peteblue
Welcome back Wayne
I wouldn't call them that. Pasko's a seasoned veteran of this game, with the education and the credentials. Not necessarily good credentials, mind you, but they show he knows how to play this game well.
The co-founders look like the classic old professor/grad student exchange of technical expertise for new ideas. Pasko knows how to fund things with minimum up-front investment at least cost, and Wander has his ear to the ground on where to find the best current opportunities to translate funding into cash. I don't think Wander's ideas are all sound, and he's certainly far closer to Donald Trump than I when it comes to willingness to take things to court, but he's probably a good match for someone like Pasko. Pasko is in the twilight of his career, with a short time horizon and a CV including the firm in Michael Lewis's Liar's Poker and the king of the junk bonds. It's well-documented that zero ethics was the order of the day at both firms.
I think 777 just tried to bite off more than they could chew this time, and it's probably for the best from their perspective. I have a hard time not seeing them getting wrecked in court for deceptive/not in good faith practices should the whole thing fall apart, which was a substantial possibility with their financing model. IMO, a purchase bet the company on us staying up without further investment. These are not people who want serious public scrutiny, and it was coming if we went down (and into administration) or if they bankrupted other assets to fund us staying up.
Of course, the whole thing could have been a smokescreen to increase their public profile. You had no idea who 777 Partners was, until now. Now you do.
Now I wish I’d still never heard of them……
