September 29, 2001 |
Excite@Home Corp., the leading provider of high-speed Internet access over cable television lines, said Friday that it will sell its broadband business to AT&T Corp. for $307 million in cash and filed for bankruptcy protection. Under the agreement, the once-highflying company's network would become a part of AT&T, which already has a controlling interest in Excite@Home. The deal is subject to a bankruptcy judge's approval.
May 9, 2000 |
Excite@Home Corp. said Chief Executive George Bell replaced Thomas Jermoluk as chairman after shares of the high-speed Internet access provider dropped 78% in the last year. Jermoluk, 43, handed the chairmanship to Bell, 43, late last week, though he will remain a board member, the company said. Jermoluk turned over his position at a board meeting, the Wall Street Journal reported.
August 28, 2001 |
The outlook for Internet access provider Excite@Home Corp. dimmed further Monday when the company received demands that it must repay $50 million by Friday. Excite@Home, which has little cash left and $1 billion in debt, said it was contesting that demand, but added that if it is forced to repay, it could have a "materially adverse" effect on its liquidity and ability to fund operations. Shares of Excite@Home, formally At Home Corp., fell 11 cents, or 22%, to close at 39 cents on Nasdaq.
May 4, 2005 |
AT&T Corp. said Tuesday that it would pay $340 million to settle claims related to the bankruptcy of At Home Corp., a now-defunct broadband business in which it acquired a controlling stake in 2000. The company said the payment would not have a material effect on its operating results. Cable company Comcast Corp. -- which bought AT&T's broadband operations in 2003 -- will reimburse AT&T for half of the settlement amount as set forth in its purchase agreement.
February 20, 1997 |
A gasoline marketer that helped pave the way for motorists to pay at the pump with a credit card has a new device that should speed visits to its service stations while letting customers leave the card at home. Mobil Corp. plans to introduce in May an electronic gizmo to hook on a key chain that uses radio signals to activate the gas pump and charges the purchase with a single swipe past the pump.
August 21, 2001 |
ExciteAtHome Corp., the high-speed Internet company that once was poised to dominate the next generation of online services, is on the verge of falling into the broadband rubble, its auditors warned Monday. The disclosure added new urgency to the company's mounting financial difficulties, which stem in part from the decline in Internet advertising. Making matters worse, the news cut ExciteAtHome's already-flattened stock price almost in half, increasing the risk of a disastrous cash shortage.
January 26, 1990 |
HomeFed Corp. President Robert F. Adelizzi has been named chief executive of the savings and loan holding company, taking over day-to-day management from Kim Fletcher, who will remain board chairman. Adelizzi joined San Diego-based HomeFed, parent of HomeFed Bank, in 1962 and has been its president since 1981.
December 16, 1994 |
Three former executives of failed HomeFed Bank of San Diego were indicted Thursday by a San Diego federal grand jury on 10 felony counts of conspiracy and fraud. The case stemmed from a federal task force's two-year investigation of the thrift's real estate development activities. The charges focus on an alleged "sham sale" of property in 1990 by the S&L's real estate development subsidiary, Home Capital Corp.
April 17, 1998 |
Sun Microsystems Inc. said Thursday that its fiscal third-quarter profit rose 18%, paced by better-than-expected sales of its computer servers in the U.S. and Europe. Net income for the quarter ended March 29 rose to $232 million, or 59 cents a diluted share, compared with profit before a gain of $197 million, or 51 cents, in the year-ago period. The results matched analysts' expectations. Sun's profit rose on sales of its powerful and profitable servers and storage products.
August 23, 2001 |
Internet service provider Excite@Home said Wednesday that it fired the independent auditor that raised questions about its prospects for staying in business. The company, however, said the move was planned months ago. Auditors from Ernst & Young said in a report filed Monday with the Securities and Exchange Commission that money-losing Excite@Home, formally called At Home Corp., faces a risk of collapse unless it obtains a substantial cash infusion.