Internet Sports Network Strikes Out
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After letting go all its employees December 21, Palo Alto-based Internet Sports Network Inc. today took the less-than-surprising next step of declaring itself out of business. As previously disclosed in the company's Form 10-Q for the quarter ended September 30, 2000, the once promising Internet Sports Network, an ASP specializing in database-driven promotions, contests and games, had been in default with three loans, its promissory note and its Series 1 convertible debentures since the quarter ending June 30, 2000.
Previously, the company stated that it would need to cease operations and seek protection under federal bankruptcy laws if it was unable to obtain equity or debt financing or generate additional cash through the sale of assets by November 30, 2000. It was unable to obtain funding through any of these three sources which led to dismissal of its staff. As a result, the Company was forced to release all employees on December 21, 2000.
In a statement, the company says current CEO J. Thomas Murray will continue to supervise an analysis of Internet Sports Network's financial position and implementation of subsequent action plan.