Post #1365382
2022-12-16 19:12 UTC
Right before the Board's December 10-12 meeting, we received a draft contract from MIT with a worse offer.
It transferred liabilities much higher than the assets that came with and significantly decreased the funds that W3C would receive.
This jeopardised the Consortium’s viability but we sought to continue negotiating in good faith and looked for options to accelerate revenue to avoid cash flow issues.
Replies (1)
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@robin@mastodon.social 2022-12-16 19:14
Yesterday, the Board learnt that the financial balance that MIT is offering is actually much worse than previously stated due to additional liabilities that MIT has only just informed us of. Except with a drastic reduction in staff, W3C would not have enough money to make it to the end of January based on the proposed agreement. And even then it would be unlikely to make it through Q1.