Om is reporting that SunRocket is down for the count on GigaOm.
My sources told me the week earlier that funding was down to about two weeks and the odds were they wouldn’t last through the end of July based on current burn. But there is a bigger concern. The liabilities created by the pre-paid plan on the books and how it impacts the directors of the company.
This pre-paid liability has scared a few companies off and my guess is as the Sun has been setting on SR, that as more sophisticated due diligence was being done, that the other companies in their orbit have passed.
I stumbled upon this post in the email from an ex longtime SunRocket employee who did not seem very impressed with the “new” management of ex AOLers. The email and this post, authored by two different former SunRocketeers are very similar in commentary.
FYI-It used to be these types of comments ran in F*&%ed Company, now they just get sent to bloggers. Personally I’m saddened to see the way this company has fallen. Not that I was a raving fan, for I wasn’t, but because its one more example of what happens when founders get moved out and the new team doesn’t share the vision the same way.