Former Amp'd Mobile CEO Peter Adderton has reportedly landed a new job, says Rafat Ali, as president and CEO at talent agency WIlliam Morris's new-media division, Agency 3.0. (William Morris later confirmed the hire via press release.) Adderton got the gig likely because of the mobile-video hit "Lil Bush," which eventually ended up on Comedy Central. But in our hearts, Adderton will always be the guy who burned through Amp'd's $360 million funding in just two years. Where did investors' money go?

Some IPOs — like Google and VMWare—are impressive from the start. Others — like Vonage, which has fallen 85 percent since going public — fall flat. Virgin Mobile, with its cherry brand name and backers, should have had a sparkling debut. And yet it didn't.

If at first you don't succeed, be Peter Adderton. Ever since Amp'd Mobile, the troubled wireless carrier, messily declared bankruptcy in June, Adderton, its former CEO, has been trying to plot his own exit strategy. A rumored deal with Qualcomm never materialized, which makes us equally suspicious of MoCoNews's report that Adderton is "close" to joining Clearwire, the broadband-wireless Internet service provider. Why Clearwire would want to get entangled with Adderton isn't clear. Granted, Amp'd Mobile had a hit in "Lil Bush," the mobile-video series that made the jump to the boob tube on Comedy Central. But most ISPs fare poorly in the content business. And even if Clearwire really wants to make a go of it, is Adderton the best possible partner?

So how did Amp'd Mobile, the bankrupt pay-as-you-go cellular service, burn through $360M so quickly? Looks like the company funded high-flying CEO Peter Adderton's collection of porn DVDs. [VentureBeat]

If you're an Amp'd Mobile subscriber, you're officially out of luck at midnight, when Amp'd stops providing customer service. Not that the bankrupt wireless carrier was providing much before. The Amp'd FAQ page, for example, tells customers that they can use their phones with Sprint and Verizon Wireless — but those carriers are telling would-be subscribers that the models are incompatible. There's no graceful exit from Amp'd, in other words. Unless you're former CEO Peter Adderton. Here's how he's planning a comeback, according to a well-placed source.