Wednesday, March 2, 2011

Calacanis Drops TechCrunch50 Lawsuit

Jason Calacanis, the CEO of Santa Monica-based Mahalo.com, and organizer of the recent Launch conference, has dropped his lawsuit against TechCrunch founder Michael Arrington, according to Arrington himself in a news story. Calling the lawsuit a "PR stunt/blatant shakedown that so many tech journalists fell for," Arrington said that Arrington filed a court document asking for dismissal of the lawsuit. Calacanis had sued Arrington in November, over his sale of TechCrunch to AOL, claiming that he was due a piece of the proceeds due to his joint venture TechCrunch50. The news comes on the same day it was reported that Mahalo made a 10 percent cut to its staff, due to Google's recent search ranking changes. (Photo: Calacanis and Arrington in happier times, courtesy Techcrunch50-2009 ).

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