End of the Road
PSINet has filed for Chapter 11 bankruptcy protection in the Southern District of New York. The company said it is unable to meet its financial obligations, due, in part, to customers fleeing its services. PSINet currently has cash assets of $300 million.
Oops!
Xerox has restated three years of financial results because of an accounting mistake, company officials said. The adjustments cut Xeroxs net income for 1998 and 1999 by a total of $207 million, while adding $177 million in total to the bottom line in 2000 and first quarter 2001.
Stealing Secrets?
A grand jury in New Jersey has indicted former Lucent Technologies research scientists Hai Lin and Kai Xu on charges of conspiracy to steal trade secrets from the company. A consultant, Yong-Qing Cheng, was also named. If found guilty, the men could face up to 10 years in jail and $250,000 in fines.
Greener Pastures
Sun Microsystems technology evangelist and Java czar George Paolini is leaving to join Zaplet, an enhanced e-mail start-up. Also out the door is David Gee, vice president of Suns iForce program. Gee left Sun late last month to join eMikolo Networks.
BS Meter
The Consumers Union has launched the Web Credibility Project to help ensure the quality of information found on the Internet. The organization will make its findings available through its popular Consumer Reports magazine.
Nine Million and Counting
There are now 9.3 million broadband subscribers in North America, according to data from Kinetic Strategies. Cable operators continue to dominate, with 70 percent market share in the U.S. and Canada.