Podcasting startup can't pay its employees

Podango, a podcast advertising network, acquired GigaVox Media in 2007 and launched several shows including Girls Gone Geek. Michael Arrington had the exclusive report on the news. "Something tells me it's going to do okay," Arrington wrote. That has turned out not to be the case. At least, that's according to one Podango employee who tells us he's had trouble getting paid. "I was a developer for podango.com for 2 years," the tipster writes. "I left Podango 3 weeks ago due to lack of funding." The tale continues:

My last 2 pay checks where paid thanks to home equity loans taken out by [the] CEO and president. I have also had a hard time getting my final pay check from them. They claim they are unable to pay me ( $400 after advance repayment ) until they receive funding. The last few months I was at the company they kept promising funding would be coming "this friday we should have it..." was said at least 4 times. In the 2 years I worked there, I never once heard the term "profitable" mentioned, only the far off idea's of being snapped up by [some] big company