Vreel finally collapses

[faceless]

Dear VReel Fan,

It is with some disappointment that I find myself writing this to you today. I fear the future is VReel is no longer promising. To clear up some misconceptions, I'd like to let you know that VReel currently owes in excess of 500k USD to LLNW.

LLNW had agreed to take a lump sum payment of less than the outstanding amount and a small monthly payment of 5k USD monthly until the debt was paid. This was negotiated by two investors who were buying into VReel. Negotiations for this money have been ongoing for the last two months. Eoghan Hayes (Eoin) was due to sign these contracts on Friday Oct 31 at which time the money would be wired to LLNW and streaming service would be restored, allowing us to meet our scheduled beta rollout on Nov 10th.

Today, Oct 30th, Eoghan informed me that he has decided not to sign the investment papers. Instead he plans to move forward by securing another CDN, leaving LLNW holding the bag for 1/2 a million dollars. This will also cause VReel to lose all it's content (over 17k videos) stored on the LLNW servers.

October 31st was the cut off date for LLNW, if monies were not recieved by then LLNW will terminate our contract.

By not signing this contract, Eoghan chose to not pay his employees but to ask me to stay on out of love for the project. He offered me shares in the company as compensation. Shares in a company so wracked with debt as to make them highly speculative. However, my monthly wages are currently 1/2 month in arrears with another pay period next week. I had negotiated with my mortgage company to allow me to catch up payments in the first month of November - as that is when I expected to be paid.

As a result of not accepting this investment - the users are losing their videos - I'm facing forclosure - and the future of vreel is in doubt.


Users of VReel, I'm very sorry. Which the contract was not favorable to VReel - it was the sole thing that Eoghan based our future on. Learning today that he plans not to sign it, was a shock to me. Choose to stay and believe in this project, or choose to look elsewhere. It's up to you.


I, for one, have to leave.


Moriella

the entire inside story about vreel will be posted on several websites in the next few days.

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That's a shame, but I'm not surprised at the news. I am, however, surprised that this Moriella was able to send out such an email!