NorthPoint Communications: Difference between revisions
imported>StooperSpoon45 |
imported>AKK-700 |
||
| Line 1: | Line 1: | ||
{{Short description|Communications company}} | |||
{{Infobox company | {{Infobox company | ||
| name = NorthPoint Communications Group, Inc. | | name = NorthPoint Communications Group, Inc. | ||
| Line 9: | Line 10: | ||
| key_people = Herman Bluestein<br/>{{small|(Chief Development Officer)}} | | key_people = Herman Bluestein<br/>{{small|(Chief Development Officer)}} | ||
| num_employees = 506 (1999) | | num_employees = 506 (1999) | ||
| website = {{web archive|url=https://web.archive.org/web/20000619052753/http://www.northpoint.net/|title=northpoint.net}} | |||
}} | }} | ||
| Line 16: | Line 18: | ||
The company was founded in 1997 by Michael W. Malaga and 5 other former executives of [[Metropolitan Fiber Systems]].<ref name=cash>{{cite news | url=https://www.sfgate.com/business/article/The-Cash-Just-Keeps-Coming-NorthPoint-founder-2931089.php | title=The Cash Just Keeps Coming / NorthPoint founder stays grounded | first=Peter | last=Sinton | work=[[San Francisco Chronicle]] | date=May 12, 1999}}</ref> | The company was founded in 1997 by Michael W. Malaga and 5 other former executives of [[Metropolitan Fiber Systems]].<ref name=cash>{{cite news | url=https://www.sfgate.com/business/article/The-Cash-Just-Keeps-Coming-NorthPoint-founder-2931089.php | title=The Cash Just Keeps Coming / NorthPoint founder stays grounded | first=Peter | last=Sinton | work=[[San Francisco Chronicle]] | date=May 12, 1999}}</ref> | ||
On May 5, 1999, during the [[dot-com bubble]], the company became a [[public company]] via an [[initial public offering]] in which it sold 15 million shares at $24 per share.<ref>{{cite news | url=https://www.latimes.com/archives/la-xpm-1999-may-06-fi-34487-story.html | title=This IPO Goes to Show: 'Dot-com' Is No Magic Bullet | first=Deborah | last=Vrana | work=[[Los Angeles Times]] | date=May 6, 1999 | url-access=subscription}}</ref> Malaga, then 34 years old, was worth $300 million on paper.<ref name=cash/> | On May 5, 1999, during the [[dot-com bubble]], the company became a [[public company]] via an [[initial public offering]] in which it sold 15 million shares at $24 per share, trading under the symbol NPNT on Nasdaq.<ref>{{cite news | url=https://www.latimes.com/archives/la-xpm-1999-may-06-fi-34487-story.html | title=This IPO Goes to Show: 'Dot-com' Is No Magic Bullet | first=Deborah | last=Vrana | work=[[Los Angeles Times]] | date=May 6, 1999 | url-access=subscription}}</ref> Malaga, then 34 years old, was worth $300 million on paper.<ref name=cash/> | ||
In September 2000, [[Verizon]] agreed to acquire a 55% interest in the company and merge the companies' [[DSL]] businesses.<ref name=abandons/> | In September 2000, [[Verizon]] agreed to acquire a 55% interest in the company and merge the companies' [[DSL]] businesses.<ref name=abandons/> | ||
| Line 27: | Line 29: | ||
==References== | ==References== | ||
{{Reflist|1}} | {{Reflist|1}} | ||
== External links == | |||
* {{web archive|url=https://web.archive.org/web/20000619052753/http://www.northpoint.net/|title=Official website}} | |||
{{Dot-com Bubble}} | {{Dot-com Bubble}} | ||
Latest revision as of 15:03, 26 December 2025
Template:Short description Script error: No such module "Infobox".Template:Template otherScript error: No such module "Check for conflicting parameters".Script error: No such module "Check for unknown parameters".
NorthPoint Communications Group, Inc. was a competitive local exchange carrier focused on data transmission via digital subscriber lines. The company had relationships with Microsoft, Tandy Corporation, Intel, Verio, Cable & Wireless, Frontier Corporation, Concentric Network, ICG Communications, Enron, Network Plus, and Netopia. The company had investments from The Carlyle Group, Accel Partners, Benchmark, and Greylock Partners.[1]
History
The company was founded in 1997 by Michael W. Malaga and 5 other former executives of Metropolitan Fiber Systems.[2]
On May 5, 1999, during the dot-com bubble, the company became a public company via an initial public offering in which it sold 15 million shares at $24 per share, trading under the symbol NPNT on Nasdaq.[3] Malaga, then 34 years old, was worth $300 million on paper.[2]
In September 2000, Verizon agreed to acquire a 55% interest in the company and merge the companies' DSL businesses.[4]
In November 2000, as its customers failed to pay their bills, NorthPoint restated downwards its financial performance for the third quarter of 2000, lowering revenue from $30 million to $24 million.[5][4] After the earnings restatement, Verizon terminated its acquisition agreement, claiming that a material adverse change had occurred.[4] Northpoint sued Verizon to force it to complete the transaction.[6] The lawsuit was settled out of court in July 2002, with Verizon agreeing to pay $175 million to Northpoint.[7] NorthPoint stated that "it would cut its workforce by 19%, or 248 jobs, to lower expenses after the collapse of its merger with Verizon."[8]
Bankruptcy
In January 2001, NorthPoint filed for bankruptcy.[9][10][11] Some internet service providers, which faced a disruption in service, blamed the banks for failing to work out a deal to save the company.[12] In March 2001, AT&T Corporation acquired the assets of NorthPoint for $135 million in a liquidation.[13]
References
<templatestyles src="Reflist/styles.css" />
- ↑ Script error: No such module "citation/CS1".
- ↑ a b Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ a b c Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
Script error: No such module "Check for unknown parameters".
External links
- Pages with script errors
- 1997 establishments in California
- 1999 initial public offerings
- Defunct companies based in the San Francisco Bay Area
- Defunct telecommunications companies of the United States
- Defunct networking companies
- Dot-com bubble
- AT&T subsidiaries
- Internet service providers of the United States
- The Carlyle Group companies
- Companies that filed for Chapter 11 bankruptcy in 2001