style='mso-bidi-font-weight:normal'>Chronicler
of Dot-com Doom for Sale
on eBay
FxxxedCompany.com, the
irreverent
Web site that documents
the demise
of a number of dot-coms,
is itself
on the auction block,
according
to a newswire report.
Philip Kaplan,
the founder of the site,
put it
up for sale on eBay
Sunday, and
as of yesterday
afternoon, bids
reached $10
million—although the
person listed as the top
bidder
said he has no intention
of paying
that amount. Ed Reed, a
sophomore
at Rensselaer
Polytechnic Institute
in Troy, N.Y., said his
$10 million
bid was a
"joke."
href='http://rd.yahoo.com/Dailynews/inlinks/cn/*http://www.news.com/news/0-10…'>
style='color:windowtext;text-decoration:none;text-underline:none'>Kaplan,
known as "Pud"
on the
site, said he was
selling the
site to make money and
because
he did not have enough
time to
turn it into a
legitimate business.
Kaplan said he would
sell the
site if someone meets
the reserve
price on the auction
with a legitimate
bid. He also said he
would like
to continue working on
the site
as a part-time employee,
writing
the newsletter, if the
new owners
want to keep him on.
Since the
start of the year, a
growing number
of Internet companies,
unable
to find further funding
from skeptical
investors, have folded,
been sold
to other companies or
laid off
employees. In the midst
of dot-com
failures, Kaplan
launched the
site in
June.
style='mso-bidi-font-weight:normal'>Loewen
Group Announces
Potential Significant
Conversions of Preferred
Shares
The Loewen Group Inc.
yesterday
announced that holders
of first
preferred shares, series
C, have
brought a motion seeking
an order
that would allow
conversion of
their series C preferred
shares
into common shares,
according
to a newswire report.
The company
has been under court
protection
from creditors since
June 1, 1999,
when it filed under
chapter 11
of the U.S. Bankruptcy
Code and
the Canadian Companies'
Creditors
Arrangement Act. Loewen
is currently
engaged in discussions
with its
principal creditors
concerning
the terms of its
reorganization
plan. The Loewen Group
currently
owns or operates more
than 1,100
funeral homes and more
than 400
cemeteries across the
United States,
Canada and the United
Kingdom.
style='mso-bidi-font-weight:normal'>CellNet
Data Systems Liquidation
Plan
Becomes Effective
CellNet Data Systems
Inc.
and CellNet Funding LLC
announced
that their amended and
restated
joint consolidated
liquidating
plan of reorganization
dated July
11 was approved by the
bankruptcy
court on Aug. 16 and
became effective
yesterday, according to
a newswire
report. Under the
reorganization
plan, common stock
holders and
preferred securities
holders of
the San Carlos,
Calif.-based company
will receive no
distributions,
while senior discount
note holders
will receive a portion
of the
principal and accreted
interest
due to them. Holders of
allowed
claims against the
consolidated
estate in bankruptcy
would receive
distributions beginning
this month
in accordance with the
plan.
style='mso-bidi-font-weight:normal'>PSA
Inc., Two Operating
Units File
Chapter 11
The holding company
PSA Inc.
and two affiliates filed
for chapter
11 protection yesterday
in the
U.S. Bankruptcy Court in
Delaware,
according to a Reuters
report.
In court papers, the ETS
Payphones
Inc. unit reported
assets and
debts of more than $100
million
each and listed almost
all unsecured
claims as trade debt.
The second
unit, ETS Vending Inc.,
listed
assets and debts of up
to $10
million each. The parent
company
had assets of less than
$50,000
and debts of less than
$100,000.
PSA, based in Los
Angeles, provides
network services for
e-commerce,
international tour
services, digital
video production
services, and
digital television
broadcast
