Zango files for bankruptcy :)

Zango closes shop, investors lose big

ADOTAS — After raising $150 million in debt and equity financing and integrating five mergers and acquisitions over the last decade, the online media shop that provided free downloads of games, music and other content in exchange for the ability to serve ads is no more.

(via peHUB) According to some detailed blog posts by co-founder and * CTO Ken Smith, Zango got in trouble by screwing up its distribution, financing its acquisitions with too much debt, being unfairly charged with affiliate commission stealing and failing to deliver adequate value in exchange for the advertisements. There were also accusations of illegally installing software.

On the positive side, according to Smith, Zango made some great acquisitions, including LoudCash, Hotbar, and SmartShopper, and developed a unique and innovative business model. The company also had great employees and culture. That will mollify the investors.

The shut-down included a “fire sale” of its assets to search startup Blinkx, according to Smith. I still have a phone call out to the company for comment.

Zango shut its shop in Tel Aviv January, so problems were on the horizons, 51 Zango employees were affected by that closure. In June, Zango laid off 75 workers, 20 of whom were based in Israel, blaming the grim economic climate on the firings.

UPDATE: According to ComputerWorld, a Blinkx spokesman said the firm had purchased some of Zango’s assets and that Zango was shut down after its bank foreclosed on the company.

Source - http://www.adotas.com/2009/04/zango-closes-shop-investors-lose-big/

 

Lol gutted, good job I dont use them then.

 

I HATE Zango!
Ding-Dong, the witch is dead!

 

It was due time. This only proves that it's better to promote honest business models...

 

Zango is not dead. Try not to believe everything you read on the internet.

 

it was either zango or zongo which have a malware which goes along with them somehow. i could be completely wrong, but if you look at some virus definitions you might see what i'm saying

 

Zango for sure. I believe both hotbar and seekmo (produced by zango) was defined as malware by most anti-virus software....

 

zango used to serve kiddyporn in there bar when they were 180solutions

butr yeah dont believe for a second theyre gone... blinkxx is probably just their new company name with the same people pullingthe strings... zangos been like 5 other company names before it was zango

 

So what about their affiliates ? If they had this kind of problem have those affiliates got paid in past few months ?

 

Good news today! Does anybody know the banks which lent Zango $44M?

 

adotas link is unavailable

 

Works for me. Anyway, try this one:

Zango goes bango, CEO bankrupt

http://seattletimes.nwsource.com/html/technologybrierdudleysblog/2009109821_zango_goes_bango_ceo_bankrupt.html

...or try searching Google News for Zango...

 

Here is up to date info:

On Thursday, April 16th, 2009, certain assets of Zango Inc, including ZangoCash, were purchased by Pinball. Pinball is taking these assets, and, with approximately 60 former Zango employees, is rebuilding and reshaping a new business. Pinball a is well-funded, healthy company with millions available to expand our business.

What does this mean for ZangoCash? BUSINESS AS USUAL. You make installs, we pay for them. The more you make, the more we pay. Same rates, same dates. Look for more tools and content in the future.

Thank you for your patience during this transition, we look forward to a continued prosperous partnership with you.

The ZangoCash Team

 

So pinball is the name now, I've never been a fan of Zango for all the pc trouble they've caused threw the years.

 

At least thats a good new for those Zango affiliates.

.

 

Now i realized what happened to my account two months ago. They close my account with my money for no reason, when i contact them asked them why i can't login, they re-activated my account but with no money in it. I stop using it. 2 days ago i just got paid the money that they owned me.

 

Personally I don't like Zango.