Smartlogik directors leave cash to dying venture

NEWS Directors of failed knowledge management firm Smartlogik have agreed not to extract any cash from the imploding venture as it goes into voluntary liquidation. Founder Dan Wagner asked all directors not to take anything from the small cash reserves the company has left and offered five million of his shares in exchange for their compliance with his wish. Wagner, pictured in the Financial Times sporting a bleach blonde shock of hair, asked the directors to agree the move to prevent them becoming preferential creditors when the company is wound down by the liquidator, according to the
FT. Last year in the eye of the dot-com storm, Smartlogik changed its name from Bright Station and received a rescue package worth £13.5m, but neither move proved successful in securing its long term future. For more details on the decline of Smartlogik, click here: http://www.silicon.com/a53003