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In May 2011, I wrote FreeJellyBeans.com 2.0. Back in the crazy dot.com bubble days of 1999, I had invented a spoof www.freejellybeans.com (how to turn a silly internet idea into a $1b IPO in six months...) which I then used at the Feb 2000 Regent Conference. The name was an amalgam of Freeserve, Jelly Works and Beenz – three examples of dot.com excesses. I revived the theme as Jonathan Rowland (the creator of Jelly Works) had just launched JellyBook onto AIM with a valuation of £10m and a share price of 10p. JellyBook aimed to invest in social media companies. Must admit I treated the announcement with a due lack of respect.
I noted that Julie Meyer had joined as an NED. This prompted Julie to write me one of the most hurtful emails I have received in many years. You can reread my post – all I said was that Julie was an NED.
In Oct 11, in Bubbles revisited, when I reported my warnings on Groupon and Zynga, I noted that JellyBook's share price had fallen to 4.75p. Yesterday JellyBook announced a voluntary liquidation having failed to do a single deal. Cash will be returned to shareholders – less listing costs, fees etc. JellyBook had c£10.35m in cash in mid 2012. So nobody is going to lose too much.
It’s a shame when merely reporting events and putting one’s own personal spin on it can lose you friends.
