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Wasted Time, Bad Treatment

Fund: Allegis Capital

Posted by Anonymous on 2008-09-30

PUBLIC:

We had a really bad experience with Allegis (Spencer) this summer. He heard about our deal, reached out to us, and got all hot and heavy and took a lot of our time with diligence. Claimed it was all going very well, and specifically indicated that they intended to come forward with a term sheet "within the next few days". I talked to Spencer 4 or 5 days later, and it was like he had almost never heard of me or my company. Total twilight zone. Made comments about confusion in his PDA about our deal timing, but after spending 3 weeks in diligence with him, he truly acted like it was a cold introduction call. Never heard from him again.

Obviously this means he got some sort of negative diligence feedback, but this was about the most classless way to communicate a change of direction that I have ever seen.

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