doc

As you know, many dotcom companies have scaled back their generous offers and their once grand plans. With doubts about the value for their advertising dollars invested, companies are more aggressively pulling out of these offers and/or attempting to reinvent themselves - and sadly, increasingly finding themselves compelled to close up shop in some cases!


Just the latest:

Dear MValue and SweepSurf Members:

As many of you know already, our site and service has been down since last
Friday. We sincerely apologize for not communicating sooner, but our email
server has been down and we were having problems accessing our membership
database. We wanted to update everyone with respect to our membership
payments, our prize payments and the MValue and SweepSurf services.

As a young start up company, we needed additional investors in order to
continue operating and growing our program. Fortunately, at the end of
August we signed a deal with a major new investor to put a significant
amount of capital into our company. This put us in what we perceived to be
a very solid position to launch SweepSurf. Regrettably, that investor
unexpectedly pulled out of the deal after the launch of SweepSurf.

This was unfortunate and put us in a very difficult position. Through
September, we made our best effort to raise additional capital. However,
on Friday September 29th we were forced to shut down. Because the operating
expenses of running the business through September exceeded our revenues, we
will not be able to make any MValue or SweepSurf payments. This is a very
unfortunate situation and we sincerely apologize to you. At this point,
unfortunately, there is nothing that can be done. If there are any
additional developments, we will contact you directly. We launched our
company with the best of intentions and honestly did not anticipate this
outcome.

Sincerely,

The MValue-SweepSurf Team

leroy11

And another one ...

"We regret to inform you that Powerdime has been forced to suspend site operations due to market conditions. We will notify you of any changes in status. Thank you for your understanding."

any007

Yeah.
this one really burns me (powerdime).
I passed 15000 last month and was 300 pts
to 20000. I wanted a little better prize and
I find them shutdown now too.
Maybe it's time to get all my mypoints out!!!

doc

Well, it's not likely to abate any time soon, IMHO.

The Dow Jones Industrial Average is down another 44 points early today. Losing issues on the New York Stock Exchange hold over an 8-5 lead over the gainers.

Moreover, the Nasdaq Composite Index is off another 88 points to what will be a new closing low for the year, and the Standard & Poor's 500 Stock Index is down 11 points.

Additionally, there are also more caution flags in the technology area today.

So the pressure is really ON and many will lose funding and sadly fold up the tents!

doc

www.chipshot.com filed for bankruptcy!

The Nasdaq is down another 54 (DJIA off 330)in early trading, approaching 3000. It was 5000 in March!

These companies are getting hit all around, seeing intense competiton, having ad revenues cut and also having investors pullout! It 'aint a pretty picture!

AND:

Online direct marketing services firm MyPoints.com Inc. (NasdaqNM:MYPT - news) warned on Thursday that it expects to report a wider-than-expected third-quarter loss amid a downturn in online advertising.
http://dailynews.yahoo.com/h/nm/2000...ning_dc_1.html

[This message has been edited by doc (edited 10-13-2000).]

NJDavid

www.dotcomfailures.com

ontheroad

MyPoints.com | email a friend | post a rumor | rate company | stock quote
10/12/00
MyPoints.com Thursday posted some dismal financial news and let a third of its work force walk.
Complete article: http://www.internetnews.com/bus-news...484011,00.html

doc

Shares in DoubleClick slid as much as 37 percent on Friday after the Internet advertising company posted third-quarter results that disappointed some analysts and said fourth-quarter earnings would miss Wall Street expectations.

The stock price has fallen 95 percent from a 12-month high in early January amid concerns about the decline in online advertising spending.
http://www.nytimes.com/reuters/busin...ia-double.html


BTW- Hey, David, what are you doing in here?

This is "SPAM!"


AND: Scour Inc., the Los Angeles company that abets the trading of music and movies over the Internet, has filed for bankruptcy-law protection, a move the company said could shelter it from copyright infringement lawsuits it faces from record companies and movie studios.

Scour, which is backed by Michael Ovitz, the Hollywood agent and former Walt Disney president, filed Chapter 11 bankruptcy papers on Thursday in United States Bankruptcy Court in Los Angeles. It said in court papers that legal claims against it could amount to more than $100 million.
http://www.nytimes.com/2000/10/14/te...gy/14OVIT.html

[This message has been edited by doc (edited 10-14-2000).]

doc

Free School Computers Withdrawn

The story of ZapMe and schools like Plainfield shows the ripple effects of the dot-com downturn that extend far beyond Silicon Valley and Alley. To its founders, ZapMe had a noble vision defeated by a handful of naysaying activists opposed to any commercialism in schools and ready to jump to conclusions about the company's use of data about the students' computer use. While schools were still eager to sign up, Mr. Mortensen said, the bad publicity worried potential advertisers "about having an association of their brand with our brand."
http://www.nytimes.com/2000/11/02/te...gy/02COMP.html

doc

Indeed, for hundreds, maybe thousands of Internet companies founded with big ambitions, it is becoming time to go home. The trickle of failures that has steadily accompanied the growth of the Internet is now turning into a flood. In October alone, no fewer than 17 Internet businesses closed, including sites with names like Eve, Kibu, Productopia, Scour, Chipshot, WebHouse Club and iBelieve. And experts foresee an acceleration in the months ahead, as hundreds of Internet companies simply run out of money.
http://www.nytimes.com/2000/11/06/technology/06DOT.html


In the last weeks of September, the employees at Productopia.com were optimistically gearing up for the holiday season, writing and publishing product reviews — the site's stock in trade — at a rapid clip. The company was continuing to hire to fill its large fourth-floor suite and was doling out raises to several employees, suggesting things were going smoothly and good times lay ahead.

And they did — for about a week. Behind the scenes, Productopia's managers were in a frantic scramble, knowing they had nearly exhausted $22 million in venture capital. Collectively, the venture firms backing the site had concluded that they would not stake the company further unless it could attract new backers willing to risk investing in a product-review site — a category now shunned by the initial public offering market, and thus without an obvious and lucrative way to cash in.
http://www.nytimes.com/2000/11/06/te...gy/06PROD.html


AND: The online retailer Furniture.com Inc. has folded, saying it was unable to secure enough capital to continue operations.
http://www.nytimes.com/aponline/busi...Furniture.html


AND: The rumour now is that www.politics.com will go out of business tomorrow! Never caught on!


The predicament mirrors that of dot-com businesses throughout the area and nationwide. With the spigots tightened on venture capital, struggling Internet start-ups are giving up on shopping themselves to potential investors and instead seeking potential buyers.
http://www.washingtonpost.com/wp-dyn...-2000Nov6.html

Today, MotherNature.com is gone too!


AND:

As part of X.com's continuing product shift to focus exclusively on our
industry-leading online payment service, PayPal, we are ceasing operation
of the X Finance business, including the Internet banking division of
First Western National Bank ("FWNB"), as of December 1, 2000. Please
close your FWNB account by following the instructions at

https://secure.finance.x.com/account_closure.asp.

Accounts not closed by December 1, 2000, will be closed by us on that date and the balance mailed by check to the most recent address that you have provided.

AND: The dot-com shakeout has hit a new level of intensity, as private companies fold faster than ever and once-high-flying public companies teeter on the brink of disaster.
http://www.nypost.com/business/15296.htm

[This message has been edited by doc (edited 11-09-2000).]

PerrySSoCal

Is anyone else plaing the Dot Com Dead Pool at www.****edcompany.com? It is like a real dead pool, but for Dot Com's. They adjust your scores so you will be competitive to people who started before you.

Enjoy

PerrySSOCal

Seems like FT censors certain words. Email me if you can't figure it out...... [email protected]

------------------
joyfully subversive

[This message has been edited by PerrySSoCal (edited 11-06-2000).]

[This message has been edited by PerrySSoCal (edited 11-06-2000).]

snackyx

Add Pets.com to the list---they just went belly up!

doc

Take the case of T-Direct Inc., a Fairfax firm that hoped to start booking flights, hotels and rental cars for business travelers soon. It was just a day away from programming its online travel site for business customers when it had to stop. PSINet Inc., which reported a $1.38 billion loss in the third quarter, was building T-Direct's Web site applications, and both parties got the jitters.
http://washingtonpost.com/wp-srv/pri...u/ripple20.htm

cordelli

Garden.com has joined the list too.

Applefan

I'm actually sad to see Garden.com fold. I thought they had an unique business plan and cool merchandise. But the good side is they are having a great close-out sale until Dec. 1.