Thursday, March 23, 2006

Idealab Shareholders Agree to Pay CEO's Loan - Los Angeles Times

"Shareholders of Idealab, the Pasadena-based technology incubator that spawned some of the Internet's biggest hits and misses, overwhelmingly agreed Tuesday to pay off a $50-million personal bank loan owed by founder Bill Gross.

Idealab will buy the loan from Bank of America for $20 million. It will collect from Gross the full $50 million plus interest and a $1-million annual fee over four years, according to a proxy statement obtained by The Times"

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