According to Fortune, the company Cash4Gold.com which raised at one point $40 Million in Venture Capital funds is about to be sold, domain and all for around $440,000.
The company which had a Super Bowl ad in the 2009 game featuring MC Hammer (who also had some famous financial difficulties) is about to be sold to Direct Holdings Americas, the parent company of Time-Life (which is not affiliated with Time Inc., the publisher of Fortune).
“The deal remains subject to bankruptcy court approval, but that it believed to be a formality.”
The company declared bankruptcy this past July.
“Among those interested in purchasing the assets was the parent company of Sharon, Mass.-based CashForGoldUSA, an independent rival with a very similar-sounding name. It looked at the incoming inventory and several months of web traffic analytics, and tells me that it determined that the business was worth around $200,000. But rival bidder Direct Holdings America had something CashForGoldUSA didn’t: A cheaper source of capital.”
A snake oil company selling snake oil
How about starting afresh with this alternative domain name of choice for much much less; http://www.CashForYourOldGold.com
it always boggled my mind. just put your unwanted gold in an envelope and send it to us and we’ll send you cash. who would do that? i mean sure… i have a lot of unwanted gold lying around… who doesn’t… but i just usually trade it for lap dances.
I’m always amazed at companies that blow through millions in funding. And then you hear the story of a college student who starts a successful venture in his or her dorm room on next to nothing.
Sometimes having less money is a blessing, because it forces you to live and work within your means. So many companies that start out flush with a lot of investor’s cash see that as success in itself, and then waste it on lavish things that they otherwise couldn’t. As Michael Douglas said in the movie, ‘The War of the Roses,’ “It’s a lot easier to spend it, than it is to to make it, honeybun!”