Flo's lead investors are both Venture Capital companies (not Private Equity). BDMI (out of NY) and DCM out of Silicon Valley are the two lead investiors. Anyone with a decent LINKED-IN network will know someone who can make an introduction to one of their partners from one of these firms who I am sure will be very happy to share their thoughts about Flo's financial and Operating performance (VCs are not public companies so they can say whatever they want without SEC concerns). Martin being shown the door is exhibit A about how they feel. Bottom line is that they would love to dump the hemorrhaging excuse for an operator, but haven't found anyone willing to take it off their hands yet which means the price is too high, but dropping. Will be interesting to see if they find a buyer. They do have a subscriber base, regular advertisers and exclusive content contracts (even if they over paid for them), so there is still value in the thing....but not enough to make their investors whole.
They are cash flow negative from an Opex standpoint -- and that does not even consider the Debt on the Balance sheet.