Amp’d Mobile asset list full of porn DVDs
Amp’d Mobile, the mobile entertainment company that burned through $350 million in venture backing before imploding and auctioning off its assets last week, continues to baffle.
As mentioned, the chief executive flew around a black helicopter on company expense, and radically relaxed credit check requirements on customers to boost subscribers.
Now, looking at the company’s list of assets for sale (pdf), we find the company spent its financing on things like 50” plasma displays of four pages worth of porno DVD titles (see pages 7 through 10).
We’re still wondering how venture investors such as Redpoint (which lost $25 million in this) and Highland (which lost $50 million) could have let this happen.
Besides burning through $350 million, Ampd Mobile owes an additional $100M to carries such as Verizon (pdf).
Source: VentureBeat