* Posts by One man behind the curtain

1 post • joined 30 Dec 2010

How I watched a holographic storage company implode

One man behind the curtain

Bart Stuck... Not the hero he claims to be.

Bart Stuck managed to single handily drive InPhase into the ground and cause a lot of damage by misrepresenting the funding situation to the employees for 11 months. Many people were driven into bankruptcy because they believed Bart's promises for money and then later (when they stopped believing) were faced with walking away from the promise of tens of thousands in backpay.

More than 60 employees stuck it out for 11 months at minimum wage only to be laid off in February of 2010. Arcadia put $5M into the company in March in an attempt to revive the company with the expectation that Bart would match this and get the company back on its feet. Once again, Bart failed to deliver on his promise and is now claiming (to the courts) that he owns close to 50% of the company (an undelivered promise is worth 50% ownership... please!) which is a complete lie to keep things tied up in court long enough that he can find another sucker investor to put money into it and prolong the agony.

Arcadia would have put more money in and rescued the technology, but with Bart in control of the BOD there is no way they were going to invest more money and see it go to waste. Bart got control of InPhase from NVP because of Arcadia's investment; not his own. Arcadia is fighting in court for things to be set straight, but unfortunately Bart's situation is more analogous to a prisoner on death row. The longer he keeps it dragged out in court the longer he can prolong his survival. When the court makes its final decision, he will be sued for everything he has. Unfortunately, this promising technology is collateral damage to a bad situation all stemming from false promises and manipulation on the part of Bart Stuck.

InPhase was close to launching this technology. Yes, there were bugs to work out and manufacturing issues to solve, but what new technology doesn't have this. History should look back on InPhase's attempt to develop this technology and it will see how greed and manipulation caused a promising technology to fail. That is the travesty in this whole situation.


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