Another former high-flying Internet company has collapsedgreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
Former Internet media high-flyer crashes
Another former high-flying Internet company has collapsed.
The embattled Internet media company, LibertyOne, has gone into administration.
LibertyOne is a one-time stock market darling, its shares peaking above $2 late last year, with big plans for expansion into Asia.
But after this year's high-tech correction and a series of decisions disliked by the market, it closed yesterday at just over six cents.
A white knight appeared in October, in the form of a privately-run Hong Kong firm, I-reality.
But the company has now decided not to proceed with a $6 billion recapitalisation, and an administrator has been appointed to manage LibertyOne and decide its fate.
LibertyOne's demise follows that of another Internet high-flyer, Eisa, which has been taken over by Austar.
-- Carl Jenkins (email@example.com), December 07, 2000