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

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

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  • (Score: 0) by Anonymous Coward on Thursday September 06 2018, @01:34PM (1 child)

    by Anonymous Coward on Thursday September 06 2018, @01:34PM (#731289)

    It could also be that they attempted to scam the wrong people. Same mistake that Bernie Madoff made.

    It might come down to she didn't give a bilderburger (or whatever superclass money infused villian you chose) the BJ he demanded.

    The problem with this theory is that she should then be jumping on the #metoo bandwagon. If she truly was victimized for no other reason than she was assigned the female gender at birth, there is no time like the present to name and shame.

    The major problem with this kind of feminist interpretation in general is that the accusation never happens in a timely manner after the act. I think we can give a pass when the #metoo bandwagon comes through town. But this is a larger problem that even #metoo suffers from. If it comes out 20 years from now when she's on her deathbed that it was the case that she was not willing to give a sexual favor to some all-men guy....

    William Wallace: I am William Wallace. And I see a whole army of my countrymen, here in defiance of tyranny! You have come to fight as free men. And free men you are! What will you do without freedom? Will you fight?!

    Young Soldier: No, we will run and live!

    William Wallace: Yes!, Fight and you may die. Run and you will live at least awhile. And dying in your bed many years from now, would you be willing to trade all the days from this day to that for one chance, just one chance, to come back here as young men and tell our enemies that they may take our lives but they will never take our freedom!!!

    s/men/women/g and there you go

  • (Score: 2) by Alfred on Thursday September 06 2018, @01:56PM

    by Alfred (4006) on Thursday September 06 2018, @01:56PM (#731306) Journal
    #metoo is useless against that level of rich. #metoo is leveraged to tactically shoot down certain people of interest. If you have revenge to get and you have money you too can buy a #metoo based character assassination.

    If #metoo had integrity all of Hollywood would be shut down (well all of the male part, which is most of it).