After several months of barely existing on fumes, we learn today from a leaked internal memo that as of now Doubledown Media aka Trader Monthly has officially shut down.
This is the editor-in-chief’s memo explaining the closure:
“These are unprecedented times,” president Randall Lane wrote in an e-mail to staffers late Monday. “The combination of the media depression, the Wall Street implosion and the credit slowdown were collectively too much for our company—probably any company in our shoes—to overcome.”
Remember, their editor-in-chief, now proud publisher of not just one but two bankrupt publishing companies, Randall Lane is one sick twisted son of a bitch and as I wrote they were flat broke in the summer of 2008, long before any difficult market environment, so the above memo is a blatant lie.
You can see in another leaked memo, the company lost $3 million on $12 million in revenues in 2008, after similar losses in 2007…verry Digg-like, verrrry pathetic! (how is it that it’s only taken me a 1.5 years to be nearing $1 million in annual profits and these guys had all this funding/time and failed so miserably?!?!)
And from a few sources, I’m hearing the story is actually worse because Doubledown apparently sold the advertising for the December-January issue that was never shipped out to some factoring company…uhhhh, factoring company might be a little mad…as in that’s fraud mad. As in “have fun in jail, don’t drop the soap Randy” FRAUD.
Who knows if that last part is true or not–given Randy’s consistently shady business dealings, I wouldn’t be surprised. I’m guessing some newspapers and courthouses will decide what’s true and what’s not in the very near future.
As New York Magaine noted in an article today, I am pretty joyous about this bigtime breakdown, it’s always fun when I can say with a smile “ding, dong the
witchtwisted son of a bitch is dead, the witchtwisted son of a bitch is dead!’
Randy’s memo about the environment being “too much to overcome” smacks of the same kind of BS that got him in trouble in the first place…I–the Ryan Leaf of trading–somehow have “overcome” and built a million dollar publishing business in less than a year…if only he would grow up, maybe one day, maybe one day…
Randy, this sack of shit, is a classic penny stock CEO–too bad they never went public or I’d have shorted the entire company and banked. Mainly because, yes, once upon a time in 2006 I actually believed in a penny stock company and that ignorance killed my hedge fund.
So, I speak, not out of personal spite–well, not only that–but to show you the exact kind of lying/manipulation and incompetence that goes on with tiny crappy companies aka pretty much ALL the companies I trade.
With that I give you who really loses in situations like this, the people who do business with such crappy companies. Freelancers like this guy:
I am a freelance designer / web developer that was working in NYC until last week when I moved to Wellington, New Zealand.
I have done three projects for doubledown. The first was an intro for Lenny Dykstra’s site before that whole fiasco. The next was a interactive map for trader monthly. Doubledown was giving me the run around on payment for the Dykstra project so I told them I would not deliver the map with out payment. They sent me an unsigned check, so then I told them I wouldn’t deliver the map without payment for both projects. Their interactive manager, Todd Tarpley, came out personally to brooklyn to give me my payment. At this point I had decided to not work for Doubledown, but when Todd contacted me with a new project he offered to let me bill before the project started so the money would be due upon completion. Todd seemed competent and was actually a good manager. I was still skeptical about Doubledown, but in the end decided to take the offer. I delivered the files before I got payment which was a mistake. Doubledown is now overdue almost four months with the payment. I contacted them repeatedly and was ignored, so I bought the domain doubledown-media.com and posted a warning to freelancers. I sent the link to all the higher ups and their financial officer, who contacted me and said my invoice was in the que.
At this point I don’t really have any hope of getting paid.