According to the bankruptcy filings by Entellium, previously laid-off workers are listed as creditors. Um-hum.
The remaining employees, much maligned by some of those laid-off back in October, persevered through uncertainties to negotiate an asset sale of the spiraling company. If successful, that sale to Intuit will raise money to pay Entellium’s creditors. This was all done under the leadership of board member Jonathan Roberts of Ignition Partners.
In early October, Entellium laid off 114 workers after CFO Parrish Jones and CEO Paul Johnston were charged for inflating numbers at the maker of customer relationship management software. At that time, the company did not have the funds to pay out severances, and had to get separation agreements from laid off employees to keep the company going.
My observations in following the Entellium saga have been about “personal integrity”. As I’ve stated previously, Paul Johnston and Parrish Jones had none. I was confident that Jonathan Roberts would do the right thing, as I predicted in my last post.
If you are interested in following the story more closely, follow John Cook on Techflash. He’s a talented journalist and a must-read for anyone interested in the start-up community in Seattle. My blog posts are just observations about people, not the story telling.