We hired a “professional” executive team, who, in retrospect, were primarily interested in selling the company. Which we did. In January 2000, we sold Veristy.com in an all-stock transaction to another company courting college students—CollegeClub.com—which had just filed to go public. CollegeClub withdrew its IPO filing to complete the acquisition of Versity, and by the time they refiled—in April 2000—the IPO window had closed, the party was ending, and they were burning about $30 million per month. Instead of an infusion of IPO cash, the company ran face-first into the wall, declaring
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