My Job Matcher: AI Staffing Platform's $35M Credit Bid Collapse

My Job Matcher, Inc., the company operating the AI-driven recruitment platform Job.com, filed chapter 11 in the District of Delaware on July 6, 2025, alongside seven affiliated entities. The cases are jointly administered under Case No. 25-11280 (KBO) before Chief Judge Karen B. Owens. The filing resulted in a $35 million credit bid sale to lender-affiliated purchaser Job.com Acquisition Co., LLC (now Job.com, LLC), with no competing bids emerging despite a Configure Partners-managed marketing process. The sale closed on October 3, 2025, and the Debtors have filed a Combined Disclosure Statement and Plan of Liquidation, with a confirmation hearing scheduled for January 22, 2026.

Between 2020 and 2022, Job.com pursued an acquisition strategy, acquiring five staffing firms and a video interviewing platform to blend proprietary AI technology with traditional staffing operations. Revenue peaked near $100 million in 2022. By mid-2025, projected revenue had declined to approximately $15 million—an 85% decline. The company had exposure to healthcare staffing as the travel nurse market contracted 40% from its 2022 peak. In May 2025, the prepetition secured lenders exercised their stock pledge, displacing the founders and installing turnaround professionals. General unsecured creditors face projected recoveries of 0% to 3%.

The 363 Sale: Lender Credit Bid With No Competing Bids

The Debtors filed their Sale Motion on the Petition Date, and the Court entered the Bidding Procedures Order on July 28, 2025. After no competing bids emerged, the auction scheduled for September 23, 2025 was cancelled, and the stalking horse bidder was designated as the purchaser. The sale closed ten days later.

The purchaser, Job.com Acquisition Co., LLC, was a vehicle affiliated with the prepetition secured lenders: Serengeti Multi-Series Master LLC-Series ARR, GT Partners Private Credit Finance LLC, and GT Monterey Cypress Finance LLC. The transaction was structured as a credit bid under Section 363(k), with the $35 million purchase price satisfying a portion of the secured lenders' claims. No break-up fee was disclosed.

The acquired assets included the core Job.com platform and AI-interview technology, more than 200 domain names (including the flagship Job.com domain), a patent portfolio comprising 39 registered patents and 42 pending applications, 257 trade secrets, nine trademark applications, and customer contracts and relationships. The intellectual property portfolio built through acquisitions and internal development became the primary source of value for secured creditors.

Configure Partners ran the sale process, contacting potential buyers and marketing the assets. The Official Committee of Unsecured Creditors—comprising AHS Staffing, LLC and Core Cloud LLC, and represented by Greenberg Traurig—was appointed July 23, 2025 and filed an objection to the sale but ultimately reached a settlement. As part of that settlement, the DIP Secured Parties agreed to fund $500,000 in escrow for the benefit of unsecured creditors.

DIP Financing: Structure and Practitioner Considerations

The DIP facility totaled approximately $10 million, structured as a combination of new money and a roll-up of prepetition bridge financing:

The DIP Agent was Ankura Trust Company, LLC. The DIP lenders were the same parties as the prepetition secured lenders—Serengeti Asset Management and the Ghost Tree Partners funds (GT Partners Private Credit Finance LLC and GT Monterey Cypress Finance LLC). Serengeti was founded in 2007 by Jody LaNasa, a former Goldman Sachs partner. Ghost Tree Partners was founded in 2021 and is headquartered in Irvine, California.

The prepetition bridge loans of approximately $3.865 million had been provided since April 25, 2025, funding the company's operations as it headed toward a filing. Rolling those loans into the DIP facility provided continuity from prepetition to postpetition lending and preserved the lenders' priority position.

The Interim DIP Order, entered July 8, 2025, authorized up to $2 million of new-money availability while reserving final relief. The Final DIP Order followed on July 29, 2025, authorizing the full facility. Key DIP provisions included superpriority administrative expense claims, priming liens on all collateral, a professional fee carve-out, challenge deadlines for lien validity, and 506(c) and 552(b) waivers effective upon entry of the Final Order.

For practitioners analyzing this DIP, Delaware Bankruptcy Local Rule 4001-2 requires conspicuous disclosure of priming liens, cross-collateralization, 506(c) and 552(b) waivers, roll-up provisions, lien grants on avoidance action proceeds, and carve-out definitions. The Committee's leverage in these negotiations centered on the challenge deadline length, investigation budget, and the $500,000 unsecured creditor settlement escrow. The Committee and "all parties in interest" deadlines ran separately, consistent with Delaware practice.

From $100 Million in Revenue to Bankruptcy

Co-founders Paul Sloyan and Arran Stewart—both UK-based entrepreneurs operating through parent company MJM Tech Ltd.—built Job.com with a stated goal of combining proprietary AI recruitment technology with traditional staffing operations. In an early interview, Stewart declared the company's ambition: "We are going to change the way people are hired forever."

Job.com launched in 2018 as a blockchain-based recruitment platform, using smart contracts to document hiring negotiations and claiming 60 million registered users worldwide. The business model offered companies a 6% fee structure versus the industry-standard 20%, with the savings redistributed to successful hires as signing bonuses averaging $2,600 per placement. That blockchain initiative gave way to a more conventional rollup strategy: acquiring traditional staffing firms and layering AI technology on top.

Between 2020 and 2023, Job.com executed five staffing firm acquisitions:

In November 2022, Job.com secured IP-backed growth financing from Serengeti Asset Management and Ghost Tree Partners, building on earlier investments from SOJA Ventures and Serengeti. The company brought in experienced industry leadership, including Ralph Henderson—a former AMN Healthcare executive and six-time SIA "Staffing 100" honoree—to its board. Arran Stewart was named to the Staffing Industry Analysts 40 Under 40 list in 2023.

The U.S. healthcare staffing industry was valued at $28.2 billion in 2024 with projections to reach $34.4 billion by 2030. The healthcare staffing sector declined 22% in 2023—its first contraction since 2010. The travel nurse segment, a key revenue driver for Fortus and QCI, dropped 36%, with average travel nurse wages falling to approximately $2,300 per week in 2025, down 42% from pandemic peaks near $4,000. As Healthcare Brew reported, the travel nursing market shrank from a $42.7 billion peak in 2022 to a projected $19.5 billion by 2025—a 54% contraction in three years.

Revenue declined in parallel:

The First Day Declaration attributed the decline to multiple factors: a pivot away from traditional staffing models, internal disorganization, and the broader market contraction. Staffing Industry Analysts noted that internal disorganization and strategic pivots contributed to the deterioration. Integration challenges across five acquisitions in three years coincided with the revenue decline. By the petition date, the company had shrunk to approximately 21 full-time and part-time employees plus roughly 60 seasonal or temporary workers—a fraction of the workforce implied by the acquisition announcements.

The company's acquisition strategy coincided with a market that was experiencing consolidation pressure. According to Kroll, M&A activity in the North American staffing industry decreased 11% year-over-year in 2023 from elevated 2021-2022 levels. The private equity roll-up model that researchers have identified as a systemic trend—with 71.1% of PE deals in the U.S. in 2020 being add-on acquisitions—expanded across the sector.

Meanwhile, the broader AI recruitment market continued growing. Straits Research projects the global AI recruitment market will expand from $617.56 million in 2024 to $1.125 billion by 2033, a 7.2% CAGR. As HR Brew reported, agentic AI is reshaping the staffing industry, with platforms like Salesforce's Agentforce processing over 300 million resumes annually for clients like Adecco.

PrincetonOne, the executive recruitment firm acquired in 2022, was divested to Hueman People Solutions in June 2024. All 83 RPO employees transitioned to Hueman, a Shore Capital Partners portfolio company.

Lender Control: The May 2025 Governance Takeover

In May 2025, the prepetition secured lenders exercised their stock pledge, effectively transferring control from the founders to lender-aligned professionals. Law360 reported on the governance changes, noting that Robert J. Corliss of CorlissMoore & Associates was appointed CEO on May 7, 2025, and David Mack of Drivetrain LLC was installed as an Independent Director.

CorlissMoore had been engaged by the company in February 2025—three months before the governance takeover—signaling that the lenders and management had been planning the restructuring for some time. The bridge loans that began flowing in April 2025 provided runway while the transition unfolded.

This governance structure positioned the lenders to manage the sale process after taking control through the stock pledge. The Independent Director provided oversight of transactions involving the lenders as purchasers. For practitioners analyzing 548/fraudulent transfer exposure, the governance turnover occurring 60 days pre-filing is relevant context.

The capital structure at filing included $42.24 million owed to the prepetition secured lenders, approximately $1.5 million in Venture Debt loans, $2.459 million in SOJA Notes, and $608,000 in merchant cash advances—subordinated obligations that were junior to the secured claims. General unsecured trade liabilities totaled approximately $20 million.

The founders—Sloyan and Stewart, operating through UK parent MJM Tech Ltd.—lost control of the U.S. operating subsidiaries. This displacement would become a point of contention through litigation initiated by MJM Tech shareholder Earl Takefman.

Contested Matters: The Takefman and Team.AI Disputes

The case has seen litigation from parties disputing the sale process and asset ownership.

Earl Takefman, a shareholder of MJM Tech Ltd. (the UK parent company), has appeared pro se throughout the case, asserting that fraud and misrepresentation tainted the sale process. Takefman alleged that MJM Tech owned certain of the Debtors' intellectual property, challenged the validity of the stock pledge and lender control, and claimed Robert Corliss and the Debtors misrepresented facts in the First Day Declaration.

Job.com, LLC (the purchaser) filed a Motion to Strike Takefman's motion, and the Debtors joined that motion. The hearing on Takefman's Motion for Leave was cancelled on December 3, 2025. The Debtors and Purchaser have argued Takefman lacks standing because he is a shareholder of the UK parent rather than a direct creditor of the Debtor entities, cannot act for a corporate entity (MJM Tech) as a pro se individual, and the collateral attack on the sale order is improper post-closing.

The Team.AI dispute presented a different challenge. Team.AI Corp., a Delaware corporation that developed AI-driven video interviewing technology, was acquired by Job.com in 2023. Erin Wilson, serving as Sellers' Representative for the former Team.AI shareholders, filed a Limited Objection to the Sale, disputing whether the IP was properly transferred to the Debtors and raising issues related to her employment agreement. The Debtors sought and obtained approval to reject Wilson's employment agreement on October 1, 2025, resolving the dispute by cutting off ongoing obligations.

Other creditor objections included an omnibus objection from Venture Debt, LLC and SOJA Ventures, LLC to the DIP and Sale, and multiple bid procedures objections from Lily Grace Investments PTY Ltd. Several individual creditors—Shankar Ramalingam, Mohamed Pazhoor, Dan Austin, Vinay Kumar, and William Inman IV—claimed notice deficiencies and requested amendments to the creditor matrix. None of these objections prevented the sale from closing.

Plan of Liquidation: Path to Confirmation

With the sale closed, the case has transitioned to a plan-of-liquidation posture. The Debtors filed their Combined Disclosure Statement and Plan of Liquidation in mid-November, with multiple amendments through December 2025 incorporating comments from the United States Trustee and other parties.

The Plan establishes a Liquidating Trust on the Effective Date to receive remaining estate assets, administer distributions to creditors, resolve disputed claims, and pursue any preserved causes of action. A Liquidating Trustee will manage trust administration, and a Professional Fee Escrow will fund outstanding professional fee claims.

General unsecured creditors, with claims ranging from $18.47 million to $68.3 million, will share in the $500,000 settlement escrow funded by the DIP Secured Parties. The wide range in claim estimates reflects ongoing claims reconciliation; the claims objection deadline runs 100 days after the Effective Date.

Frequently Asked Questions

What type of chapter 11 case is this? My Job Matcher filed a traditional chapter 11 proceeding (not prepackaged). The case proceeded through a 363 sale process, with substantially all assets sold via credit bid to lender-affiliated purchaser Job.com, LLC. The Debtors have now filed a Combined Disclosure Statement and Plan of Liquidation.

What is the DIP facility size? Approximately $10 million, comprising $6.065 million in new money plus $3.865 million roll-up of prepetition bridge loans. Ankura Trust Company, LLC serves as DIP Agent.

Who purchased the assets? Job.com Acquisition Co., LLC (now Job.com, LLC), a vehicle affiliated with the prepetition secured lenders: Serengeti Multi-Series Master LLC-Series ARR, GT Partners Private Credit Finance LLC, and GT Monterey Cypress Finance LLC. The purchase price was a $35 million credit bid.

Were there competing bids? No. The auction scheduled for September 23, 2025 was cancelled after no competing bids emerged. The stalking horse was designated as the purchaser.

What will unsecured creditors recover? Estimated 0% to 3% recovery from a $500,000 escrow funded as part of the sale settlement. General unsecured claims range from $18.47 million to $68.3 million.

What caused the bankruptcy? Multiple factors: (1) 85% revenue decline from approximately $100 million in 2022 to projected $15 million in 2025; (2) healthcare staffing market decline (22% decline in 2023); (3) acquisition strategy with integration challenges; (4) $42.24 million in secured debt against declining revenue.

Who controls the company now? The sale closed October 3, 2025. Job.com, LLC (the lender-affiliated purchaser) now owns the operating assets. The bankruptcy estates are winding down toward plan confirmation.

When is the confirmation hearing? January 22, 2026.

What happened to the founders after the stock pledge was exercised?

Paul Sloyan and Arran Stewart, the UK-based co-founders operating through parent company MJM Tech Ltd., lost control of the U.S. operating subsidiaries in May 2025 when secured lenders exercised their stock pledge. Robert J. Corliss of CorlissMoore & Associates was installed as CEO on May 7, 2025.

What intellectual property was included in the sale?

The acquired assets included 39 registered patents, 42 pending patent applications, 257 trade secrets, nine trademark applications, more than 200 domain names (including the flagship Job.com domain), and the core AI-interview technology platform.

For continuing coverage of chapter 11 cases and restructuring trends, visit the ElevenFlo bankruptcy blog.