Just before Labor Day weekend, TechStars cofounder David Cohen published an anonymous email from a concerned cofounder about his or her hellish experience with an unnamed "accelerator"—one of those boot camps that takes equity in a young startup in exchange for a small amount of capital and the promise to whip it into shape—as well as its utterly deranged managing director.

It sounds like the accelerator bubble is constricting right on schedule. According to an email obtained by Valleywag, Eugene Chung, who was hired to replace David Tisch as managing director of TechStars New York in January, has been fired. The departure comes two weeks before the accelerator's upcoming Demo Day, which in years past has been an orgy of oversubscribed startups and was the subject of a reality series on Bloomberg TV.