Mutiny for fun and profit at Kadoink
In yet another story of entrepreneurs straining against the leash of their VC handlers, with the co-founders of Kadoink trying to depose the CEO, getting rebuked by the board and walking away with lots of cold, hard cash according to a tipster.
Just an FYI that the folks from Kadoink.com (Eric Stone and BIll Waytena) got the boot. They wanted the CEO Scott Cahill gone, so they went to the board and the board instead showed them the door. They went through negotiation with the board after that to determine exit strategy (basically who gets what financially), so they asked for buyouts and got them for $1.5 million.
The startup raised a first round of $7 million with a "mobile social network with widgets and music and stuff" pitch just last January, so the payout represents a fairly significant chunk of the company's operating capital. Meanwhile, Stone and Waytena have yet to update their LinkedIn listings.