The move comes after federal prosecutors filed criminal charges against Theranos founder Elizabeth Holmes and the blood-testing company’s former No. 2 executive, alleging that they defrauded investors out of hundreds of millions of dollars and defrauded doctors and patients. The executives have denied the charges and face a coming criminal trial. The dissolution process was precipitated by the fact that Theranos breached a covenant governing a $65 million loan it received from Fortress Investment Group last year. Under the loan terms, Fortress was entitled to foreclose upon the company’s assets if its cash fell beneath a certain threshold.Every new thing I read about this makes me ever more amazed by the scale and audacity of this scam. Holmes conned Betsy DeVos, Rupert Murdoch, and the Walmart heirs alone out of $350m by literally cosplaying Steve Jobs. How is this reality?
Wednesday 5 September 2018
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