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Theranos to Dissolve in a Pool of Blood

posted by mrpg on Thursday September 06 2018, @08:55AM   Printer-friendly
from the positive dept.

takyon writes:

Theranos, Blood-Testing Company Plagued By Scandal, Says It Will Dissolve

Theranos — the Silicon Valley blood-testing startup whose former top executives are accused of carrying out a massive, years-long fraud — is shutting down.

David Taylor, who became CEO in June, said Theranos will dissolve after it attempts to pay creditors with its remaining cash. The news was first reported by The Wall Street Journal, which published the letter.

The letter explains that the company "intends to enter into an assignment for the benefit of creditors." This arrangement would allow for all of Theranos' assets, other than its intellectual property, to be assigned to a third party in trust for the company's creditors. The company says it has about $5 million remaining in cash.

Previously: Theranos Introduces New Product to Distract from Scandal
Theranos Lays Off 340, Closes Labs and "Wellness Centers"
Theranos Given Indirect Lifeline From Softbank
Blood Unicorn Fairy Tale: Theranos Founder Charged With Fraud
Elizabeth Holmes Steps Down as Theranos CEO as DoJ Levels Charges

Original Submission

 
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  • (Score: 5, Insightful) by MichaelDavidCrawford on Thursday September 06 2018, @09:58AM (8 children)

    by MichaelDavidCrawford (2339) Subscriber Badge <mdcrawford@gmail.com> on Thursday September 06 2018, @09:58AM (#731225) Homepage Journal

    You say that like it's a bad thing.

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  • (Score: 2) by takyon on Thursday September 06 2018, @10:01AM (7 children)

    by takyon (881) <{takyon} {at} {soylentnews.org}> on Thursday September 06 2018, @10:01AM (#731226) Journal

    Did they get their blood-soaked parachute in time?

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    • (Score: 1, Troll) by VLM on Thursday September 06 2018, @11:51AM (5 children)

      by VLM (445) on Thursday September 06 2018, @11:51AM (#731254)

      They got a lot of fawning PR for having a woman in charge. Well, this is what that leads to...

      • (Score: 3, Funny) by takyon on Thursday September 06 2018, @12:18PM

        by takyon (881) <{takyon} {at} {soylentnews.org}> on Thursday September 06 2018, @12:18PM (#731258) Journal

        It wasn't merely a woman. It was a woman who had raided Steve Jobs's wardrobe [businessinsider.com].

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      • (Score: 3, Insightful) by DannyB on Thursday September 06 2018, @01:39PM

        by DannyB (5839) Subscriber Badge on Thursday September 06 2018, @01:39PM (#731296) Journal

        Did she say . . .

        I'm melting! melting! Oh, what a world! What a world! Who would have thought a good little girl like you could destroy my beautiful wickedness?

        --
        Universal health care is so complex that only 32 of 33 developed nations have found a way to make it work.

      • (Score: 2) by bob_super on Thursday September 06 2018, @09:56PM (2 children)

        by bob_super (1357) on Thursday September 06 2018, @09:56PM (#731526)

        Are we dissolving England next ?

        • (Score: 2) by VLM on Friday September 07 2018, @11:29AM (1 child)

          by VLM (445) on Friday September 07 2018, @11:29AM (#731710)

          Hasn't it already been taken over and turned into the Islamic Republic of Airstrip One?

          • (Score: 2) by bob_super on Friday September 07 2018, @04:56PM

            by bob_super (1357) on Friday September 07 2018, @04:56PM (#731839)

            Not quite : still officially a kingdom, for another 20 years until the lady thinks her son is ready to pass it up and let the popular grandson take her place.

    • (Score: 2) by RS3 on Friday September 07 2018, @02:46AM

      by RS3 (6367) on Friday September 07 2018, @02:46AM (#731613)

      Did they get their blood-soaked parachute in time?

      They're not sure yet- still trying to get the test to work.