Hi, Dave here. I finally logged in. FYI-I never worked for Levanta, nor do I know if they need funding. I think the LinuxCare story is an interesting business case, especially as it relates to open source companies that continue to get showered with cash.
You are correct in your comments. The management pissed away alot of $$$. The whole point of this piece was to show that investors-and developers need to pay attention to the world around them and not get caught up in the B.S.
LC could have survived, but they drank their own Kool-aid and thought they were invincible. Couple that with bad market conditions and the whole thing goes to hell.