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Amp’d Shutters Doors, Puts Assets Up for Sale

July 20th, 2007 · Source · No Comments

Amp’d Mobile’s last effort to secure funding while in Chapter 11 bankruptcy protection failed today, forcing the company to close its doors after four years of operations. Since it filed for bankruptcy on June 1, Amp’d had been racking up $370,000 in charges a day with carrier partner Verizon Wireless. It was in negotiations with King’s Road Investment, but the talks failed to result in any funding for Amp’d. Earlier this week, Verizon Wireless petitioned the ruling judge to allow it to halt Amp’d’s services, as it was apparent Amp’d could not pay the more than $51 million owed to Verizon Wireless, nor even the $2.5 million bankruptcy figure mandated by the court. Beginning Monday, July 23rd, Amp’d will explore the option of selling off its assets in pieces. Amp’d has forged agreements with some of its subscribers, but no exact figures are available. Update: Amp’d has now posted an update for subscribers warning them that service will be suspended on July 24 and that customer service will be available until close of business Monday to help the port their number without an Early Termination Fee. Update 2: Amp’d is now saying that its service will remain in operation through July 31st. Subscribers have one more week before it is discontinued and they have to find another provider.

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