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Pastimes : The Perils and Pitfalls of Investing With "Friends"
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To: SI Bob who wrote (168)10/28/2004 1:36:43 PM
From: Bill Ulrich  Read Replies (1) of 377
 
From April to June '99, we tried as many pro bono avenues as we could find or were referred to. With no success there, we hired Methven & Assoc. (the atty). The contributions were collected into the fund pool, then sent directly to Methven & Assoc. The insurance company did not come into the game until about 6-8 months after the Bizwire saga started. By then, Methven's bill was already more than 2x what the fund had. Fund was about 27k, bill was about 67k, insurance paid Methven the other 40k. All of the fund monies went to Methven.

Earlier in the process, around June I think, Chicken and I had a big disagreement. He want the fund money to be used to pay him, (he who wasn't even a party in the matter). Your contributions would go to him for licensing of a cOUSIN sHORTY T-Shirt, which would then be sold and 25% of sales would go to the fund, 75% to Chicken. I said that I didn't believe the contributors would appreciate that kind of usage of their money. I believe their intention was 100% of that go to the lawyers, its actual purpose. I stand by that decision. This is all to the best of my memory and any questions about the insurance company should be referred to Jeff Mitchell.
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