Avid Life (A‪)‬

Noel Biderman was the president of Avid Life Media, a profitable Canadian growth company whose main business was various online social networks for targeted groups seeking sexual partners and romance. Biderman was seeking to raise $60 million via a private placement offering to acquire a privately held online advertising sales company, merge the companies and take the new and improved growth story public on the TSX Venture Exchange or the Toronto Stock Exchange. The Avid Life offering represented a legal and potentially lucrative investment. Nevertheless, only one investment bank (GMP Capital) was willing to help Biderman raise capital - because among the various social networks Avid Life owns is the notorious Ashley Madison online community for married people seeking to commit adultery. GMP’s relationship was short-lived; after media coverage of the Avid Life offering started to focus on the bank’s willingness to service Biderman’s company, GMP withdrew their support from Biderman. Perhaps attributable to the bank’s desire to avoid being seen in public with someone known, rightly or wrongly, as the king of infidelity, GMP’s withdrawn support left Biderman unable to take a potentially lucrative investment opportunity to market.