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I read that Imzy raised $11M, so selling the IP for $1M when they shut down seems necessary to recover money for the investors. Honestly it surprises me they could even get that much for a failed company’s code base. Unless you are saying the CEO personally got that cash? That sounds more noteworthy.

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Yes the second thing. The CEO personally took that cash.

Source: I worked with one of the cofounders of Imzy and he spilled all the tea, that's the best I got though.

It sounds like the investors screwed up by giving away their claim on that IP.

According to the CEO (assuming this is them), they had most of the investment money left. They shut down quite quickly.

https://news.ycombinator.com/item?id=14411586

I read they had $8M of $11M left, so a big hole to fill for the preferred stock.

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