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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (102413)	3/19/2002 6:19:49 PM
From: originunknown	Respond to of 150070

Hmmmmm, I wonder why? lol eom

To: Buckey who wrote (102413)	3/19/2002 6:57:54 PM
From: Taki	Respond to of 150070

Actually,I went there, and looked, and it seems that all of his posts are gone.Interesting, the poster gone. In the mean time we are getting killed so far. It seems that it does not want to stop going down.LOL.But I am still in, and I will dance the good or the bad.I will keep accumulating and hope to get out safe with profit.

To: Buckey who wrote (102413)	3/19/2002 7:24:50 PM
From: Rocket Red	Read Replies (1) \| Respond to of 150070

NEXTCARD INC - News Release - 2002-03-18 23:32 NextCard Announces the Signing of A Restated and Amended Service Agreement with the Federal Deposit Insurance Corporation The Company Also Reports Delisting from NASDAQ and Further Staff Reductions NextCard Announces the Signing of A Restated and Amended Service Agreement with the Federal Deposit Insurance Corporation The Company Also Reports Delisting from NASDAQ and Further Staff Reductions SAN FRANCISCO, Mar 12, 2002 (BUSINESS WIRE) -- NextCard, Inc. (Nasdaq:NXCD) (the "Company") announced today that it has signed a Restated and Amended Service Agreement (the "Agreement") with the Federal Deposit Insurance Corporation (the "FDIC-R"), in its capacity as Receiver for NextBank, N.A. ("NextBank"), the Company's former banking subsidiary. Pursuant to the Agreement, the Company transferred its portfolio servicing operations to the FDIC-R and agreed to continue providing, for a minimum of three months, certain administrative services and a nonexclusive license for the Company's intellectual property. The Agreement provides for the FDIC-R to have uninterrupted access to the Company's technology and proprietary systems during the period of time believed necessary for the FDIC-R to market NextBank's credit card portfolio. In exchange for the Company's commitment to continue to provide technology support for the NextBank portfolio, the FDIC-R has agreed to pay certain ongoing fees and retention benefits necessary to maintain this support. The FDIC-R has the option to continue the agreement on a monthly basis after May 31, 2002 in return for the Company's agreement to continue providing support. The FDIC has also made a non-recourse loan to the Company of approximately $1 million. The loan is non-interest bearing, will mature in six months and is secured by an assignment in favor of the FDIC-R of all of the Company's right, title and interest in and to the security backing a letter of credit, in like amount as the loan, executed in favor of MasterCard International. In connection with the Agreement, the Company has reduced its number of employees by 546 persons (approximately 90% of the Company's workforce), leaving 65 persons remaining employed by the Company. Of the employees terminated, 465 persons have been offered temporary employment with a third-party contractor on behalf of the FDIC-R. The movement of the Company's workforce to the supervision of the FDIC-R is intended to ensure continuous provision of customer and portfolio servicing with respect to the NextBank credit card assets. Separately, the Company announced that it has voluntarily filed a request with NASDAQ to delist its stock from the NASDAQ Market System. The NASDAQ has advised the Company that its delisting will take place on or about March 18, 2002. The Company decided to request delisting because it is unable to meet the NASDAQ's continued listing requirements. The Company has also been removed from the NASDAQ Financial 100 Index.