Tulipomania Blowoff Contest: Why and When will it end? Message Board

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Non-Tech : Tulipomania Blowoff Contest: Why and When will it end?

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Jun 26 5:00 PM EST

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To: RockyBalboa who wrote (3439)	6/17/2001 9:16:31 PM
From: RockyBalboa	of 3543

KPN be warned. Rights issues may not work always. Friday 8 June 12:39 PM One.Telstaff get redundancy notices-union MELBOURNE, June 8 (Reuters) - The majority of failed junior telco One.Tel Ltd's 1,400 staff were being handed redundancy notices on Friday, the CPSU Communications Union said. A CPSU spokesman said joint founder Bradley Keeling and the administrator were addressing staff floor by floor in the Sydney offices. "The majority of them are going to get the formal notice today," he said. The debt laden junior telco was put in administration last week when due diligence for a A$132 million rights issue revealed it was insolvent. The administrator began to wind-down the group's operations this week, striking deals to sell off the group's mobile and fixed line customers to try to gain money to pay off some of its A$600 million worth of debts. The CPSU spokesman said it would be vigorously pursuing One.Tel to get all the workers' entitlements paid. The workers are the first unsecured creditors in line and it appears unlikely there will be much, if any, money left after they are paid. Group managing director of Telstra Retail, Ted Pretty, said on Thursday that Telstra Corp Ltd did not expect any return on its unsecured debt. Telstra and rival Cable & Wireless Optus Ltd are together owed about A$100 million, according to administrator Ferrier Hodgson. C&W Optus, which is set to be taken over by Singapore Telecommunications, declined to comment on the return it expected. One.Tel shares have been suspended since May 28. (c) Reuters Limited 2001 REUTER NEWS SERVICE

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