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re: Walgreens sues Theranos for $140M for 'breaking every promise'
Posted on 1/7/17 at 12:31 pm to Street Hawk
Posted on 1/7/17 at 12:31 pm to Street Hawk
She was able to turn a completely non functioning product into an at least temporary multi billion dollar empire. Was her whole thing just an elaborate con? She should have easily been able to bank enough from this to retire, right?
1
Posted on 1/7/17 at 12:31 pm to stout
quote:
I don't think investors got their money back either and many will probably sue.
The VC investors who invested in Theranos just lose their investment. Investors always get preferred shares, and founders and employees get common shares, and as such, the preferred shares are higher in the capital structure and will get their money first in case of a liquidation event. Founders typically never sell their shares even in the secondary market as it will cause all sorts of red flags to be raised, and investors start asking why the founder is trying to offload their equity in the company and if there is something wrong with the business. If I had to bet, Holmes hasn't made squat from her equity in the company and she still owns a good chunk of Theranos.
Also VCs can't sue Theranos, unless there was a clause related to fraud or willful misleading of investors about the technology. The VCs have no one else to blame except themselves for not doing enough due diligence.
At this point, they are better off trying to salvage what's left of the company than to try to liquidate it to try to get back their investment, which seems to be what they are doing by trying to revamp the board completely and pivoting the company in a different direction.
This post was edited on 1/7/17 at 12:55 pm
Posted on 1/7/17 at 12:43 pm to Street Hawk
quote:
The famous Vanity Fair article that disgraced Holmes, said that her board was more suited to come up with a military plan to attack Iraq, than to act as board members for a medical device startup.
The one that for reasons I can't fathom likes to reference white men a lot?
quote:
It generally works like this: the venture capitalists (who are mostly white men) don’t really know what they’re doing with any certainty—it’s impossible, after all, to truly predict the next big thing—so they bet a little bit on every company that they can with the hope that one of them hits it big. The entrepreneurs (also mostly white men) often work on a lot of meaningless stuff, like using code to deliver frozen yogurt more expeditiously or apps that let you say “Yo!” (and only “Yo!”) to your friends. The entrepreneurs generally glorify their efforts by saying that their innovation could change the world, which tends to appease the venture capitalists, because they can also pretend they’re not there only to make money. And this also helps seduce the tech press (also largely comprised of white men), which is often ready to play a game of access in exchange for a few more page views of their story about the company that is trying to change the world by getting frozen yogurt to customers more expeditiously. The financial rewards speak for themselves. Silicon Valley, which is 50 square miles, has created more wealth than any place in human history. In the end, it isn’t in anyone’s interest to call bullshite. “I DON’T THINK YOUR IDEA IS GOING TO WORK,” ONE PROFESSOR RECALLS TELLING HOLMES.
quote:
Balwani’s lack of medical experience might have seemed unusual at such a company. But few at Theranos were in a position to point fingers. As Holmes started to assemble her board of directors, she chose a dozen older white men, almost none of whom had a background in anything related to health care. This included former secretary of state Henry Kissinger, former secretary of state George Shultz, former Georgia senator and chairman of the Armed Services Committee Sam Nunn, and William J. Perry, the former defense secretary. (Bill Frist, the former Senate majority leader, and former cardiovascular doctor, was an exception.) “This was a board that was better suited to decide if America should invade Iraq than vet a blood-testing company,” one person said to me. Gibbons told his wife that Holmes commanded their attention masterfully.
LINK
This post was edited on 1/7/17 at 1:16 pm
Posted on 1/7/17 at 12:51 pm to tiggerthetooth
The person who wrote that is bad enough but the Editor that allowed that into print should be fired. She is a woman but the article rails against white men? WTH?
Posted on 1/7/17 at 12:54 pm to stout
Leave her alone. She is a genius.
Posted on 1/7/17 at 1:16 pm to jbgleason
quote:
The person who wrote that is bad enough but the Editor that allowed that into print should be fired. She is a woman but the article rails against white men? WTH?
Its important to note these days that all white men are rich, sniveling, schemers, that want nothing but to take everyone's money and ruin the world. ALL WHITE MEN EVERYWHERE.
Posted on 1/7/17 at 1:36 pm to Street Hawk
She should be in politics.
Posted on 1/7/17 at 1:45 pm to Peazey
quote:
Was her whole thing just an elaborate con?
According to the vanity Fair article the FBI is investigating that point exactly.
Posted on 1/7/17 at 1:53 pm to tiggerthetooth
quote:
The one that for reasons I can't fathom likes to reference white men a lot?
Holy shite they are working overtime to blame this and every failure on "white men".
This post was edited on 1/7/17 at 1:54 pm
Posted on 1/7/17 at 2:17 pm to Street Hawk
NPR business news hour ran a better segment on the whole scandal. CMS is going to drain every bit of ca$h and liquidate the company. No bankruptcy will save them from this.
Posted on 1/7/17 at 2:49 pm to member12
quote:
Holy shite they are working overtime to blame this and every failure on "white men".
Her "enforcer" who constantly tried to silence anyone speaking out was a foreign national who she met in China.
Posted on 1/7/17 at 4:00 pm to Street Hawk
Now how am I supposed to find out what my CA-125 level is from the convenience of Walgreens?
Posted on 1/7/17 at 4:09 pm to Yellerhammer5
Elizabeth needs to update her motto, which she told Cramer back in 2015 a couple of days after the WSJ article:
quote:
"This is what happens when you work to change things. First they think you're crazy, then they fight you, and then, all of a sudden, you change the world."
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