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January 16, 2003
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Idealab's smoking gun

They couldn't spell hemorrhage but they sure knew how to do it.

"In an e-mail dated March 16, 2000, Idealab President Marcia Goodstein told Gross 'we are running out of cash. At your current deal rate, we're not running, we're hemmorrhage [sic], I can't even think of words strong enough to express how fast we are going broke.'

That e-mail came at a time when Idealab still looked like a success, at least to outsiders. It had just raised $1 billion from private investors. The following month, the firm filed with the Securities & Exchange Commission to sell stock to the public. Idealab ultimately shelved that plan after the stock market collapsed. "


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<olb> Scottish, based in New York, former architect at Foster and partners, founder Wists, co founder: Moreover, co founder: the Origins Network, co author RSS 1.0 </olb>
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