Wednesday, January 2, 2008

LgDb Shuts Down

Denver, Colorado-based LgDb, which operated an online database of state and federal legislation, said Monday that it has suspended its operations. According to a notice posted by LgDb founder Scott Yates to the company's web site, the firm is suspending operations because some of its investors "broke their contract with us and refused to to put money they had promised into LgDb." LgDb had previously announced in August that it had received an investment from eonBusiness. According to a copy of a complaint posted by LdDb, EonCapital Venture Fund and 316 Group LLC agreed to pay up to $400,000 in seed funding to the firm, but failed to invest over a disagreement on milestones.