The attorneys and consultants who have grown with the technology industry’s failures, from Pets.com to Pebble, are anything but harsh in assessing their “clients,” the Guardian reported. Martin Pichinson is a former music manager who came to Silicon Valley in the mid-1980s and his business partner is Michael Maidy. Maidy was recently the CEO of another failed tech company: Pebble Tech LLC, maker of smartwatches. Pichinson and Maidy co-founded Sherwood Partners, and their company is the premier specialist in “assignment for the benefit of creditors” (ABC). ABC was how smartwatch company Pebble Tech came into existence: it was, for its brief life, simply a collection of Pebble’s remaining assets, to be distributed among various creditors, employees and shareholders. This was also how Maidy briefly became the figurehead of a zombie version of the once-hip startup. It’s all part of the normal business churn in Silicon Valley, all built around the mantra of helping companies “fail better.”
