@bethanykoby @techwillsaveus wow! I just got access to the Administrator's documents from the insolvency of Tech Will Save Us (it did not....) and it appears that......
1. The financial situation at the company was so concerning in February 2020 that they consulted 'informally' with FRP which has now been appointed as Administrator. Hard not to assume that this was a discussion about potential insolvency
2. But then in April 2020 there was a fundraising round on Seedrs all about the joy of STEM for kids and about raising some money for R&D, Marketing, Working Capital. Not a mention of 'OMG this money might buy us a few months to stave off insolvency' #awkward
3. And folk who invested in that round didn't get the promised quarterly updates and instead just learned that management (Hey @bethanykoby) where desperately trying to get a new investor on board having been ditched by an existing funder
4. And guess who just bought the business for £100k as a pre-pack out of insolvency? Yes, it was @bethanykoby 'along with two previous investors/holders of CLNs' AKA Convertible Loan Notes.
5. Kudos to @bethanykoby for this because she now has the business free of debt and if that leaves creditors, staff, HMRC, out of pocket, hey-ho. It's notoriously difficult to arrange a pre-pack and I do wonder if the informal engagement with Administrators last year helped
[Ends] and yesterday Bethany finally reached out to Seedrs investors to say how personally painful this is for her. My heart is shredded.
Whether by design or accident, this is gross and shameful
Hey @Seedrs, how do you feel about this rather spectacular and apparently foreshadowed implosion of what was such an attractive opportunity? Should the Pre-Pack not at least have been offered to all convertible loan note holders?
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