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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Steve Lee who started this subject	11/30/2001 5:41:59 PM
From: sylvester80	Read Replies (4) of 99280

Excite@Home told to end service at midnight on Friday msnbc.com Excite@Home told to end service Judge’s ruling could affect about four million Internet users SAN FRANCISCO, Nov. 30 — A U.S. bankruptcy judge ordered Excite@Home to shut down its high-speed Internet service at midnight on Friday, a move that could affect about four million subscribers. The ISP could still strike a deal with cable companies to keep service flowing. IN A CLOSELY-WATCHED ruling, Judge Thomas Carlson handed a victory to Excite@Home’s bondholders, who had contested a $307 million buy-out offer by AT&T Corp, for the once high-flying company. The judge said Excite’s bondholders should be free to negotiate a better offer. “The debtor (Excite) should not be forced to accept the offer the cable companies find advantageous,” Carlson said. Carlson said arguments by the cable companies that millions of Excite users would have their Internet access shut-down were not persuasive, saying he was confident that the cable companies and Excite would come up with new arrangements to continue Internet service without interruption. Carlson gave Excite@Home the leeway to end the contracts after concluding they had become “clearly burdensome” to the company. Under the contracts, Excite@Home executives said the company was losing up to $6 million per week. Talks between Excite, its creditors and cable companies including AT&T Broadband, Cox Communications Inc. and Comcast Corp., are currently underway in an effort to strike a new deal before the midnight deadline, attorneys at the bankruptcy court said. The cable companies that connect their customers to the high-speed network said they plan to appeal the decision to U.S. District Court in San Francisco as soon as possible.

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