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From the picture bank
Tornado Insider to file for bankruptcy
2002-02-14 admin
Tornado Insider, the Amsterdam based VC magazine and site, will file for bankruptcy next week, according to spokesperson Bob Sterling.
The four year old company started by the successful Dutch Internet entrepreneur Jeroen Mol, needs $3 m, of which to date $1m is available and $1m has been promised.
Mr Mol is involved in the discussions. Mr Sterling says the goal is a restart, especially since last quarter was the first one with a net profit.
The magazine with a 50k print run is the most costly item and might be axed, thinks Mr Sterling.
The company has an 8 person editorial staff, a 3 person research staff plus 8 other staffers and the CEO, Ron Groen, who took over from John Wilson last October in a far reaching management reshuffle but is currently unavailable for comment. The CFO since October has been Marcel Karssen.
www.tornadoinsider.com
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