Earlier this week, we discovered that the entity known as Commonground/MGS had ceased to exist due to what spokespeople called a disagreement between its bank and the private equity firm created to help finance its operations.
Now, the founders of commonground–who appear to have severed all ties with their former partners at MGS–say they’re launching a new, yet-to-be-named agency, implying that they will retain the clients they had before they joined forces with MGS last year.
Here’s the statement that Ahmad Islam and Sherman Wright gave to AdAge today:
“We are no longer affiliated with the entity known as Commonground/MGS. We are moving forward as a new agency based in Chicago focused on getting back to business with our clients.”
MillerCoors also told AdAge that it would continue working with Islam and Wright and that the business relationship would not be affected by the dissolution of Commonground/MGS.
There are some problems with this narrative, chief among them the fact that the entity that was CGMGS currently owes money to multiple vendors and hundreds of employees.
We hear that those employees worked for at least two weeks without pay before they were unceremoniously fired last week via email and told to gather their things on Monday.
Now we wonder whether Islam and Wright might encounter a bit of trouble in staffing their new venture.