Friday, May 15, 2009
Pegasus Biologics - The Usual Suspect
In Greek Mythology, Pegasus was a winged horse sired by Poseidan, and foaled (given birth to) by the Gorgon Medusa (every picture tells a story don't it). The Gorgon Medusa was a vicious monster with sharp fangs. She was so strong that just by looking at her one would turn into stone. Well guess what, with "Kaiser Soze aka Michael Will" riding Pegasus, the horse had its wings clipped today at around 11:00 a.m. PST and turned into stone. The word came down to the employees in the most professional manner that has been exhibited on numerous occasions by these start-up or early stage companies "turn off the lights the party's over! (there goes my reference to Don Meredith again). The company was declared insolvent, unable to satisfy creditors or discharge liabilities, either because its liabilities exceed assets or because of its inability to pay debts as they mature. In other words the company has been bankrupted. When the promise of a capital infusion collapsed at the eleventh hour, Verbal Kint conferenced all of his employees letting them know that they should return their samples (as per their signed agreements), and notify their customers that the company cannot sell anymore product. So who cares if these foot soldiers become collateral damage? Who cares if they have children to feed? Who cares if they have mortgages to pay? Who cares that the job market SUCKS! What a leadership team! Caveat Emptor! When you read their bios one has to laugh. The majority of these people had no experience in running a biologics company let alone setting up a successful distribution network. It goes to my argument that just because you have money or fame doesn't mean you know what you are doing or that you have people skills. But the SpineBlogger has a bigger question to ask the readers, how do some of these people continue to get hired in leadership positions? I still haven't figured out how to say the same thing over and over in twenty different ways and not say anything at all. This is truly an art. Could it be that the Emperor was finally stripped of his hypnotic abilities? Probably not! Marx and Engels once stated; "Workers of the World Unite!" It's time that the industry rid itself of these Usual Suspects. Now once and for all will the real Kaiser Soze stand up!