Monet Mobile to Shut Down


Monet Mobile, one of the true 3G companies in the US is shutting down, after running out of cash. I had written about this company and was impressed by their growth and their popularity as a high-speed Internet option in some remote towns.

bq. The Kirkland, Washington company laid off its 34 employees and notified its 3,000 subscribers that Internet service would be terminated by April 2. Chairman and Chief Executive George Tronsrue III — the former president of XO Communications — resigned on Thursday. “It is a sad story and kinda falls in the category of sometimes bad things happen to good people,” Tronsrue said. “Sometimes bad things happen to good companies.” Investors in the company include Mayfield, Soros Private Equity, Hook Partners, Qualcomm and LG Electronics.

With spectrum in 16 markets, and fully built networks, there is a good chance the company is going to get bought out by one of the larger players. My bet would be that Nextel or Craig McCaw might be interested in these assets.

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