June 12, 2003
Devine, a company who went on an acquisition spree at the end of the bubble, buying up Internet and technology companies went bankrupt last year. The ironic part, those companies they bought for millions in stock are now being bought back by their original founders. For example, David Suess "regained the search-engine company he had founded in 1985 and sold to Divine last year, Northern Light, for a mere $81,000, about half a penny on the dollar of what Divine paid for it." I like the fact that these people are getting a second chance because there were some truly great ideas that went bust because many of the companies that went acquiring everything with a .com at the end of it didn't have a business plan or understanding of the capacity of the internet to save their lives.
Posted by about me at 12:04 PM