41–50 of 67 posts
If this guy's claims are legitimate, does he own 85% of all of Facebook, or 85% of Zuckerberg's share of Facebook? Presumably he would have been diluted in subsequent funding rounds, etc? What portion of Facebook does Zuckerberg still own?
Earlier quoted context omitted.
Your position is as biased as any other -- you're just choosing to focus on Zuckerberg's age, and consequently assume that he was victimized. Perhaps that's true, perhaps not. When I look at this, I see an incredibly unsophisticated legal agreement. The author of the contract hardly strikes me as a knowledgable player, and I'm not inclined to assume that he ever had the upper hand in a battle of wits with Zuckerberg.…
Right but it's exactly the intent that seems almost predatory, however legally unsophisticated it is. Let's assume, as seems reasonable, that both parties were fairly clueless and acting without the benefit of good professional advice. When you read the contract, doesn't the stuff Ceglia is asking for seem kind of nuts? And not in any technical legal sense, just in general.
The nature this case in relation to how it is being reported fascinates me. Let me summarize while making a few observations: 1. A guy comes out of nowhere and files a lawsuit in a state court in Allegany County, New York (population: about 50,000 - http://quickfacts.census.gov/qfd/states/36/36003.html ). 2. The lawsuit is filed on June 30, 2010 and consists of a grand total of 2 pages of allegations, coupled with a…
Of all the speculation on what could kill Facebook, did anyone ever imagine it might be a "wood fuel salesman" from New York? Sometimes truth is stranger than fiction.
Unless the fiction is a Cohen Brothers movie. In that I could see Facebook being killed off by a wood fuel salesman from New York.
The nature this case in relation to how it is being reported fascinates me. Let me summarize while making a few observations: 1. A guy comes out of nowhere and files a lawsuit in a state court in Allegany County, New York (population: about 50,000 - http://quickfacts.census.gov/qfd/states/36/36003.html ). 2. The lawsuit is filed on June 30, 2010 and consists of a grand total of 2 pages of allegations, coupled with a…
While I think you're probably absolutely correct from a legal perspective, I also think that you're missing the point. This is interesting precisely because the contract is so amateurish, yet it appears that Zuckerberg actually signed the damned thing! As bizarre and weak as the claims may be to a lawyer, to a layman, this is the clearest evidence yet that Zuckerberg was involved in some shady dealings early in Faceb…
Take me for example. I'm working on my own startup. Eventually, I'm probably going to get funding, and sign into some kind of contract. Now the fact is, I'm no legal expert, and I don't have money to hire a legal expert from day one. The fact that the law makes some contracts unenforceable makes me feel much safer about not entering into any kind of mess that will seriously screw me.
Obviously, this only goes so far. And of course I will pay for actual legal counsel before entering a contract. But anything that society can do to make it easier to start a startup, including things like not having to worry about certain legalities, is a Good Thing, since it makes startups more likely.
The nature this case in relation to how it is being reported fascinates me. Let me summarize while making a few observations: 1. A guy comes out of nowhere and files a lawsuit in a state court in Allegany County, New York (population: about 50,000 - http://quickfacts.census.gov/qfd/states/36/36003.html ). 2. The lawsuit is filed on June 30, 2010 and consists of a grand total of 2 pages of allegations, coupled with a…
Why is no one considering the fact that Zuckerberg signed it (if its not a fake) and then never bothered to share it with anyone else? Isn't that legally/morally criminal?
Ceglia is definitely acting like a shady character and Zuckerberg is suspect of being a shady character with respect to this contract, but I feel that the interests of everyone involved with Facebook the company hold more weight then the single claim by Ceglia.
Earlier quoted context omitted.
As commented in another thread, it would be ludicrous for Microsoft, Digital Sky Technologies et al. to allow Mr. Ceglia a seat on Facebook's board. They will explore and deploy every legal option to avoid this. It is not so ludicrous for investment bankers to engineer a tax-minimal FU-style lifestyle for Mr. Ceglia by endowing a non-profit for some pet interest of his choice and paying him handsomely. If Mr. Ceglia…
And the twist is if Ceglia truly did have this contract with Zuckerberg, it leaves the ConnectU guys in a particular interesting situation. No it doesn't. The issue was never "who thought of Facebook first". All of this was when Myspace was at it's peak. Everyone had the idea to do a Myspace competitor. The issue is Zuckerberg taking people's money and making false commitments by accepting a job and lying to the Conn…
> No it doesn't. The issue was never "who thought of
> Facebook first". All of this was when Myspace was at
> it's peak. Everyone had the idea to do a Myspace
> competitor.
Earlier quoted context omitted.
$1000 of weed/beer in exchange for 50% of a worthless venture probably sounded ok at the time.
No, that's still a stupid proposition. Most Harvard students are presumbly pretty damned well off in the first place. Also, now that we've seen Zuck after the fact, you can't deny he is reasonably intelligent. Seems like a completely non-standard move imo. Even though I surely could use the money I'm way too arrogant to give up 50% of something I'm working on. I think the entire planet knows how arrogant Zuck is (not…
Regardless, I wasn't trying to give an actual accounting of Zuckerberg's thought process. It was more of an attempt at an easy joke about the proclivities of the average 19 year-old college student.
If this guy's claims are legitimate, does he own 85% of all of Facebook, or 85% of Zuckerberg's share of Facebook? Presumably he would have been diluted in subsequent funding rounds, etc? What portion of Facebook does Zuckerberg still own?
Anyway, if Ceglia and his lawyers have half a mind, they're after a tiny (compared to 84%) settlement.
Why would a Harvard student give up 50%+ of ownership for a mere $1000?
Also, why didn't he resolve the situation by either starting a new company or buying back his shares as soon as it was apparent Facebook could become something big?
For example: You start company A, in market M. Your investors give you 5k in exchange for 50%. You spend your 5k learning about market M and now you're diluted. What's stopping you from creating company B, to attack same market, but from an enhanced perspective?