Aerie Tries Again For Metricom

from the could-it-be? dept

So, no one ever explained to me what sort of bankruptcy “auction” it is when the highest bidder then has to “negotiate” for a month – after which the bankrupt firm (yes, the one with no money) can then say, “we’re sorry, that’s not enough money you’re offering us”. Now, Aerie Networks, who a month ago was turned down in their $20 million bid for Metricom’s Ricochet network has decided to come back with an $8 million bid. Why Metricom didn’t accept the $20 million bid continues to be a puzzle. Of course, part of the reason the bid has dropped is that many of the ricochet radios have been destroyed. The article suggests that even if Aerie wins the bid, it might be a year or more before they could turn the service back on. Of course, a month ago, Metricom’s creditors could have received more than double what they’re now going to get, and they would have seen the network turned back on in some places. Instead, the greedy bastards get less money and plenty of customers who want their network back will be disappointed.

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