It's Over. Amp'd To Sell Assets, Cease Operations - InformationWeek

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Commentary
7/23/2007
08:16 AM
Eric Ogren
Eric Ogren
Commentary
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It's Over. Amp'd To Sell Assets, Cease Operations

As of tomorrow, Amp'd Mobile will be no more. It failed to find anyone willing to fund its debt and will begin selling its assets in pieces within the next week. Rather than play "Taps," I think we should fire up Jimi Hendrix's version of the "Star Spangled Banner" in honor of Amp'd's passing.

As of tomorrow, Amp'd Mobile will be no more. It failed to find anyone willing to fund its debt and will begin selling its assets in pieces within the next week. Rather than play "Taps," I think we should fire up Jimi Hendrix's version of the "Star Spangled Banner" in honor of Amp'd's passing.Everything started to unravel last week when Verizon Wireless, Amp'd's carrier partner, went to the judge overseeing Amp'd's bankruptcy case and demanded it be allowed to shut Amp'd down. Amp'd was in talks as recently as Thursday with King's Road Investment to find some back-up money to keep the operations going. But to no avail. It could not find any company willing to front it some much-needed cash while fending off creditors.

Verizon Wireless, Amp'd's largest creditor, is owed some $56 million. Fully $15 million of that was accrued (at the rate of $370,000 per day) since Amp'd filed for bankruptcy on June 1st. Without any funding, and with debts higher than its Mohawk haircut, Amp'd has nothing left in the bank. According to reports, there's just $9,000 in its accounts.

The company has received numerous offers from various different companies for ts assets, such as its mobile content business. Amp'd will have a mass sale of everything, all the way down to studio equipment, to meet some of its financial obligations. Any auction will be supervised by the courts, and a hearing is scheduled for today.

So long, Amp'd. Cue Jimi...

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