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Metricom Files For Bankruptcy
from the ugh dept
This isn't good news. Metricom (providers of the Ricochet service) has not been able to raise the money they've been looking for so far and has declared bankruptcy. It's not such a huge surprise really, based on what they had been saying, but I was hoping they could avoid it. They're planning on continuing the service for now (which is good, because that's how I'm connected to the internet right now), but there are no promises how long that will last. Rumors are that there are some interested parties who have spoken to them about purchasing Metricom, but none have jumped yet. Maybe someone will buy them out of bankruptcy - but who knows what they'll do with the service.
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metricom. wild guess on what it sells for in bankr
still like this, too, someone should buy at the right price. Just took a look at their latest 10-Q. They have 245 million in lt debt and 103 short term liabilities and 615 in convertible preferred as of 03/31. Book value of the assets is ~600 million.
revenues are annualizing call it ~$16 million.
let's say they get it up to 25 next year.
in bankruptcy I will take a gander and say the fair market value is ~100 million, debt holders will get 10 cents on the dollar. This price is 4X revenue.
Thoughts?
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