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"It has been determined that it is no longer viable to continue operating the business."
Cambridge Analytica LLC, the American arm of the London-based data analytics firm of the same name, filed for bankruptcy in federal court in New York on Friday.
The company submitted a voluntary formal petition for Chapter 7 bankruptcy—liquidation. That document reveals the company has between $1 and $10 million in debt with very little assets. On May 2, SCL Elections Ltd. and its other British affiliates filed similar "insolvency" documents with UK authorities.
It was revealed last month that a 2014 survey app created at the behest of Cambridge Analytica required Facebook login credentials and provided the survey creator access to their friends' public profile data. In the end, this system captured data from 87 million Facebook users. This data trove wound up in the hands of Cambridge Analytica, the British data analytics firm, which worked with clients like the Donald Trump presidential campaign.
NBC News reported Friday that the company's May 2 shutdown hit employees abruptly, with many remaining employees filing out of their Fifth Avenue office in Manhattan directly to a nearby Irish pub.
[...] The Friday court document also notes that the attorney preparing the filing was paid for by Emerdata, a new data analytics firm founded by many of the same people who were formerly involved in Cambridge Analytica. Emerdata, like Cambridge Analytica, is largely funded by the Mercer family, who are well-known Republican donors and Trump supporters. Rebekah Mercer was named as a director to Emerdata in March 2018. What exactly Emerdata does or how it will operate going forward remains a bit of a mystery.
[...] Stephen Spaulding, the chief of strategy at advocacy group Common Cause and a former special counsel at the FEC [Federal Election Commission], told Ars that he guessed that listing was because of a pending legal complaint brought to the FEC.
"The reason they would be listed in a bankruptcy would be that this pending legal action might leave them exposed legally and maybe that's why it has to be disclosed," he said. "Why they're listed as a creditor would be a question for a bankruptcy lawyer."
(Score: 3, Informative) by BsAtHome on Monday May 21 2018, @06:38AM (6 children)
They already have a new entity set up and will continue their old business under a new name.
Or, with other words, SNAFU.
(Score: 2) by Runaway1956 on Monday May 21 2018, @06:42AM (2 children)
https://www.bloomberg.com/news/articles/2018-05-08/cambridge-analytica-won-t-be-revived-under-new-company-name [bloomberg.com]
We were typing posts at the same time. See that link - CA and Emerdata claim that operations are shut down. Claim, anyway.
(Score: 0) by Anonymous Coward on Monday May 21 2018, @08:22AM (1 child)
Meaning "Oh shit, they already know about Emerdata. Cancel that one too while we think up a third name."
(Score: 1, Informative) by Anonymous Coward on Monday May 21 2018, @10:34AM
Slightly newer article, that drops some more familiar names...
http://www.businessinsider.com/cambridge-analytica-executives-and-mercer-family-launch-emerdata-2018-3 [businessinsider.com]
including Eric Prince & his sister DeVos.
(Score: 3, Interesting) by driverless on Monday May 21 2018, @10:56AM
Yeah, that's SOP for companies like this. You set them up so they're licensees for IP held by other, shell companies, and when the licensee company is wound up a new one pops up shortly afterwards and continues business as before. The (informal) legal name for them is "judgement-proof companies".
(Score: 2) by TheGratefulNet on Tuesday May 22 2018, @02:11AM
just like restaurants who have a food poisoning, go out of business in one name and pop right back up under another name.
similar to how small furniture stores operate (it seems its built in to their business model; go into debt; declare a 'going out of business' sale, stiff the creditors and come back with a new name; lather rinse repeat).
the system is supported by the ruling class and they LIKE it this way.
...don't expect any change in this century ;(
wheee! the race to the bottom is FUN.
"It is now safe to switch off your computer."
(Score: 1) by MrBoogers on Tuesday May 22 2018, @02:53AM
And they are located in the same building and the same office as the old company. Nothing to see here! Business as usual.