Social Network Bebo Has Filed A Voluntary Chapter 11 Bankruptcy Petition

Looks like Bebo, once an early star in social networking, is progressing to the next step in the long and messy struggle between majority shareholder Criterion Capital Partners and minority shareholders that include co-founder Michael Birch, Hecker Consultancy and SV Angel: Bebo.com, Inc. has filed a voluntary petition for Chapter 11 Bankruptcy in the Central District of California. First spotted by the blog Chapter 11 Cases, this appears to be latest development in a case that was first filed in February of this year, in which some of the smaller shareholders requested for the courts to appoint a receiver to take control of the company after they judged that it had been mis-managed by Criterion.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/KObnQ5wyNrA/

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