After Ozy’s Carlos Watson Talks of a Comeback, a Key Investor Objects

Mr. Conway, who said he had invested $50,000 of seed funding in Ozy in 2013, said he had long had doubts about the company’s long-term viability. In February 2018, he said, he sent an email to Mr. Watson advising him to cut costs and seek a buyer for the company as a backup.

“He did not do that,” Mr. Conway said, “and now look where those poor employees are sitting.”

Mr. Watson did not respond to a request for comment about Mr. Conway’s remarks.

The end of Ozy seemed certain on Friday, when the company’s board released a statement saying “with the heaviest of hearts that we must announce today that we are closing Ozy’s doors.”

The apparent end came after Mr. Watson and the other remaining board member, Michael Moe, the head of the Silicon Valley investment firm GSV Asset Management, concluded that the company could not recover. They issued the farewell statement through a spokeswoman.

It was not clear on Monday how Mr. Watson would execute his stated plan to reopen Ozy, whose website appeared to not have been updated since last week. The last edition of one of its daily newsletters, “The Presidential Daily Brief,” was sent on Thursday. On Monday, emails sent to Ozy’s vice president of communications bounced back as undeliverable.

In the days before the shutdown announcement, a star journalist, Katty Kay, quit Ozy; the Ozy board hired the law firm Paul, Weiss, Rifkind, Wharton and Garrison to investigate the company’s “business activities” and leadership team; and the board chairman, Marc Lasry, announced his resignation.

On Monday, a person with knowledge of the matter said that the Paul, Weiss investigation of Ozy will not go forward, because the Ozy board members who commissioned the law firm are no longer with the company.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Education News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.