Noel Biderman was the president of Avid Life Media, a profitable Canadian growth company whose chief business was dependent on-line social networks for targeted groups seeking romance and sexual partners. Biderman was seeking to raise $60 million via a private placement offering, merged the businesses, to get a privately held online advertising sales firm and take the new and improved growth storyline people on the Toronto Stock Exchange or the TSX Venture Exchange. The Avid Life offering signified a potentially money-making and legal investment.
GMP's relationship was short live; following media reporting of the Avid Life offering began to focus on the bank's readiness to service Biderman's business, GMP drew their support from Biderman. Perhaps attributable to the bank's urge to prevent being seen in public with someone known, rightly or wrongly, as the king of infidelity, the withdrawn support of GMP left Biderman unable to choose a potentially profitable investment chance to market.
PUBLICATION DATE: January 30, 2012 PRODUCT #: W12636-HCB-ENG
This is just an excerpt. This case is about LEADERSHIP & MANAGING PEOPLE
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