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Those crazy kids from Gizmondo are at it again

This isn’t strictly mobile gaming related, but it’s about former Gizmondo execs, so I’m sure everyone’s interested. Last month, new MVNO (Mobile Virtual Network Operator) Xero Mobile was created by the former head of Gizmondo’s Smart Adds division, Peter Lilly, with fundraising help provided by former Gizmondo CEO Carl Freer. Always quick to call bullshit, the fine folks over at MobHappy posted a report the other day about how the whole thing already smells like Gizmondo 2.0 (read: poor business plan, multi-millions of dollars raised/wasted, organized crime connections). Early Xero Mobile highlights include shady business mergers and $300 million in investment capital that may or may not exist. Click here to read how these guys prove that a free market economy just doesn’t work.