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Old 11-18-2001, 06:49 PM   #1
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Join Date: Jul 2001
Posts: 103
Exclamation Engage May File Bankruptcy Soon

Got this just now from adbumb:

NOVEMBER 18th 2001

Special Weekend Report: Sources within Engage have told ADBUMB that they have been talking internally about filling bankruptcy! In Sept the company shut down its media business, and currently owes an estimated $15MM to various publishers and networks. On top of that, it is reported that they owe daddy company CMGI around 45.1MM -- which has stopped funding the company completely. Considering the company only has $30M cash on hand, and they are in serious trouble.

This is bad news for publishers who were recently told that they could accept a settlement for 60% of what they are owed that would be paid within the next 120 days. If the rumors are true, Engage may be using this method to keep creditors off their back to see if they can really revitalize their company with their technology only plan which might put them in line to sell the company. However, it is highly unlikely and company will want to buy them while they owe as much as $60MM.

The company has been very quiet about their future, except to say that they fully believe that their focus on technology will help save them.
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Old 11-18-2001, 10:00 PM   #2
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Location: Silver City, NM, US
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Engage has been on the path to destruction since CMGI overloaded them with Flycast, Adsmart, Adknowledge, and whatever else they "sold" to them.
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Old 11-19-2001, 07:48 AM   #3

Join Date: Aug 1999
Location: Gold Coast, Queensland, Australia
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Originally posted by SSacobie
Engage has been on the path to destruction since CMGI overloaded them with Flycast, Adsmart, Adknowledge, and whatever else they "sold" to them.
And carrying a poor reputation into a market (workflow and asset management software) that is already flooded with established players isn't going to put them in a good position to reach profitability any time soon.

Even their ad technology no longer holds appeal in the market, and if they were able to hold on to a few large contracts there, DoubleClick and 24/7 Real would soon force them to concede.

Basicly, our only hope is to extract money from the firm as quickly and efficiently as possible, or be willing to kiss it goodbye. Personally, I finally managed to get in touch with an area rep, but his promises have thus far progressed nowhere (the Asia Pacific rep assured me that he'd send a settlement contract my way last Wednesday), so it looks as though I may have to settle for nothing. Still, you live and learn.

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