Sunday, April 18, 2010

So what's up with PrintCafe? Not pretty it seems.

So yesterday I got this tweet from EliotNessCyLab
@ToughLoveforX The 'rest of the story' about Printcafe:
Then this morning I got an email. A section of it is reproduced below:

1) The victims of the Printcafe securities fraud were:

a) Creo which lost between $75 and $100 million and was attacked by Cenveo's Bob Burton (who gobbled up Banta instead), [Creo chose suicide-by-Kodak rather than suicide- by-Cenveo],

b) the former owners of the acquired software companies -- Hagen, Logic, Printsmith, PSI -- who were shortchanged by $51 million when PCAF shares were split 66:1,

c) the career employees who built the aforementioned companies, HUNDREDS of whom lost their careers as PCAF had to slash and burn as it abandoned the successful software products and pursued "e-commerce" that did not exist,

d) ALL printers nationwide, who lost the benefits of competition as Printcafe/EFI formed a virtual monopoly, (a monopoly even more complete now that EFI has gobbled up ePACE),

e) ALL printers nationwide, who endured higher prices and diminished service from Printcafe/EFI,

f) the public and private investors who had lost a grand total of $250 million (that's one-quarter of a BILLION) by the year 2003 when PCAF imploded (and only got about $50 million back from EFI),

g) the Aileron hedge fund investors who never heard about the Printcafe fraud from the printing industry's 'journalists' and therefore invested with Guttman,

h) Carnegie Mellon which never heard about the Printcafe fraud from the printing industry's 'journalists' and therefore hired Guttman and has retained him lo these many years.

1 comment:

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