End of an Era.

[swestrup]

Yesterday I got a call from taxlady saying that a large letter had arrived from some law firm, addressed to me, and should she open it? Well, we both figured it was probably a nasty Pay-up-or-die type thing from one of the folks we owe money to, so I told her to go ahead. It wasn't that. It turns out that Strategy First, the company I helped found some 11 years ago, and for which I put in over a year of 12-hour days, 7 days a week, has declared bankruptcy. So, my shares are all now worthless. I only owned some 2% of the company, but I had some small hope that if it ever went public that might amount to something.

It gives me yet another reason to hesitate to put in huge amounts of overtime at my present company (not that I could, for any length of time). I have, in my lengthy career, worked for only 6 companies (not counting where I am now):

• Arrakis Technologies
• Small System Software
• SR Systems
• Strategy First
• Softguard
• SNT Telecommunications.

Of these, only SR Systems might still be solvent, but I lost track of it when it went through a number of rapid name-changes after laying everyone off...

All of these companies wanted huge amounts of uncompensated overtime. Only Strategy First ever gave me any equity in exchange, and its now worthless. Somehow, I think I've been playing the work-hard-and-get-rich game all wrong.

Comments

[http://users.livejournal.com/hub_/]

In 10 years, I have worked for 7 companies, never exceeding 19 month. The 4th is the last one I quit myself (with the senioroity record). The 3 others screwed me up.

[cpirate.livejournal.com]

That's a shame, I liked a lot of the stuff Strategy First did.

However, it's not all bad news for you; you still own 2% of a bankrupt company. This might not sound good, but the only people who get thoroughly screwed by bankruptcy are creditors, which it sounds like you were not. It's quite possible for them to emerge from bankruptcy, a la Air Canada, in which case you'd actually be in a better position (since the company would have shed its debt).

[swestrup]

I'm fairly sure that the lawyers letter (which I have yet to have the time to read through), explains that I will own 0% of a restructured company.

[thebabynancy.livejournal.com]

Charming.