The Mac Observer

Skip navigational links

DealsOnTheWeb Daily Deal: Overstock: Get 15% Cash Back when You Use PayPal + a Chance to win $5,000

Fortune: Former Apple Trio Squanders Millions

by , 4:55 PM EDT, March 19th, 2008

Apple co-founder Steve Wozniak, former Apple CEO Gil Amelio and former Apple CTO Ellen Hancock turned $173 million in investment funds into a company greatly in debt, according to Fortune Magazine on Tuesday.

"In a special-purpose acquisition corporation, popular Wall Street vehicles whose organizers raise money to spend on yet-to-be-determined targets, investors buy solely into the pedigree of the founders. Which is why they were so quick to pour $173 million into Acquicor, a SPAC formed in 2005 by a supergroup [formerly] of Apple," wrote Adam Lashinsky.

However, an ill-timed purchase of Jazz Semiconductor and tough times in the semiconductor and wireless industries led to a nasty downturn and the Acquicor stock plummeted. The trio turned to UBS to explore "strategic alternatives," Mr. Lashinsky noted.

While Mr. Wozniak and Ms. Hancock have resigned, Mr. Amelio carries on, receives a salary reported to be $600K, and has remained optimistic that he's "laying the foundation for a much better future."

Many, many former Apple employees have gone on to start new companies. Some have done remarkably well and some have not. In this case, the eagerness of investors to believe that merely having worked for Apple confers a magic touch of success may have been overly optimistic.

Observer Comments

Show: Subjects Only | Full Comments
Close Name:Tiger Posts: 1013 Joined: 17 Jun 2003
Subject: WHAT?

After the debacle, people STILL gave money to Gil Amelio?

That's like giving the keys to the Bunny Ranch to Elliot Spitzer.

Close Name:Guest
Subject: Woz Is A Has Been

What has Woz done since leaving Apple except play Segway Polo?

Close Name:LaurieF -   TMO Forum Mod Posts: 3547 Joined: 15 Jun 2001
Subject:

Better to be a has-been than be, and I'm guessing now, as in your case: a never-was.

Close Name:moof_in_charge Posts: 4 Joined: 19 Feb 2008
Subject:

Well, you can not blame Gil for Apple's problems in its entirety. You have to remember, Apple was in deep trouble, Amelio was brought in because of his turn-around reputation at US Semiconductor. Also, don't forget, I think Gil was the driving force behind Apple's rapid acceptance of Jobs back in to the fold.

The past problems at Apple, should be squarely placed on an ineffective and misdirected board and Sculley who should have never been an Apple executive to start with.

Comment on this Article


You cannot edit your comments.   You cannot delete your comments.
Log in | Register | Having Problems? Reset TMO Cookies & Try Again
Username:   Password:   Log me on automatically each visit   

You are not logged in, and this post will appear as "Guest." Log in with your username and password from the TMO forums. If you do not have a username, you can register here.
Please note that guests are limited to including a maximum of two URLs per post.


Post A Comment
  Subject


  Your Comments



Please enter the word exactly as you see it in the image above. Registered users aren't prompted for this. Having trouble reading the image get a new one.


Recent Headlines - Updated Saturday, November 29th, 2008

Sat., 9:00 PM
Podcast - Apple Weekly Report #135: Apple Lawsuits, Banned iPhone Ad, Green MacBook Ad
Fri., 12:45 PM
Podcast - Mac Geek Gab #178: Batch Permission Changes, Encrypting Follow-up, Re-Enabling AirPort, and GigE speeds
Thu., 1:30 PM
iPO Review - Scosche kickBACK iPhone case
7:00 AM
Happy Thanksgiving from TMO!
Wed., 6:00 PM
TMO Appearances - Nancy Gravley Joins MacJury Gift Guide
5:15 PM
TMO Visits The Bay, a Premium Apple Reseller in New Zealand
3:25 PM
iPO Oh the Games You'll Play - iPhone: The Wii of Handheld Gaming Devices?
2:15 PM
Sonnet Releases Simply Fast FireWire 800 to 400 Adapter
1:10 PM
Mac Gaming News - Disney Plans 1st Annual PotC Online Thanksgiving Event
12:05 PM
iPodObserver - UK Shuts Down iPhone 3G Ad
11:15 AM
TMO Appearances - Jeff Gamet on MacJury Gift Guide
10:30 AM
TMO Contest - TMO Announces Macworld Expo Pass Winners
9:50 AM
PhotoCopy 1.1 Adds iPhoto Event Support
9:15 AM
Acclivity Buys MYOB US
8:30 AM
Review - Bento 2 Holiday Pack
7:50 AM
Microsoft Offers Black Friday Office Discount
7:30 AM
iPO Quick Tip - iPhone: Google Street View
 

The Mac Observer Reader Specials

Apple Stock Quote

  • AAPL: $92.47. Change Today: +3.54.
  • (Prices delayed up to 20 minutes.)
  • Discuss in our Apple Finance Board

Hot Topics

Top Deals From DealsOnTheWeb