TECH CRUNCH - Feb 7 - Bebo, the early U.K.-based social network that AOL bought for $850M only to turn around and sell for less than $10M later, may see its current CEO Adam Levin go. The company’s shareholders, who include the original co-founder Michael Birch, filed a motion today to have a receiver appointed for the company. This is the latest development in a nearly year-old lawsuit that pit minority shareholders like Birch, Richie Hecker, SV Angel against Criterion Capital Partners, the firm that bought the site from AOL in 2010. In a suit they filed early last year asking for $5M in damages, they claimed that as CEO, Levin let Bebo default on its lease, resulting in an eviction from its San Francisco offices. The suit also claimed that Levin paid himself $14K a month as CEO even though he wasn’t working full-time.
by Kim-Mai Cutler
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