View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
September 2, 1997updated 03 Sep 2016 12:05pm


By CBR Staff Writer

As Nets Inc began sinking in a sea of debt earlier this year, company boss Jim Manzi tried to keep the firm afloat by pumping in $500,000 a week from his private fortune while trying to obtain additional funding. Alas, the generosity of a man who made a $78m fortune when he sold Lotus Development Corp to IBM Corp in 1995 has now exploded in his face. A committee of Nets’ creditors is now suing Manzi, claiming that his four cash advances before the company filed for bankruptcy were an attempt to shift assets to an equity holder at the expense of other creditors. The suit claims that Manzi’s bid to turn his advances into secure loans constituted a fraudulent transfer of assets.

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.