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Amp’d Drama Continues: Verizon Wants Out, For Real

The drama continues in the bankruptcy court, as Verizon Wireless, frustrated by the failure of Amp’d to line up a bankruptcy loan, wants to disconnect the startup once and for all, according to a new brief filed in the court, picked up by AP. Despite the Delaware bankruptcy judge saying earlier this month Amp’d can pay $2.5 million to VZW and continue to use the network while it reorganizes under Chapter 11 protection, VZW now says Amp’d is racking up charges of $370K a day, and now owns $15.6 million in charges in addition to the $41 million at the time of bankruptcy filing 47 days ago.

“Based on the record of this case and the fact that (Amp’d) has been given ample opportunity (over 46 days) to secure debtor-in-possession financing which has not materialized, this court should not permit this case to be run for a single additional day on Verizon Wireless’ back,” Verizon said in the papers filed yesterday. Amp’d Mobile will have just $9,000 in cash as of next Monday, Verizon Wireless said. “The reality is that the debtor has no funds with which to pay Verizon Wireless absent a ‘real’ debtor-in-possession loan or an infusion of equity–neither of which has been made available.”

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2 Responses to “Amp’d Drama Continues: Verizon Wants Out, For Real”

  1. jimhart

    the name Amp'd just ain't cool anymore. They need to change there, name and sick up their image. More fitting, how about: Dump'd or Bro'ke or B'ust…