Valleywag
We knew things were bad at Amp'd, the mobile operator: rumors going around about the company's liquidity crisis, and a loss of confidence by an unwieldy board in the company's "visionary" founder. Rafat Ali now reports that Amp'd, which burned through nearly $400m over the last two years in marketing to young cellphone users, has gone into Chapter 11 bankruptcy. Sure, the company will say it hopes to restructure its debts, swiftly, and move on; but consumers are likely to shy away from a service with such precarious finances.
Amp'd declares bankruptcy
We knew things were bad at Amp'd, the mobile operator: rumors going around about the company's liquidity crisis, and a loss of confidence by an unwieldy board in the company's "visionary" founder. Rafat Ali now reports that Amp'd, which burned through nearly $400m over the last two years in marketing to young cellphone users, has gone into Chapter 11 bankruptcy. Sure, the company will say it hopes to restructure its debts, swiftly, and move on; but consumers are likely to shy away from a service with such precarious finances.
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2:24 PM on Sat Jun 2 2007
By Nick Denton
2,109 views
7 comments
Comments
Told you.
"Alex says: [reply to this comment]
This will be dead by the end of the year.
05/25/07 01:53 PM "
damn - this does NOT bode well for acceptable.tv
Helio up next!
Did they run out of crack to smoke over there? How can you raise that kind of dough and go into Chapter 11 with money in the bank? Err, maybe there's nothing left in the pantry -- looks like Verizon will take it up the ass as they are biggest creditor...
wow, I never even heard of them, 400M ouch. I hope some good IP came out of it.
Me too on the "told you so." I've been calling this one since I heard the stupid fucking idea in the first place.
Amp'd never had a chance.
I don't know the backstory to this company, but I saw the ads on TV and couldn't quite make out what they were selling. Amp'd sounded too much like an energy drink to me.
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