Someone asked me the other day why I wasn’t focusing more on what has been going on with the Pulver organization. The simple answer is that Jeff is a friend and advisor to my company; I’m a blogger, not a journalist; and I don’t attempt to disguise my soapbox, this blog, as unbiased. I think what the Pulver team needs most right now is good wishes, and some breathing room to figure out their next move.
Some do write, though. For those who are interested, Calysto Public Relations publishes a newsletter called PR Vibes, and wrote a short piece about Pulvermedia today. They said:
Pulvermedia – Many rumors have been circulating about Pulvermedia and VON. This is what we know. TICC Capital Group, a Greenwich, CT-based investment group, invested $11 million in Pulvermedia in June 2007. The investment was secured notes with warrants, i.e. debt. In a filing with the SEC in March, TICC said that during the first quarter, Pulvermedia indicated that it was projecting a decline in projected revenues and earnings for the coming year. Based on the review of the company’s financial projections and operating cash flow forecasts, the investment group wrote off the debt and downgraded Pulvermedia’s credit rating to Grade 5. We have been told that this resulted in layoffs and additional cash flow problems. According to Pulvermedia President & CEO Jason Chudnofsky, company executives are in a silent period and cannot speak for thirty days as the company goes through a reorganization. Speculation suggests that VON Magazine will not continue to publish but that the VON Europe event is still expected to be held. The fate of the Fall VON Boston is still unknown.