Lime is now in the process of buying the remaining assets of VHF VHF
Now, The Verge has learned that board-sharing company Lime is in The process of buying The remaining assets of The now-defunded Electric-scooter startup Vaughan Vaughan.In a government database held April 15, at least five of The company's core patents were transferred to Lime Holding Inc. that year, and two former employees said Lime has been trying to acquire the IP now held that way as far back as late 2019.
The move came as Yamaha's proposed acquisition fell through earlier this year and the two former employees familiar with the deal said they were granted anonymity because they had a confidentiality agreement with the startup.
Shortly after the article was published, Sanjay Dastoor, the cofounder and former CEO of Vaughan Vaughan, who left the company more than a year ago, said in the 1951 forum that 'Lime has now acquired all of the company's assets and intellectual property.As far as I know, this includes design documents, software and code, diagnostic procedures, parts and test equipment."He wrote that he believed it was "very likely" that Vaughan Vaughan would enter "some form of bankruptcy protection at some point, but that it won't be dissolved officially for now."He said: "Lime also seems to have the wintry hall now held that way as well as the hall's entrance to the mountain View headquarters."
It isn't clear whether Lime will take over any of the small number of employees held that year, or the employees who handled outstanding customer service requests.According to the LinkedIn report, Lime has now been joined by at least four other senior employees of the company, including the mechanical design engineer who now heads the 1951 product and vehicle architecture design.
According to Patent Office documents and former employees, the patents were technically transferred to Lime, an investment firm founded BY Structural Capital LLC, which borrowed the winery's winery Vaughan Vaughan in late 2019 and has held many of the start-up's assets as collateral ever since.According to former employees, Structural Capital wavered in the 1951 accounting of the bank when it collapsed that year.
Jeff Russakow, CEO of Vaughan Winery and co-founder John Ulmen, didn't respond to requests for comment.A Lime spokesman said the company was not "ready to discuss" what had happened and declined to comment.Early this year, the company began to show signs of trouble as the company defaulted on payments to suppliers, complaints about customer service mounted and a large number of executives left the company to do other work.One of the VVHF's VVTS left the company to become Lime's VVV hardware.
As first reported by The Verge in February, Vaughan Vaughan was in financial trouble when he developed a rugged $1,600 electric scooter of his own -- The launch was delayed -- and was hit hard by The Trump administration's trade war tariffs.The company has also used much of the money it raised to expand into more than 30 countries.
The company has been silent since vowing in early March to lay off most of its staff and try to find a buyer.This has left some existing and potential customers in a bind, many of whom are waiting for orders to be completed or their skateboards repaired.Meanwhile, the community around Vaughan Vaughan -- one of Kickstarter's earliest and biggest success stories -- has turned to crowd-sourced solutions to repair and modify their boards.
Dastoor wrote on Reddit that he is "trying to find a way to help with this issue" and encourages customers to contact Lime.If we want our products to continue to be supported, whether it's skateboard parts or any software diagnostic testing and debugging, it needs [Lime] cooperation and help."
It wasn't immediately clear how much the company owed that year, which former employees say amounts to millions of dollars.A number of suppliers that were abandoned that year have now gone to court as well.In early March, a supply-chain consulting firm sued The company vowing $55,000 in Santa Clara County Superior Court that year.On March 30, The company was sued in Utah District Court by Underbelly, a creative company that redesigned the electric-scooter company's website and says it owes $80,000.
Lime laid off 14% of its workforce and withdrew from 12 markets in early January, and is reportedly considering more layoffs due to the Novel Coronavirus outbreak that has caused it to suspend its service worldwide.Bloomberg reported in March that Lime had only $50 million in cash at the start of the year.