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Old 06-26-2002, 16:00   #1 (permalink)
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Read OzEmail carries on regardless

Good news for Brad Jones and John Bowe...

From the SMH


Australia's second largest Internet service provider, OzEmail, is insisting its business and its 600,000-odd residential customers will not be affected by the threatened collapse of its American parent, WorldCom.

An OzEmail spokesman yesterday reiterated a response from WorldCom's incoming chief executive, John Sidgmore, that the company "remains viable and committed to a long term future", and that its "dedication to meeting customer needs remains unwavering".

OzEmail's chief executive officer, Justin Milne, was in meetings and could not be contacted. He recently suggested OzEmail was too small to be a high priority asset sale for the struggling parent.

Even before WorldCom forked out $520 million for OzEmail in January 1999 - making instant millions for founders including Sean Howard, Malcolm Turnbull and Trevor Kennedy - OzEmail epitomised the dot com era. All it needed was a spectacular bust. The company was the first Australian Internet start-up to list on Nasdaq back in 1996. It listed in Australia in mid-1998, just months before the WorldCom takeover, issuing about 3 million shares at $2.57 each. They hit a record high of $4.15 in July 1998.

The first signs of realisation by WorldCom that it had paid too much came with the desperate efforts to offload the less profitable residential customer base a year later, in 1999. It came within a whisper of recouping $325 million of its outlay in a bidding war for its then 325,000-strong customer base between Telstra - the No 1 player - and a consortium led by then No 4 player Eisa. Eisa's bid was backed by Fairfax's online arm, f2, and ANZ. But all came to naught in the April 2000 "tech wreck". Eisa was soon forced to the wall, owing $15.8 million. All WorldCom got was a $20 million deposit and a customer relations problem.


The following two years have been more stable, at least on a subscriber basis, with OzEmail maintaining a "strong No 2" position and close to doubling its subscriber base. It has entered the high-speed Internet market with its OzEdsl service.

WorldCom also owns a 25 per cent stake, alongside Telecom NZ and Optus, in the Southern Cross undersea cable which carries much of the Internet traffic between Australia and the US West Coast.
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Old 06-26-2002, 16:33   #2 (permalink)
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I'm with Ozemail, they'd better not start jackin the prices up.
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Old 06-26-2002, 19:14   #3 (permalink)
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Originally posted by XR_Strider_GuY
I'm with Ozemail, they'd better not start jackin the prices up.

or ditch Brad Jones and John Bowe :err:
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Old 06-26-2002, 20:31   #4 (permalink)
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No, not again,

The only reason I'm with Ozemail was because my last provider went bust (Onetel).

This time I'll go with Telstra broadband


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Old 06-28-2002, 05:11   #5 (permalink)
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Originally posted by Jamie XR6
No, not again,

The only reason I'm with Ozemail was because my last provider went bust (Onetel).

This time I'll go with Telstra broadband


Me Too!!!
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Old 06-28-2002, 05:31   #6 (permalink)
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I was very happy with Ozemail, but had to leave to get cable. BTW - Tel$tra sux - avoid if at all possible ...
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Old 06-28-2002, 06:28   #7 (permalink)
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I was very happy with Ozemail, but had to leave to get cable. BTW - Tel$tra sux - avoid if at all possible ...
100% agree,

I recieved an email from Ozemail yesterday saying that their broadband is now available. To my dismay, they are dearer than Telstra's broadband. Ozemail want around $280 to set up and $59 a month for 500mb. Telstra will go through my Foxtel cable $189 to set up and around $65 a month for 1gb downloads.
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Old 06-29-2002, 01:16   #8 (permalink)
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Read OzEmail sellers may be buyers

From SMH

High-profile dot com millionaires Sean Howard, Trevor Kennedy and Malcolm Turnbull are considering buying back Internet company OzEmail from its beleaguered American parent, WorldCom.

Just three years after selling it to the telecommunications giant for $520 million cash, the trio hope to secure OzEmail for a fraction of the sale price.

With the global telecom industry in meltdown, market estimates for OzEmail range from $50 million to $250 million.

Mr Howard famously built OzEmail out of an obscure email business bought for next to nothing from Kerry Packer in 1994.

With the backing of Mr Kennedy and Mr Turnbull, he built it into one of Australia's top Internet service providers before selling it to WorldCom at the peak of the technology boom.


At that point, in early 1999, it had about 300,000 subscribers and was forecasting revenue of about $200 million for the year 2000.

Mr Howard, who earned $118 million from the deal, did not deny he might buy it back if WorldCom were forced into a fire sale.

"I can't make any comment," he said yesterday, but confirmed he wasn't out of the circuit.

Mr Kennedy who, like Mr Turnbull, made about $59 million from the sale, was more forthcoming. "It is clearly a company we understand and like. At the right price it would be of interest," he said.

What the right price might be is still unknown.

"The company has changed a lot since we sold it," Mr Kennedy said.

"We haven't done any due diligence and we don't know how profitable it is."

He and his partners had seriously looked at acquiring the company about six months ago, he said.


Since the news of WorldCom's problems broke, they had talked again "informally".

But they had not spoken further since WorldCom announced on Wednesday that it had improperly accounted for more than $US3.8 billion ($6.7 billion) in expenses.

OzEmail is ranked No2 behind Telstra, with 600,000 subscribers.

Since selling OzEmail, all three investors have remained involved in technology start-ups, primarily through the listed investment vehicle FTR Holdings.

If they do end up negotiating with WorldCom, at least they know the US group's new chief executive, John Sidgmore.

As the former head of WorldCom's Internet arm, UUnet, Mr Sidgmore negotiated the purchase of OzEmail.

According to US reports, there is a growing expectation WorldCom will not survive the fallout from its accounting malpractice.

The company still says it hopes to avoid bankruptcy, but it has lost operational financing and a criminal fraud investigation looks likely.

The New York Times said that because WorldCom had violated the terms of a financing arrangement negotiated just last month, it no longer would be able to raise money against payments from its customers.

It now will have to wait for customers to pay their bills, which could take up to three months.

Even before the latest disclosure, WorldCom had been seeking to almost double its outstanding loans.

A committee of nine banks with exposure to WorldCom has been formed to consider future lending.

Mr Sidgmore, former chief executive Bernard J. Ebbers and sacked financial officer Scott Sullivan have been subpoenaed for a hearing on July 8.
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Old 06-29-2002, 16:51   #9 (permalink)
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If anyone needs a new provider, try www.oseoz.com imwith them , it costs me $16.95 / month, unlimited downloads & unlimited hours. no joke.

The only bad thing is it will cut you off after 4 hours but so do most of the others.

Cheers
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Old 06-30-2002, 03:02   #10 (permalink)
 
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another impending IT casaulty.

Fudging the books happens in most companies its only the big companies when it comes to light.

Since worldcom bought Ozemail it honestly seems unlikerly that those two bob millionariers will have the dough to buy their company back, let alone justify buying such a company back which is overvalued!

In the current anti-IT investiment atmosphere Id doubt they'd get capital from the banks for the repurchase, just sounds like another Ansett pie in the sky idea. Telstra will probably gobble it up as it is unlikerly Singtel (Optus) has the cash in their current financial woes. So their seems there will be only be two fish in the pond soon Optus and Telstra, shame. I think Amazon.com is next on the list, how the hell can a internet order firm make billions in profit? I smell a big rat there.....

The Xerox (and locally Mayne Health) fudging has also caught the light of day so the problem is endemic. I think the Japanese soft money ideas are miniscule compared to what is happening in the US right now. I've bailed out of the share market and investing in bricks and mortar and gold old 'AU'. When the American dollar drops, in Gold we trust.

Anyway foreign investment in the American ecomony has reached saturation point anyway.

The newspapers are very deceptive, remember they hold 'versed' opionions in their vested interest. Fourtunately the Australian securities commision is allot less bent and with more legal clout than its American counterpart, though we still have the OnTEL's (and TeleOne's), Ansett ad HIH's of the world. I suppose money talks after all. Whoever said money and ethics were part of business needs their head examined. The idea of the whole capitalist system is screw them before they screw you and you can always find another customer philosophies. Business attitude has to change some analysts say but I doubt that would ever happen.

and tifkd6 your right my local ISP- Terry Anythony Computers is soldiering on since 1995 long after the Ontels of this world has seen their demise. Small business after all keeps the economy rolling if only the federal govt would pay more attention to it!

this gloomy financial outlook proudly brought to by the Fonz.
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