As the fortunes of Richard Branson's Virgin Orbit were crashing to Earth last month, a little-known investor called Matthew Brown appeared offering a $200 million rescue.
Within two days of being contacted by Brown, Virgin Orbit Chief Executive Dan Hart had secured board backing for a preliminary agreement with the 33-year-old Texas-based investor, according to related documents and email exchanges reviewed by Reuters and three people with knowledge of the discussions.
Hart, a former Boeing veteran, did not respond to a request for comment on the talks with Brown. Virgin Group, which owns 75% of Virgin Orbit, also declined to comment for this article. The group is providing financing to Virgin Orbit as the satellite launch company seeks a buyer in bankruptcy. Brown told Reuters he had no shares in Virgin Orbit and had not profited from taking his bid public and the short-lived stock price jump that followed. The company's bankruptcy filing on Tuesday showed a "Matthew Brown" as holding 238 shares at the time of the filing. Those shares were worth $48 on Thursday.
At the time of his Virgin Orbit approach, Brown's LinkedIn page included an endorsement from Dan McDermott, identified as a former colleague at Hogshead Spouter and as a former official with the Hong Kong Monetary Authority. The central bank said it had no record of having employed McDermott.Brown said he had worked for Woods Family Office, a Houston-based private wealth firm, from 2008 to 2021, beginning at the age of 18 in the role of CEO managing $6 billion then as a senior adviser.
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