News, info, and opinion by Mac users, for Mac users.

March 20, 2008

business

Deja vu: Amelio and team run venture into the ground

Posted Mar. 20, ’08, 8:47 AM PT by Dan Moren
Category | Business

Bill ShlemelioIn case you’ve ever sat around, staring at the wall, wondering “Hey, what would have happened if Steve Jobs hadn’t come back to Apple in 1997?” (And we know you do. Constantly.), the following story is individually handcrafted for you. We wouldn’t blame you for not remembering Acquicor Technology, the venture launched way back in 2006 by Jobs’s predecessor in the CEO chair, Gil Amelio, along with former Apple exec Ellen Hancock and Apple co-founder Steve Wozniak.

Investors shoveled cash into Acquicor to the tune of $173 million. Unfortunately, Amelio and crew apparently felt so flush with dosh that they started lighting their cigars and making origami cranes with $100 bills. Forbes reports that the company’s equity is now down to $15 million. Now, I’m not math major (nor did I major in miracles; sadly that major was not offered at the fine institution I attended), but a quick calculation shows that to be a loss of a hell-of-a-lot percent.

The business resumes of all three principles are none too impressive: Amelio was at the helm in Apple’s darkest hour and his subsequent consulting firm went bankrupt, as did Hancock’s web hosting firm; and Woz’s Wheels of Zeus initiative also shut down back in 2006, to make room for Acquicor. Whoopsie.

I’d say we’ve settled the issue of where exactly Apple’s business acumen lies. Hint: it does not rhyme with Bill Shlemelio. And if you see some bums selling shares of Acquicor cheap on the street corners, you might want to think twice.

[via The Mac Observer]


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