"They Were Looking for a Scapegoat": The Unicorn Collapsed, Now Its Creditor Speaks for the First Time
Ron Daniel, founder of the Liquidity fund, gives his first interview about the collapse of Open Web and responds to accusations of aggressive debt collection. He claims the controlling shareholders failed to inject capital as promised, and that the fund has already collected half of the debt.
Ron Daniel, founder of the Liquidity credit fund, speaks to the media for the first time following the collapse of Open Web, once a unicorn valued at $1.3 billion. In an interview with Globes, he responds to Open Web's accusations of aggressive collection that allegedly led to its insolvency. Daniel claims the fund had raised red flags a year ago, and that the controlling shareholders—Insight Partners and Georgian funds—failed to inject capital as promised. According to him, Liquidity collected half of the debt in less than a week, and he is confident the fund will not lose a single dollar. The article reviews the fund's history, its business model, and the details of Open Web's collapse, including a sharp decline in revenue and forecasts.