Comments on: Comments on 19954

Post number 19954

WolfDaddy — Thu, 12 Sep 2002 11:17:08 -0800

Remembering the crazy dot-com boom. In November of 1998, a small California Internet provider named AvTel Communications announced they were providing local ADSL service to the community via a typical (and innocent, at least so it was thought) corporate press release. Business wires ~~spin~~ completely mis-interpret the release, CNBC talks about it on air, then clueless investors hoping to get rich quick start throwing money at the stock causing the stock price to rise an amazing 1284% in one day before trading is suspended. After several class-action suits, and a company re-name, the company managed to survive the hoopla, but only barely. Now they're being de-listed like yesterday's trash. Did something like this ever happen to a company for whom you worked? Let's share! (Yeah, I worked there then.)

By: WolfDaddy

WolfDaddy — Thu, 12 Sep 2002 11:22:34 -0800

Stock price in 1998: as high as 30-something dollars a share. Stock price today: 4 pennies. Hearing nearly two hundred voicemails that somehow got into my phone (just a lowly middle manager folks, nothing to see here) from frenzied (and just as clueless as the investors) journalists ranging from The Wall Street Journal to Entertainment Weekly: priceless

By: mr_crash_davis

mr_crash_davis — Thu, 12 Sep 2002 11:33:12 -0800

Oh yeah, only it happened mere months before I was hired, so I missed out on the crazy stock options that everyone else bought houses with (okay, maybe not whole houses, but they made some hefty down payments).

By: kokogiak

kokogiak — Thu, 12 Sep 2002 11:44:02 -0800

My dot-com boom story was a roller-coaster as well. Frenzied and deluded as those days were, I still miss the excitement, and the promise. I guess I'm one of the luckier ones, since my dscm stock still has some value (still 90% down from its IPO though).

By: ahimsakid

ahimsakid — Thu, 12 Sep 2002 11:46:07 -0800

I joined the the "world's largest internet consultancy"--marchFirst (sic) just as it formed. Does anyone remember their classic dot-boom commercials that never told you what they did? Well, it turned out that the Millenium turn might not have been the best time to launch a business predicated on getting others to pay you to show them the E-business ropes. More than that my parting agreement with them prevents me from saying. I did like those commercials tho, they were so, so, non-commercial. Ya know?

By: WolfDaddy

WolfDaddy — Thu, 12 Sep 2002 12:27:40 -0800

I still miss the excitement, and the promise Yeah, I do too. Anything seemed possible just 5 short years ago. But hey, since the markets are back to their 1998 levels, let's do it all over again! :-) The most frustrating aspect of the AvTel debacle is the fact that both Reuters and Bloomberg news wire services somehow emerged completely unscathed. The two wires both interpreted the press release to mean that AvTel had invented DSL and then forwarded their version of the release on to a worldwide audience. Irresponsible media at its height, with no repercussions whatsoever. Damn the liberal media! DAMN THEM ALL TO HELL!! :-) The funniest aspect is that most of the lawsuits against the company are only now reaching settlement. The plaintiffs have, for the most part, "won" the "right" to purchase the stock today for $8/share. Remember folks, the internet moves faster than the legal system. Silly plaintiffs.

By: TuffAustin

TuffAustin — Thu, 12 Sep 2002 12:35:57 -0800

Well I made it through to the last round of layoffs at my company which occured the day before they sold all the IP, headcount, and contracts to a larger software company. July of this year, that company picked me back up off the bench. The original company is still being traded, and despite the fact that they have nothing to sell, no IP, no employees, etc, the price is currently higher than before the aquisition. Go figure.

By: patrickje

patrickje — Thu, 12 Sep 2002 12:37:11 -0800

WolfDaddy: Anything seemed possible just 5 short years ago. You can do anything at ZomboCom. Anything at all...

By: hob

hob — Thu, 12 Sep 2002 13:55:45 -0800

Hah, I just today quit my job at a big Telecom/Media firm to go work at a startup. I feel giddy and a little nauseous, but I'm looking on it as "buying low..." Besides, the big company bullshit was getting to me.

By: oog

oog — Thu, 12 Sep 2002 17:37:40 -0800

patrick. thank you, for that link. truly.

By: LuxFX

LuxFX — Thu, 12 Sep 2002 18:01:41 -0800

yep, my last company made 90%+ of their profits last year from the (then) highly popular energy trading division. but they suffered from enron-fallout and (on wall-street's suggestion) took down the entire energy trading division (myself included). stock prices were trading at $33 a year ago, to around $4 today. so much for my 401K package...