Morten Lund's bankruptcy and apology

Posted in Thu, 15 Jan 2009 13:07:00 GMT

TC recently reported Morten Lund's personal bankruptcy over his investment in Nyhedsavisen, a free daily newspaper:

Yesterday he was declared personally bankrupt by the Copenhagen Maritime and Commercial Court after losing 10M Krona in an investment into a Danish newspaper, Nyhedsavisen, which went badly wrong.

The TC article doesn't mention what went wrong but Lund has always been brutally honest and his recent blog article and apology, The day’s when I fucked up - (Gaza, Moral, Dickhead(s)), gives an idea which revolves around his personal guarantee of salary and compensation to Nyhedsavisen former chairman Svenn Dam and CEO Morten Nissen Nielsen.

Jan/Feb 2008 I did a deal with my TOP management - I personally underwrote a 1 year salary compensation and some super-warrants (In case the venture should fail) - because I believed in them. I gave them my word....
my x-lawfirm told me that the contract with TOP MANAGEMENT had never been signed - I made one of the worst mistakes of my life (confused, afraid and full of self pity) - I told Morten and Svenn that the contract was not signed and that I would not honour it. I broke my own rule number one I RAN FROM MY WORD - and of course they got insanely mad. I would have gone ballistic as well. Eepecially as the signed contract was at my x-lawfirms other office (Svenn used them). The rest is well know - I was accused of everything possible - and had to defend myself - (of course I had done nothing even remotely illegal - but I was blamed and hurt like very few Danish entrepreneurs my age - actually I felt as if I had lost my arms and legs) - as a guy who runs from his word deserves.

The following articles provide a more complete timeline of events: