new working title: CEO for hire?

Word on the street is that BitPass, a company with Doug Knopper as CEO, is ceasing operations.  Someone received a letter from BitPass (below), which certainly doesn’t bode well for the BitPass team and company.  It’s too bad, Doug is someone most people liked and respected, so I know he’ll bounce back (if this is all true)..

Dear Valued Bitpass Buyer,

We want to thank you for your past business, however due to circumstances beyond our control, we are discontinuing our operations.
We have partnered with Digital River to provide operational support during the period prior to shut down. As of today, January 19, 2007, all Bitpass Buyers with US dollar denominated accounts are being notified that they will have seven (7) days to spend any amounts that currently exist in their Bitpass Account.
During this seven day period, US Buyers will not be able to further fund their account. On January 26, all US Bitpass Buyer accounts will be closed and Digital River will begin the process of refunding all unspent monies to the accountholder.
All account records and materials will be retained for 60 days and available upon request. Again we would like to thank you for your business and support.

Matthew Graves
Chief Operating Officer
Bitpass Inc.

UPDATE, 1/22/07: Doug was kind to email me that this was a good deal, Digital River gets more to support their plans and don’t cry for me, Doug Knopper, this deal doesn’t suck for him either