| E-Mail from NP to Partners Here's the E-Mail we got from them.
Verizon would be smart to pick them up at the new "Bargain Basement" pricing!
Dear Partner:
As you can see from the attached Press Release, NorthPoint has filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Verizon’s unexpected withdrawal from our merger left us with a funding shortfall.
Let me assure you that NorthPoint is not going out of business. The purpose of Chapter 11 is to preserve and strengthen our business so that we can continue to compete successfully with a strategic partner. We expect to do just that. During the reorganization, NorthPoint will continue with business as usual, which means operating our nationwide network, and taking orders for new service. In fact, we expect to continue with the improvements we have made in our operation over the past several months.
The purpose of our Chapter 11 filing is to create a framework to allow us to find a strategic partner in order to continue our business. We intend to do that through an open auction process. An open auction process is not the same as what often comes to mind when the word “auction” is used. Instead, the auction procedures merely provide a structure to the process we have already been engaged in – finding a strategic partner in order to continue doing business.
Our goal is to emerge from Chapter 11 as soon as possible with a strategic partner and on sound financial footing. By taking this action, we have given NorthPoint the time and resources we need to realistically restructure our business and build for a stronger future.
If you have any questions about this recent news, please contact your account team.
Sincerely,
Allan Jaffe
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Knowledge is power. |
