This may be relevant (courtsey Yahoo! board)
Since broadband is a loss center of INSP, broadband technology elsewhere is not gaining any traction, and NJ has decided to eliminate most of the GNET staff, why would any one be surprised about the CTO-Broadband leaving?
Maybe he too was fired after INSP staff got hold of all the nuts and bolts of the technology!! If broadband were a very hot area, the CTO leaving and starting a new venture would steal INSP's business and that would be detrimental. I take ex-GNET employees' words with a pinch of salt. Maybe Horowitz should buy the broadband stuff from INSP if he was so excited about what he was doing.
About Horowitz making profits for GNET, you have to look at the latest INSP-S1 that gives all kinds of stock deals he had with so many dot.coms that have failed!
If the GNET-CTO has some worth for Digeo, then it is very good for INSP because INSP does not have to bear his expenses, while enjoying the benefits of his contribution to Digeo where INSP has 20% stake.
On October 1, 1999, Go2Net entered into an agreement with Charter
Communications and Vulcan Ventures to form Digeo, Inc. (formerly known as
Broadband Partners), a joint venture. We acquired Go2Net in October 2000.
Digeo intends to provide broadband portal services initially to
customers of Charter Communications, RCN Corporation and HighSpeed Access
Corporation, and potentially to other cable operators. Vulcan Ventures will own
55.2%, Charter Communications will own 24.9% and Go2Net will own 19.9% of
Digeo's capital stock. Vulcan Ventures is a minority stockholder of RCN
Corporation and High Speed Access Corporation and a majority stockholder in
Charter Communications. Vulcan Ventures, which held approximately 30% of
Go2Net's voting capital stock prior to its merger with us, holds approximately
6.7% of our common stock. In addition, William D. Savoy, one of our directors
and a former director of Go2Net, is President of Vulcan Ventures and a director
of Charter Communications. |
