Due to several conditions that are beyond our control, weShare finds itself compelled to suspend all business operations temporarily, while it undergoes a major reorganization.
As you know, weShare’s former merchant processor continues to hold over $2 million in donations that it has collected from project managers’ cards.
Many of weShare’s top leaders have suggested that we simply draw a line in the sand and start over. That sounds simple enough. But it’s not a sound solution, either legally or logistically.
weShare is aggressively pursuing its legal efforts to recover these funds. But the effort will be lengthy and costly, and during the interim the company cannot continue to receive donations or make distributions.
weShare had hoped it had found a solution almost as good, involving a fresh start that would allow Managers to retain much of the benefit of their weShare positions by transferring their projects to a new company. The weShare management team met the owners of another crowdfunding platform. By May 15, it was determined that this new company would not be a good fit for weShare members.
Along with this announcement, weShare has ceased accepting or paying out any more donations.