Gizmondo – the UK gaming firm that wasted £160 million in 18 months
May 24th, 2006
To me this story reads like a movie script. It is stories like this that make me question the validity of the market system, and the regulatory bodies that govern its operations in America.
It is apparent that many investors in this situation were duped by a somewhat intelligent man, but come on if I were a supplier I don’t think I’d be jumping on board accepting stock in a company instead of cash due to their inability to pay their bills. This reminds me of the Simpson’s episode where Bart works for an online movie company and they issue stock like its toilet paper.