Wednesday, June 15, 2005
The end of the end
This is what happens when a company goes under. First they get de-listed from the stock exchange, losing even their stock symbol, then the share price drops to 10 cents and finally trading practically stops altogether.
The company is Proxim in Sunnyvale, California. Until last month, they still called themselves a global leader in wireless networking equipment for Wi-Fi and broadband wireless networks. The beginning of the end occurred a few years ago when they filed a patent infringement suit against a competitor, got countersued then lost the lawsuit. In October 2004, they had a 1-for-10 reverse stock split to keep share prices above $1, but nothing could prevent the company from sinking further. Last week they declared bankrupcy and sold their assets away. There are so many dreadful chapters in the business of Silicon Valley, but this is probably one of the saddest to watch.
- posted by Woofwoof @ 10:05 PM
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It's like watching pirate movies, watching the high-tech companies fight over intellectual property . . . I need a scorecard!
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