SHUT IT DOWN
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On Friday, November 30, 2001, the Bankruptcy Court gave permission to Excite @ Home to shut down service to its 3.7 Million customers. Yikes!
WILL SERVICE BE INTERRUPTED?
Cable operators are begging Excite to keep the service open a couple of weeks so they can find alternative providers and to allow customers to switch. Either way, the axe is falling.
Service to 850,000 AT&T Broadband customers has already been shut off. Most are without any connection to the internet. AT&T will take up to 10 days to switch these customers to its own service.
Excite @ Home is just one more dot.com company heading for the dot.com boneyard. The recession did not help. Advertising revenues dropped enough to choke cash flow. Banks are not willing to extend credit lines and in some cases have cut off credit. Excite @ Home is (or should I say was)a Redwood City, California based company. So, long Excite @ Home, was sure good to know ya.
Excite @ Home filed for Bankruptcy on September 30, 2001 because it was 1.3 Billion in debt and sinking fast.
AT&T now wants to buy all of Excite @ Home's assets for 307 Million dollars. The bondholders are not happy with that offer. Maybe AT&T will salvage something substantial from this financial debacle but I doubt it.
AT&T GETS CLOBBERED
AT&T paid more than six billion dollars for 38% of Excite @ Home. It gained control of the Board of Directors. Today the value of that 38% is about 7 million dollars. They lost most all of their sizeable investment.Yikes, again. Can you remember way back when AT&T was a great stock to own?
THE SWITCH IS ON, BUT WILL IT BE FAST ENOUGH?
The cable companies (COX, COMCAST, CHARTER and AT&T) are scrambling to fill the void with substitute providers.
The problem is that if Excite shuts down right away, there will be no internet access for up to 2 weeks for millions of subscribers.
WHERE IS MY ADDRESS?
Subscribers will lose e-mail addresses. So, if you are an Excite @ Home subscriber, you may want to use Yahoo, Hotmail, or some other E-mail address until you get hooked up with a new service.
If you are a shareholder in Excite @ Home, Don't expect to get a red cent for your investment. I hope you can use the write off. Excite @ Home is not at home anymore, it is in internet heaven. Shed a tear. Play the bagpipes. Throw dirt on the coffin. A once mighty internet company is no more.
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