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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Ilaine who wrote (87248)3/28/2001 11:47:38 PM
From: posthumousone  Read Replies (4) of 436258
 
Hey my company announced they are closing tomorrow!!

I work at a small company (35 people - 20 which were hired between oct 2000 to march 2001...myself included)

We are (were) a technology company with an ASP CRM plan and had some good marquee clients. We hired 6 execs in the past 6 months with the hopes to take us public. I never really expected us to go public. We were led to believe that there was enough cash to keep us going for the rest of 2001.

Anyway the group of 'investors' who had been funding us have been getting margin calls of late and finally dropped the bomb that its over. No warning. We are supposed to come in tomorrow and pick up some letter.

Soooooo apparetly we are not going to get paid for the last 2 weeks in march. We also are not going to buy the eqpuipment that we were planning on buying (Lucent, Cisco, CPQ MSFT)for the proposed expansion. We are also not going to be paying our bills (PSINet, landlord etc, etc)

This is my first go around with unemployment (but boy is my consumer confidence up : )

Interesting to note that most of the money got burned hiring lawyers to help with our biz plan to take us public!!

I have been responsible and have no debt and saved plenty to tide me over (not to mention i could see the writing on the wall at work....just didnt think it would happen so quick), others have kids in college, debts etc

Also my friend a mech engineer, said his company is shutting down a week in april and a week in may.

So wheres that unemployment line? : )
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