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Strategies & Market Trends : Scamthony Cataldo -- Ignore unavailable to you. Want to Upgrade?

To: scion who wrote (70)	1/15/2004 11:37:27 AM
From: scion	Read Replies (1) \| Respond to of 137

The Entertainment Internet Files to Eliminate Prior Debts, Continues Castnet.com Services as Host LOS ANGELES--(BUSINESS WIRE)--Nov. 24, 2000--The Entertainment Internet Inc. (TEI) (EQS:EINI) filed for reorganization to eliminate millions of dollars in unsecured and other debts incurred by prior management and to protect it from creditors while it continues to operate the Castnet.com(TM) Web sites it developed. The filing is expected to rid the company and its subsidiary of several classes of claims and debts and to recover monies paid for certain claims and settlements during the past 90 days, while present management frames a reorganization plan. According to the company, the Castnet.com(TM) Web sites are now owned by its principal lender and are operated through an arrangement which allows the company continued but reduced funding. The lender recognizes that Web site value is impaired or negated by interruption of service and is allowing the company to continue to operate and host the Castnet.com(TM) Web sites on its behalf. Subscribers to the Castnet.com(TM) services, like other creditors, will receive appropriate notices as the case proceeds, but are assured that the company has taken this decisive action to rid itself of suffocating debt so that it can better serve as an electronic community host. Strategic Marketing V.P. Rick La Fond said: "We will continue to serve the production, casting, and acting communities while outside counsel assists us in shedding the debt amassed by prior management. While our detractors and competitors may make contrary statements, it will be business as usual for Castnet.com(TM) and TEI's dedicated staff." TEI offices will be closed through Monday in observance of the Thanksgiving holiday. actors.castnet.net