Technology Crosser Ventures (TCV), LP, is a venture capital fund that invests as a limited partner in technology companies that require an infusion…

Technology Crosser Ventures (TCV), LP, is a venture capital fund that invests as a limited partner in technology companies that require an infusion of capital.  Among the partners are Testler, Hoag, and Kimball. One of the companies they invested in was Spree.com. The partnership was structured as to allow Spree, a corporation, to be the general partner with TCV as the limited partner.  As part of the partnership agreement, Testler would represent TCV as a member of the board of directors on Spree.com. On August 24, 2000, The Wall Street Journal reported a story about TCV and its partners that depicted Testler, Hoag, and Kimball discussing their investments at Testler’s office.  The paper quoted Testler saying, “What do we want to do with this puppy? The cash runs out soon.” Hoag then asked, “They’re going to be looking at us for more capital, aren’t they?” Kimball added, “I don’t want to be supporting them until who knows when.” The three men were talking about Spree.com.  Spree.com became insolvent (unable to pay bills as they become due) not long after the article appeared. They sued TCV arguing that the article made it impossible for them to get more investors. Spree sued Testler for breach of loyalty and due care.

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