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.