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Founder of Bankrupt Former Inc. 500 Firm Resigns

David Steinberg, who guided InPhonic to the No. 1 spot on the 2004 Inc. 500, steps down as chairman as the company files for bankruptcy.
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David Steinberg, the founder and former CEO of wireless products and service provider InPhonic, resigned as chairman of the company's board of directors last week, according to electronic filings with the Securities and Exchange Commission.

InPhonic, which held the top spot in the 2004 Inc. 500 list of the nation's fastest-growing private companies, filed for Chapter 11 protection last week after agreeing to sell its assets to a private-equity firm, the company said in a statement.

Steinberg's mentor, former Apple and Pepsi CEO John Sculley, also resigned from the board in October, according to the filings.

In 2003, the company grossed $119.4 million, marking a three-year growth rate of 23,833 percent. Now, the company expects that shares of its stock, which is listed on the Nasdaq, will have no value.




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