Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Sergio R. Mejia who wrote (7311)	2/5/1998 6:46:00 PM
From: Eashoa' M'sheekha	Read Replies (2) \| Respond to of 116762

Psychic Friends Network owner files for bankruptcy protection!! BALTIMORE (AP) -- Perhaps they should have seen it coming. The operators of the Psychic Friends Network filed for Chapter 11 bankruptcy protection this week. "They apparently made some bad decisions, and a couple of things happened that they had no control over," said James Olson, a lawyer for the network's operator, Inphomation Communication Inc. Inphomation listed liabilities of $26 million and assets of $1.2 million when it filed Monday for Chapter 11, which allows a company to hold off its creditors and continue operating while it puts its finances in order. The Psychic Friends Network, which has used singer Dionne Warwick as the host on its 30-minute infomercials, was once the second-highest-grossing infomercial, trailing Jane Fonda's pitch for her fitness video. For $3.99 a minute, people get advice on their careers or love lives. Inphomation, founded in 1990, pioneered the use of "900" phone lines and backed them with infomercials and a networ of about 2,000 psychics. Inphomation had estimated revenue of $100 million to $125 million in the early 1990s. "Remember, this was 1991 and the country was headed into the Gulf War and toward a presidential election. People were calling to get some answers," said Steve Dworman, publisher of Infomercial Marketing Report in Los Angeles. Dworman estimated that Inphomation's revenue has plunged to $25 million to $30 million in the last two years. He said competition and management missteps put the company owned by Baltimore businessman Michael Lasky deep in the red. "All this could have been avoided if he'd only called his own psychic lines," Dworman said. Sergio... I don't feel so bad now if I make a bad call..Yuk Yuk Taurus