The women’s Internet network iVillage burst out of the gates last spring with an $81.5 million initial public offering. Shares were in such demand that on the first day of trading, the stock price rocketed from $24 to $100 before closing at $80. To Todd Kenner, it was a day of lost riches.
A year ago, iVillage offered Kenner, a former associate general counsel at the Gaylord Entertainment Co. in Nashville, a job as vice president of business development. Kenner saw dollar signs in the 100,000 stock options he says he was promised when the New York-based company went public. The equity stake, says Kenner, was “extremely attractive.” So he moved his family to New Jersey – only to lose his job just months later.
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