Online video startup Roo.com, based in New York, just laid off a fifth of its workforce and lost four board members. Earlier this month, an executive was indicted for money laundering and felony grand larceny. So who's the man to turn this ship around?

Crain's NY reports that Jason Calacanis is putting Rising Tide Studios (the parent company of Venture Reporter) up for sale and considering filing for Chapter 11 bankruptcy. Crain's also notes that Calacanis is working with the Recognition Group, presumably to develop a turnaround plan. If you lived or worked in Silicon Alley between 1995 and 1999, you're probably already smirking, but for those of you that don't recognize the Recognition Group, it's the turnaround firm headed by ex-govWorks CEO, Kaleil Isaza Tuzmanhe of Startup.com fame. (He also of "I spent $60 million of Henry Kravis's/Mayfield's money on my company, couldn't turn it around, and ultimately sold the assets for $2.5 million" fame.)
Tech media firm for sale [Crain's]