This came over the transom today: Velocity Mortgage Capital “is pleased to announce” the hiring of Michael Oddi as the firm’s CMO.
Prior to joining Velocity, Oddi was the CEO of Tango Partners, a marketing and business development consultancy. Before that, he was the chief marketing officer of a “135-person media agency where he handled marketing, business development and public relations.”
Guess what agency that was? KSL Media. Velocity didn’t’ mention the name of the agency, and I have to say I don’t blame them. I’m actually surprised that Oddi keeps his stint there on his LinkedIn profile, although I guess a two-plus year gap on your resume requires some explaining.
Also a bit odd: Oddi has been with Velocity since February, but they’re only announcing it now. I mean, why bother at this point?
You remember KSL Media right? It went bankrupt nearly five years ago—on September 11, 2013 to be exact, probably why I remember it so well. A date (9/11) that shall live in infamy.
Here’s one staggering factoid—the case is still winding its way through bankruptcy court! Over 2,600 documents have been filed in the ongoing case.
Most of you know KSL Media was headed by Kal Liebowitz. Do a search of our site, if you’re unfamiliar with him. His reputation ain’t so good as they say.
How to describe Kal Liebowitz. Well if you believe a lot of people who have had dealings with him, Slime Ball Extraordinaire is a good starting point. He allegedly hoodwinked some customers including the parent company of Sweet N’ Low, which sued the agency and subsequently settled.
According to the trustee in the bankruptcy case, KSL used client funds, targeted for media buys, to run the company’s operations. That’s kind of a classic Ponzi scheme.
The trustee, David Gottlieb, sued Liebowitz and several other executives (not Oddi, who like many at KSL was more a victim of circumstances than anything else) at the firm for gross negligence. Just last month, in a terse one page order, the U.S. Appeals Court For the Ninth Circuit ruled that Gottlieb didn’t prove his case.
Still, the Chapter 7 case in U.S. Bankruptcy Court inches forward.