A million bucks an inch? We've learned not to flinch at New York's $9 martinis, but that's a bit steep, doncha think?
Headcount, with shovel in hand and mastadonic snow trousers on, pleads with the mayor to consider our substantially lower asking price of $500,000 a foot. Sure, it may take us a while: We'll start with the steps at City Hall and, after we've moved a few dozen feet of powder, we'll retire. But we're sure the fine citizens of New York would do their part for a similar fee.
While the mayor considers our offer, it's time to shovel the past week's most interesting hirings and firings:
Firstwave still owes about 90 of its former employees approximately eight weeks of back pay in addition to unpaid vacation, according to several people close to the company. The total amount of all the back pay owed to employees is between $1.5 million and $2 million, sources say, an average of about $15,000 per employee.
Raza Foundries CEO Atiq Raza, in an email to Light Reading, says he can't comment on the Firstwave situation. "I do believe, that as far as the efforts put forth by the board of directors of Firstwave to fulfill the best interest of the company, we have worked far and beyond any board I have ever observed," he writes. "I am saddened that the efforts have not yet resulted in benefiting the company positively as the company deserves."
"There is always a regret -- nobody wants to layoff anyone, but the market conditions are how they are," says Axiowave president and CEO Mukesh Chatter. "We do have the money. We just want to make sure there is the biggest runway possible."
The stealthy company expects to ship its first products during the second quarter of this year. The company just recently closed a $45 million Series C funding round, bringing the total funding to date to $96 million.
Here's a summary of other industry appointments, disappointments, and other personnel news from the past several days:
- Corning Chops Wavelength Blocker
- Nokia Slashes R&D Staff
- Will S.Lo Show at Aruba?
- Trujillo Named CEO of Orange
- Verstraete Becomes Orange CFO
- Tyco Names Operational Excellence VP
- Zarlink CFO to Go
- Love Lost for Tellium
- Top Ten Stars Realigned
— Phil Harvey, Marguerite Reardon, and Pauline Rigby, Senior Editors, Light Reading