Sunday, October 6, 2019

"Attorneys say disgraced Theranos founder Elizabeth Holmes isn’t paying them"

Although the headline (and the "Stanford dropout" subhead) sounds like a spurned lover, the Mercury-News, unlike a lot of media, was never really smitten with Theranos and after John Carreyrou's WSJ articles on Oct. 15 and 16, 2015 went quite negative.

Pity they didn't catch June 13, 2015's "Theranos: She's Young, She's Rich, Is She A Marketing Huckster?" though, they could have beaten the Journal to the scoop and maybe picked up the 2016 Gerald Loeb Award that went to Mr.Carreyrou.

I've got six bucks that says she's setting up an insanity defense.
From the San Jose Mercury-News, October 3, updated Oct. 5:

Stanford dropout commanded billion-dollar firm before downfall
Lawyers representing disgraced Theranos founder and accused fraudster Elizabeth Holmes said in a civil case claim she hasn’t paid them for more than a year and probably never will, according to court records, and they don’t want to be her lawyers anymore.

The three attorneys from the firm Cooley LLP argue in a court filing that you can’t get blood from a stone.

“Ms. Holmes has not paid Cooley for any of its work as her counsel of record in this action for more than a year,” lawyers Stephen Neal, John Dwyer and Jeffrey Lombard said in the filing.
“Further, given Ms. Holmes’s current financial situation, Cooley has no expectation that Ms. Holmes will ever pay it for its services as her counsel.”

The lawyers are seeking approval from the court to stop representing Holmes. “It is unfair and unreasonable to require Cooley to continue representing Ms. Holmes in this action,” said the filing. It was made Sept. 30 in a civil case against Holmes, the Walgreens drug store chain and Theranos, the company whose rise and fall also put her in federal criminal court charged with conspiracy and fraud....

Cooley are very good and very expensive, we visit them once per quarter for their venture capital round-up which will be coming up sometime later this month.

I'm a bit surprised that VC billionaire Tim Draper isn't stepping up to cover the billables for Elizabeth, he was all-in even as late as mid 2016:
July 22, 2016
Theranos Is Flopping Like A Dying Fish
Sometimes they flop themselves right back into the water, but that's not the way to bet....
...World’s Most Loyal V.C. Says Theranos Critics Are Just Haters
Tim Draper goes to bat for Elizabeth Holmes....