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Covad On The Mend

Posted by ryuzaki0 on from the delaying-drowning dept.

ewhac writes "The San Francisco Chronicle is reporting that Covad, who filed for bankruptcy protection last year, is slowly regaining strength. With $246 million in cash, Covad claims it has enough to carry it to profitability. They've also struck a deal with AOL to provide high-speed connectivity to AOL customers. The battle isn't over, though, as Pacific Bell continues to undercut Covad's offerings. Covad is effectively Pacific Bell's only remaining competitor for DSL service. As a happy Covad customer through Speakeasy.net, I'm pleased I won't be forced into PacBell's or AT&T's hands any time soon."

3 of 110 comments (clear)

  1. High-Speed AOL? by G0SP0DAR · · Score: 2, Funny

    All right! Now AOL users can find out 50 times quicker how much their ISP sucks!

    --


    Calm down, it's *only* ones and zeroes.
  2. Re:fp by killthiskid · · Score: 3, Funny

    From the article:

    Hoffman said he needed to upgrade the management team to help turn around the company. And some Wall Street watchers are already impressed with the early results. "I think they can turn the corner," Grover said.

    Well, duh. All they needed to do is go online and upgrade from Management V1.0 to Management V2.0 and then do incremental upgrades there after.

  3. figures *way* off.. I smell a rat by Anonymous Coward · · Score: 0, Funny

    I worked as an accountant for an independent auditor handling the Covad bankruptcy proceedings.

    This information is fraudulent, Covad is in dire financial straits, and there's absolutely no way they have two nickels to rub together. They have about 10 million in assets, and absolutely no operating capital. (what the rags like to call 'cash')

    I haven't seen any infusion of cash in the form of an investor bailing them out.

    Either the San Francisco Tabloid is in error, or there are some desperately dirty goings on.

    This smells of 'creative accounting'. I'm surprised Bushs financial swat-team hasn't kicked in the door yet.

    Covad customers, beware. This company is dirty.