Wednesday is the last chance to pick up cheap networking equipment and
memorabilia from the defunct Excite@Home Corp.
The bankrupt high-speed Internet service is putting the remains of its
equipment and office furnishings up for sale Wednesday, with an online auction
Webcast at www.dovebid.com until 5 p.m. PST.
Among the hoards of computer towers, monitors and networking gear are other
remnants of the Internet's overblown heyday -- a barbecue grill, two pool
tables, a ping pong table, two video arcade games, a piano with stool, various
leftover Excite@Home-branded tchotchkes, exercise equipment, a foot massager and
the piece de resistance, a 1994 BMW 540i.
Estimates are that the auction will bring in about $1.2 million -- a pittance
when applied to the $1.25 billion in bankruptcy claims.
But the auction does not close the book on the Excite@Home dot-com tragedy,
as multiple lawsuits are in the works from creditors trying to gain back some of
the money owed.
In March, law firm Lovell & Stewart LLP filed a class-action lawsuit on
behalf of all Excite@Home investors who bought stock between April 17 and Aug.
28, 2001, charging that AT&T Corp. and Excite@Home officers and directors
violated federal securities laws by making misleading statements about the
high-speed Internet service's financial condition.
Specifically, the suit charged that they failed to disclose Excite@Home's
cash-burn rate in its filings with the Securities and Exchange Commission, and
that the company obtained $100 million in convertible notes based on misleading
The suit claimed that AT&T -- which held 74 percent voting interest in
Excite@Home at the time -- is liable for damages, which are not specified but
could run into the billions.
Bondholders are also reportedly considering a lawsuit accusing AT&T of
misleading creditors by bidding $307 million for Excite@Home's assets, then
withdrawing the offer.