Idealab CEO Bill Gross scored board approval to make shareholders take over his $50 million personal loan. If shareholders approve, Bill will pay back the cash over the next four years (or find a new sucker to buy the loan). The jet's sold, the Ferrari's sold, but Bill must have some tchotchkes left to make a $50-mil yard sale.
By the way, congrats to the L.A. Times for catching up to Valleywag's March 7 post.
Slope-shouldered photo source: David Strick [davidstrick.com]
Downsized and in Debt, Idealab Chief Still Pitching [LAT]