NL-These are the same folks who ran Consumtion Junction and said they had over 2 million dollars in ad revenue. They started MadisonAvenue.com as a ad rotation and traffic site. Sold CJ to spend all their time on this new site and now they are out of money. Here’s the letter sent out by the company….
I’ve got some news for you on your outstanding payment and I apologize this is a cut/paste email but I’ve got a ton of folks to send this to.
Unfortunately the news isn’t good. We’re shutting down MadAve most likely on Monday. We’ve been operating at a loss from day one and we’re simply out of money. Last month I closed the office keeping on only the head programmer, support guy, and sales guy in hopes to bring us to profitability. This might have worked in 3-4 months But we simply couldn’t afford to keep things going until then. I’ve spent the last 30 days trying to find a “buyer” for the system to keep it running. I put “buyer” in quotes because I wasn’t even trying to sell MadAve for money. I was offering the domain name, the software, everything for the cost of assuming all the debt by getting Publishers current and keeping the Advertisers campaigns running. Unfortunately with today’s crappy economic conditions I couldn’t find anyone to take this deal.
So what we’re doing is an orderly wind-down of the business. All assets of the company are being collected and will be sold obtaining the highest value possible. We will use the proceeds from this to pay creditors (everyone we owe money to).
When will you get paid? How much will you get paid? I don’t have answers to those questions yet. The primary assets of the company are the domain name and the actual software that runs the system. I’ve put the MadisonAvenue.com domain name under contract RickLatona.com (premier domain broker) to sell. If they haven’t found a buyer by their next big auction (in October) they’ll auction it off then. Generating money to pay creditors off the software itself is going to be tougher. Someone has to have need of an ad sales and ad serving network. Also I’m hoping to find people who are willing to license the software rather than buy it outright and exclusively. This way we can lease it to multiple people to generate even more income to pay off creditors with. Really just depends on what buyers we can find, what they want, and what will generate the most revenue to pay folks off with.
I’ve already started getting hatemail on this and I know the message boards are on fire. Bottom line, I’ve been paying my own money to keep MadAve alive for six months and I’m flat fucking broke at this point. I’m not sure how I’m paying rent next month. So for what it’s worth I fully understand how not being paid on time hurts your bottom line but I assure you mine is worse.
So I’ll keep you posted as this progresses. The most important thing right now is for you to pull your MadAve codes and put something else up as those will stop working most likely on Monday. In case someone buys the domain name quickly I suggest saving / using my personal email addy from now on to communicate: marc@marcwomack.com.
Regards,
Marc Womack
Chief Executive Officer
www.MadisonAvenue.com
ABOUT MARC WOMACK-
MadisonAvenue.com is owned and operated by Simoleon, LLC which is a based in Atlanta, Georgia, USA. Founded in 1999, Simoleon has great experience in Internet advertising and publishing. From 1999 to 2008 the company maintained ConsumptionJunction.com and the SickSiteNetwork.com which was a huge network of free content destination sites. Additionally the company operated from 2002 to 2006 a network of subscription based sites and an accompanying commission-based affiliate program under the CJBucks.com brand. MadisonAvenue.com was launched in January, 2007 and is now the primary focus of the company. Simoleon now holds offices in the United States, Panama, and the Philippines.
Simoleon is headed up by founder and CEO, Marc Womack. Mr. Womack started in the Internet industry in 1994 working for Phil Harvey Enterprises (Adam & Eve) while he was enrolled in the University of North Carolina at Chapel Hill. There Mr. Womack attended the Kenan-Flagler School of Business and received his Bachelor of Science in Business Administration with a Marketing Concentration.
