"Linuxcare, the San Francisco-based Linux services provider and
currently the open-source community's No. 1 rated soap opera, took
a turn for the melodramatic this week. ... Although a Linuxcare
spokesperson confirmed the layoffs, Ted Schlein, Kleiner
Perkins general partner and current Linuxcare chairman, stepped
forward to squash rumors that his venture firm was backing away
from the beleaguered startup."
"Schlein says his current goals as chairman are twofold: "First,
we need to hire a new CEO," he said. "You can't go public without a
CEO. Second, we need to get the company's expense rate in line with
current growth, which means reducing the cash burn."
"Asked about the prospects of selling the company vs.
pursuing an IPO, however, Schlein refused to rule out either
prospect. "We're trying to go with what the new marketplace
gives us. Will we be opportunistic? Sure," he says. "If somebody
wants to acquire the company, I'll answer the phone call."
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