My favorite Nasscom shill and pen pal, the Punjaba Professor Vivek Wadhwa, loves to run around and talk about all the startups he, uh, started up.
Well, not exactly.
His first "startup" was some obscure company that did some sort of screenscraping terminal emulation in the 1990's. More on them later -- the Insurgency is gathering info.
Fradhwa then moved on to CSFB, which spun off a company called Seer Technologies that was headed by Fradhwa. It IPO'd and he moved on to run another company, Relativity Technologies.
Run into the ground, that is.
Those losses left the company cash-poor, with just $174,000 at the end of 2002 and moving into negative territory -- minus $12,000 -- in 2003. "We were borrowing money to keep the company afloat," said Wadhwa, who remains
Relativity's chairman.
Wadhwa, who stepped down as CEO early last year, is suing Relativity for wrongfully terminating him from his job as a part-time, $100,000-a-year adviser, and to collect money he says is owed him. Relativity has sued Wadhwa for breach of fiduciary duty and breach of his employment agreement, among other things.
http://www.newsobserver.com/business/story/247702.html
More to come...