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> When you run a business into the ground, some decisions about what you sell get taken over by courts, at the direction of your creditors. This is true, but a
by 7Figures2Commas 11y ago
> When you run a business into the ground, some decisions about what you sell get taken over by courts, at the direction of your creditors.
This is true, but a lot of this "story" still seems strange, especially in light of the fact that all of the sites that appear to be associated with Cheung's new venture have been taken offline.
There are a number of well-funded players in this space, some of which might have an interest in acquiring Homejoy's data. How did the twenty-something co-founder of the failed business come to acquire the data? Did outside investors provide funding for the new venture and its acquisition of the data? Were any of those investors also investors in Homejoy? Why weren't former Homejoy customers simply informed that another company had acquired their information in an honest, transparent fashion (the way most companies handle transactions of this nature)?
It's worth pointing out that the email Cheung sent to former Homejoy customers about FlyMaids stated that FlyMaids "work[s] with Homejoy's best cleaners."
If that is true, it would appear this new venture is essentially just Homejoy reincarnated, begging questions about Homejoy's liabilities. Assuming the lawsuits against Homejoy haven't settled, I'd imagine the attorneys behind those lawsuits might have an interest in what's going on.
- karlkatzke 11y agoNot to mention the people that the site content was stolen from. To me, this sounds like "As founder, I had access to all of Homejoy's data, so I just took it with me."
- 7Figures2Commas 11y agoThe founder says he acquired the data through an assignment for the benefit of creditors. I'm not an expert in ABCs, but my understanding is that the assignee in this process has a fiduciary duty to creditors and therefore must attempt to maximize the liquidation price of the company's assets. So I'm still curious as to how the twenty-something co-founder of the failed business acquired the data. That aside, if we assume the data was acquired appropriately, it makes the questionable behavior[1] all the more baffling. [1] https://news.ycombinator.com/item?id=10468700 https://news.ycombinator.com/item?id=10468700