Broadband Infrastructure Group Corporation To Liquidate.Business Editors ST. LOUIS--(BUSINESS WIRE)--Nov. 21, 2000 In the wake of depressed financial markets and following a recent restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of Broadband Infrastructure Group (BIG) and its management team, BIG has ceased its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . "On November 19, 2000 the Board of Directors decided that BIG would immediately discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: its search for further funding, and instead concentrate on maximizing the value of its existing assets," said Patrick Smith Patrick Smith is the name of
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Co-Founder and Director. "In particular, BIG will attempt to sell all of its assets over the course of the next 30 days with the assistance and guidance of independent third party consultants and legal counsel. Pending the outcome of those sales efforts, proceeds will be distributed on a pro-rata basis to assure an even and fair distribution to all creditors," he continued. The decision by the Board was the result of a number of factors including investors' growing disfavor of internet and related companies. "BIG exhausted every effort to develop and maintain a viable business. Unfortunately, today we are commencing a process to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the our assets in an orderly an responsible manner in order to do what is best for our creditors," said Todd Baur, Executive Vice President. "This was a very difficult decision, and I am proud of the effort and sacrifices our employees made attempting to bring the BIG vision to reality," concluded Smith. |
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