We could have sold our customer data too. We knew it was wrong and it was never considered an option.

When in a tail-spin do this:

Share your finances openly with your team

 - They already know something's up. Give them breathing room and time to act accordingly.

Communicate more to your investors, not less

 - Don't go dark. You'll need their help if you try to get acquired.

Pass the Hacker News test

 - Don't be a dick. Someone will write about you either way.

Pay everyone in full

 - Don't screw your vendors or employees out of the $ they've earned.

Pursue interesting acqui-hires

 - This one is a tough one, you need to start shopping the company well before you think you need to. Once you're out of money your company is worth pennies on the dollar.

I love the advice "don't be a dick". Useful in many situations.