BOngo was a disasterThe first time I went to the site.... i...

BOngo was a disaster

The first time I went to the site.... i thought... this is never going to work.

social networks seem to thrive from word of mouth
Twitter and Facebook prime examples.

Bongo was only every going to appeal 11-14 yr old girls (v limited and ficle market) and to be frank the monkey had a tad too much masculinaty as well to appeal to girls that age.... Also P Hilton is a wannbe celeb who is past her peak fame... she was a bad choice

They spent too much cashflow on this when really give the economics they should have ditched it.

Lazard should have done more too.

Back in August 08 they should have slashed the head count, cut costs, given bongo a $100k budget and said do your best. Divested some of their bad purchases
AND done a cap raising at say 15c to raise $10m and get that debt paid off......
then re-focused the biz on Smart and Next Digital. The only businesses that make money.

The board was negligent. Even a village idiot could have acted similar to what i've said above.

Am I bitter. You betcha.
These guys could have turned this company around instead she is now worthless.

even bluefreeway have more chaance of survival ! and thats saying someting.

and to all the holders. you had plenty of chances to exit this sinking ship. No excuses. It was bad investing.
You gotta remove the emotion and cut the losses.
I tooka huge hit when i sold, but it had to be done.
I wouldnt sell it at 1c, but at 10c i did.