Wednesday, April 02, 2003

Terms of PSINet settlement proposal

Possibly Virginia's best-known example of the boom and bust of the telecom bubble, PSINet, having filed for bankruptcy and essentially liquidated the company, proposes to pay shareholders $17.8 million to settle pending securities fraud claims, as described here. A company attorney is quoted as having said this: "PSINet was a victim of the Internet bubble, and the Internet bubble burst."

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