One of the things that I've long suspected about GSW's original technology seemed to be vindicated by some of the accounts of the trials: I always viewed it as a thin layer of web code draped on top of the Google Maps API. It was remarked on that GSW didn't seem to have that many actual employees, which doesn't seem surprising. I couldn't make it through that much of the judgement but I did notice that many of the evals fell apart due to amateur-hour distributed system mistakes and a general lack of functionality.
In some ways, it's a cautionary tale about Minimum Viable Product. If there had been a bit more behind the startup - some actual functioning tech - they might have gotten away with some 'pumping' (fake it til you make it). But they've never had the execution skills to build things. It's all been about self-promotion and giving yourself a huge salary with these guys.
They're essentially out of money anyhow with the class action and their burn rate. It's difficult to imagine there will be anything left for ASIC. Can they they do a CR under these circumstances?
GSW Price at posting:
29.0¢ Sentiment: Sell Disclosure: Not Held
