The previously unreported details of a deal that was never done provide a window into Virgin Orbit's failed scramble to avoid bankruptcy.
As the fortunes of Richard Branson’s Virgin Orbit were crashing to Earth last month, a little-known investor called Matthew Brown appeared offering a $200-million rescue.
In a separate email to staff that day, Hart offered a hopeful note for Virgin Orbit’s 750 workers, most of who had been furloughed to save cash when the company halted its business earlier in March. In the email, Hart said the Long Beach, California-based company would begin an “incremental resumption” of operations.
In interviews with Reuters over the past week, Brown dismissed accusations he had misrepresented himself. He said Virgin Orbit had not provided information he had wanted before he was comfortable transferring the $200 million into an escrow account as agreed in the term sheet. Brown did not specify the information he had sought and Reuters was unable to independently verify his assertion.
In his CNBC interview, Brown said he had worked with OpenAI. An OpenAI spokesperson said it had never worked with him. When queried about his firm via LinkedIn, Eric Woods said: “I have nothing to say and my family office doesn’t either.” He added: “While Matt is an adviser, we’re not affiliated with Matt’s purchase of Virgin, which I assume this is about.”
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