$5.7M Loan to Inside Bitcoins Operator Forgiven
The owner and operator of the Inside Bitcoins conferences, MecklerMedia Corporation, announced this week that the company’s CEO, Alan Meckler, has forgiven a loan of approximately $5.7 million to the company.
The company said that it expects to use net operating losses to offset the majority of any taxable gain on the debt forgiveness.
Alan Meckler is a pioneer and early publisher in the Internet space, founding and growing the Internet World trade show and the Internet World magazine, and building internet.com, a network of websites and email newsletters providing industry news and information for technology professionals.
Depending on the economic and business climate, Meckler had done well with building and developing conferencing, exhibitions, and publishing businesses.
Internet World rapidly grew in the late 1990’s to a very big event, with fall and spring trade shows attracting 50,000 visitors during the Internet bubble. In late 1998, the trade shows and magazine were sold to Penton Media in a deal worth $274 million. In 2009, Quinstreet acquired the internet.com publishing network for $18 million.
Earlier this year, Meckler sold his Mediabistro editorial assets to focus on the bitcoin and 3d printing conferences. The Mediabistro property did not do as well for Meckler but he had to weather the 2008 economic crisis. It was purchased for $20 million in 2007, and then sold for $8 million this year.
With 12 Inside Bitcoins events per year in 10 countries, Meckler and his team are committing to the future of the bitcoin and cryptocurrency industry. The company launched the bitcoin centric conferences in July 2013, becoming one of the first events in the industry.
The company’s other event, Inside 3D Printing, has eight shows scheduled for 2015.
The announcement regarding the loan is consistent with Meckler’s strategy of investing and showing confidence in his businesses.