The co-founder’s quiet current role as Vice’s big dealmaker means he is unlikely to leave anytime soon.
Photo: Patrick T. Fallon/Bloomberg via Getty Images
The next step was a bankruptcy auction — a chance for anyone who thought it was worth more than that to put their money behind their convictions. This process is overseen by the courts and shepherded by bankers and lawyers whose job is to get the highest price from a group of competitive bidders, but in the 39 days between Vice’s initial bankruptcy filing and the end of the auction, one would-be owner after another fell away.
its rich and incentive-heavy contract with Shane Smith, Vice’s co-founder and former CEO. Now executive chairman, Smith is on track a $34 million quarterly payment, according to court papers. Chapter 11 gave Vice protection from creditors including suppliers, vendors, and freelancers who were owed money.
Fortress hasn’t gone public with its plans for Vice’s next stage, but one person familiar with the strategy said that Smith, who had helped secure an ever-escalating series of valuations for Vice in the past decade, will keep his role as the company’s key dealmaker.
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