Login

Register | Forgot Your Password? | Close
Register | Forgot Your Password? | Close
Bonneville Phoenix Network
 KTAR News
 Arizona Sports
Login or Register

The failure of an online gaming community has left one of its investors, who was also an employee, with 56 cents and diluted stock.

According to Gawker's Valley Wag, Meez.com users were encouraged to customize a cartoon 3D avatar and purchase virtual goods by dollars.

It might've been cutesy and derivative, but according to the company, it was also profitable — a rarity even for the best ideas. Meez was greeted by write-ups in the San Francisco Chronicle, Forbes, and Time—although the latter named it one of the "five worst websites" of 2007. From that point on, it was clear a pixellated tween dollhouse wasn't going to be a longterm moneymaker, and the site's brief popularity diminished. So did its bank accounts.

The San Francisco-based Meez was $16 million in arrears, with no way of paying it off. So it recapitalized, diluted stock in the company 8,000,000 to 1, and cashed everyone right out of the company, hence 56 cents for one guy.

By the way, basic Muni bus fare for an adult is $2.

KTAR.com,

share this story:
Attention ArizonaSports.com Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation with all fans of Arizona sports teams by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing Arizona Sports (KTAR) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus
close

Share: