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Excite@Home lender demands payment

$50 million

     
3:13 pm on Aug 27, 2001 (gmt 0)

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6:55 pm on Aug 27, 2001 (gmt 0)

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Excite At Home is controlled by AT&T, which owns 23% of the stock but has a 74% voting stake. Other big investors include cable TV providers Comcast, Cox Communications and Cablevision Systems.

[usatoday.com...]

9:26 pm on Aug 27, 2001 (gmt 0)

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It looks as if this might be one of the last nails in Excite's coffin. The stock tanked [quicken.excite.com] (even more) after this debt news went public -off another 22% (now at 39 cents).
5:12 pm on Aug 28, 2001 (gmt 0)

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The company's main liability lies with the Excite portion of the business, which is highly dependent on advertising and e-commerce for the bulk of its revenue. Excite@Home's media revenue dropped 62 percent in the second quarter. That part of the business is effectively sucking the lifeblood out of what should be a thriving broadband business.

[business2.com...]

Well, that pretty much spells it out. Excite (the SE part) might as well put its head between its knees and kiss its tail goodbye.