'Exceptionally painful breakdown': Shiffman won't change investing style despite Sleeping Duck court loss
The angel investor just lost an almost three-year court battle with the founders of mattress company Sleeping Duck, but insists it won't change his approach to startups.
Melbourne based angel investor Adir Shiffman has no plans to change his highly engaged approach to startup investing despite losing a lengthy court battle with one of his own portfolio companies, online mattress business Sleeping Duck.
“Almost exclusively, I have formed close personal relationships with founders and many are now the good friends with whom I spend my leisure time,” Shiffman told Capital Brief in the wake of the court loss.
“The Sleeping Duck situation was a unique and exceptionally painful breakdown in a previously great relationship with founders.”
As Capital Brief first reported on Saturday, Shiffman failed in his attempt to force Sleeping Duck to buy back his shares and pay him damages, with Victorian Supreme Court judge Jim Delany finding that the company did not breach a shareholders agreement with Shiffman, because no such agreement existed. Nor did the company "oppress" the entrepreneur, Delany found.
