actually ran a corporate governance advisory firm and I was unaware that bankruptcies are cheaper by the dozen. Fortunately the judge equally clueless of the baker's dozen creditors bankruptcy inoculation act of 2019. A frustrated judge, gave Powers until Monday, April 28, 2019, at 4 PM to prove that the steaming pile of poo he calls Clique was solvent. The likely action is that by 4 PM Monday, Communiclique will be declared bankrupt and the judge may allow the rest of the actions moved to California where the company of one is now headquartered....

New Fraud Allegations Against Danny Boice, CEO Trustify

Anchorage Capital is suing Danny Boice, Jennifer Mellon and Trustify for fraud and embezzlement in this filing. New fraud allegations against Danny Boice, CEO Trustify. According to the original filing, 5. Trustify's CEO, Daniel K. Boice ("Boice"), solicited Anchorage to participate in the Series B round. Unlike the Series A round, Boice wanted to raise at least $15 million (with a maximum of $20 million) during the Series B round before the round would close and the Series B Preferred Stock would be issued. 6. Boice told Anchorage that the Series B round had a lead investor Nfluence Partners ("Nfluence"), a well-established boutique investment bank for technology, media, and telecom transactions. Nevertheless, Boice and other Trustify officers simultaneously voiced uncertainty as to whether the Series B round would reach its $15 million target minimum raise, and thus actually close and issue Series B Preferred Stock. 7. Due to this uncertainty, Anchorage told Boice that it would only wire funds as pa1i of the Series B round after Nfluence had done the same. Boice and Anchorage also agreed that any funds Anchorage wired to Trustify would be kept in a specific Series B-related bank account with Square 1 Bank in New York and that such funds would be returned directly to Anchorage if the Series...

Andy Powers, CliqueAPI The $50 Million Ponzi Scheme

Hello Kids! It's that time again where we check in with our old pal Andy Powers, CliqueAPI (AKA Communiclique). Just in case you've been living in a hefty bag, let me catch up. Communiclique (sometimes called Clique, other times called CliqueAPI because it's harder to hit a moving target) raised anywhere from $50-70 million dollars. In 2016 a court in the Commonwealth of Virginia ordered the company to stop raising money...

Attention Law Enforcement – Matthew Pugsley Chalant Health

Attention law enforcement, be warned that Matthew Pugsley, Chalant Health, CEO is on the prowl. There was a time where he took an actual job. It appears that he lost that job and is back raising money for his company that is a total scam (see this post). Matt's been evicted again and is seeking a new place to rent. Landlords be careful, this guy has been evicted for non-payment of rent about a dozen times (see post). By the end of this week, Matthew Pugsley, Chalant Health CEO, may get free rent. He is likely to get 3 hots and a cot for being seriously in arrears on child support. Meanwhile, while not paying child support this scofflaw is a big spender when he goes out on the town (see this post). Here's a warning to landlords and prospective employees who are thinking about working for Matthew Pugsley, Chalant Health CEO, think twice. Here's a recent message I received from someone claiming to be a former employee. I just your articles about the con-man Matthew Pugsley. He is a horrible person who conned young naive sonographers fresh out of school into jobs, came up with a million and one excuses on why he...

Mia Culpa Jason Calacanis

Mia Culpa Jason Calacanis which I think translates from the original Italian to "That's my Coffee Jason Calacanis." For those of you who don't know, Jason Calacanis is a guy who heard the words of Horace Greeley, "Go West Young Man." Yes, one day this guy from Brooklyn, prior to the hipsterfication of Brooklyn, you know when Brooklyn was still inhabited with urban hillbillies, struck startup unicorn gold and then packed up his bags and moved about 400 miles north of Beverly (that's a Beverly Hillbillies reference). Why Mia Culpa? To catch you up from our last episode of Mr. Cranky is an Asshole in which I trashed Jason's Angel University (see episode one here) and took some cheap yet self amusing shots. You know self amusing, which is to comedy what masturbation is to making love. The Jason Calacanis Empire Jason Calacanis is one of many startup gurus who has built a startup conglomerate consisting of multiple branches: Launch Accelerator - a startup accelerator which competes with my Brake Decelerator Launch Angel Investment Syndicators - this is similar to the kind of syndicates that Paul Singh puts together except, Jason Calacanis is not an idiot, he's not full of shit,  he has...

The Startup Gurus or In Defense of Jason Calacanis

Last week, in an attempt to make a point, and in a lame attempt at humor, while making said point, I took cheap, but funny, at least funny to me, but probably not quite as funny to Jason, shots at Jason Calacanis. Let me apologize for one thing, as Startup Gurus go, Jason Calacanis is one of the best. The reason I took issue with Jason in that blog was questioning the value of a $500, four-hour meeting promoted to teach people how to become professional angel investors (see post here). Jason good-naturedly engaged in the dialogue and showed his metal. He displayed a sense of humor, a sense of self, he acted consistent with his public display of ego. He didn't cower and pretend he was above criticism. He defended himself and didn't block the messenger. The difference between a Jason Calacanis and phony Startup Gurus like Jonathon Perrelli is that Jp's self-image doesn't match his public display of ego. He knows he's a fraud. He knows his actions are indefensible so instead of engaging and responding to criticism he closes his ears. Jason's value includes his network of contacts, success in investing, and thoughtful content which makes Jason the real deal while the...

Bullshit – Jason Calacanis Angel University

It's difficult to make money in Angel Investing. Most Angels lose money. For people who want to spend money to learn how to lose money, there is Jason Calacanis Angel University. Because if you're willing to flush cash down a toilet, why not flush some of that cash down the Jason Calacanis Angel University toilet. Wait just one cotton-picking minute Glenbo, you Cranky old fart...

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...

How To Invest in Startups

This is Mr. Cranky's Official Guide on How To Invest in Startups. Now a better topic than How To Invest in Startups would be Why The Hell Would You Want to Invest In Startups but that's another article. Also, a warning. These are my opinions, based on experience as a limited partner in Venture Fund and an Angel Investor. Do not make investment decisions based on this article! Got that? It's just observations of the various choices and the relative benefits and pitfalls of multiple investment methodologies. No primer on how to invest in startups would be complete without a primer on the state of Venture Capital. Venture Capital Investment today is divided into the Haves and the Have Nots: The Haves (THs) - a group of venture funds who raise money from top financial institutions and endowment funds. The THs don't have to actively go out and raise money, there's a long line of Limited Partners ready to invest well over $1 million dollars in the fund to get access to the "best deals." If you're reading this to learn something, you can't invest in any of THs. THs get access to the best deals and in order to limit competition...

Important Factors in Startup Success – Guest Infographic

This post is a guest infographic courtesy of Salesforce.com. Outlining the most important factors that drive sales growth.  Those factors? 14% - Funding (The fund to mount an effective sales campaign) 24% - Business Model (Your sales ecosystem including strategic partners, lead gen system, sales methodology) 28% - Ideas (Creatively thinking of new ways to attract clients) 33% - Team (The right people in the right seats) 42% - Timing (Selling horse whips in 1915? Bad timing) Click To Enlarge Via Salesforce...