All,
Re the Cyberfax writeoff.
For the period ending 3/31/99: Sales of $48K, operating loss of $404K, writeoff of $1.098,228.
At the same time, Cyberfax was sold to Carlyle for a $5M note. No revenue booked, doubtless because of the writeoff, although this was not stated.
I wonder about the cost of this charade. The project may once have had some prospects, but in today's environment of efax and jfax and forthcoming free portal-based unified messaging, and with no known switched network affiliation, I find it difficult to determine why anyone could think it'd make for a successful IPO.
Why didn't Joe just say, "it would have meshed well with ITEL, but we've missed the window. Poof. Goodbye, and no more losers."
All we know from the 8K is that the company has written off various businesses and it will presumably make payments on a leased switch in London as of November 30.
Anyone know what business the company is really in? How its business in Europe correlates with the European trend toward infrastructual consolidation and revenue growth in Internet, data, and wireless services?
Is anyone home?
S. |
